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Healthcare Business Will get a New Existence with Blockchain Generation

Introduction The healthcare industry has been seeing a very tumultuous situation with growing costs of...

Introduction

The healthcare industry has been seeing a very tumultuous situation with growing costs of medicine and procedure. Hacking of patient information to sell to the highest bidder is also a problem that the medical world is facing. The outdated way of functioning of the different wings of this industry is also not helping the situation. A major change has to be implemented to improve this situation and this where blockchain technology comes into the picture. The innovative solutions it provides will bring defected to the 21st century and even the poorest sections of the society will be able to access the best healthcare solutions.

Blockchain Tech for Revolutionizing All Industries

It is a very narrow view to think that blockchain is only for the cryptocurrency world. Of course, without its electronic currencies would not have been able to function but it’s potential is not limited to it.Every single one of these transactions carried out on websites gets permanently engraved with the help of blockchain Technology. Nobody will be able to tamper with it without leaving a trace.

Breaking the notions about Blockchain Technology one Industry at a time

It is exactly the ability of blockchain technology to eliminate the need for a trusted third-party application to validate or keep records of transactions that makes it a promising resource for healthcare services. The vast amount of data that healthcare industries produce which when fallen into the wrong hands can create a lot of problems can be eliminated with this technology.

Most industries are now warming up to the idea of blockchain Technology and the healthcare sector may be late to this table. For this reason, a lot of work has to be done before every ounce of benefits that can be drained from the blockchain technology still has not been figured out. Still, the changes it can bring to the healthcare industry is still massive which is discussed below.

The Biggest Change That Blockchain Can Bring in the Healthcare Industry

Making sure patient information and related data is kept securely is one of the applications of blockchain Technology. Breaching of security has been a serious issue that the healthcare industry has been facing for a long time. In the last decade itself more than 170 million patient records have been exposed due to data breaches all across the world. These data breaches have led to the release of credit card, insurance and banking information of patients. Along with it, health records and even genome testing records have been breached. For more information you can visit here.

This rampat problem can be easily solved with blockchain decentralized transparent lock systems that cannot be tampered with easily. It will act as a deterrent unscrupulous individuals will not be able to access the sensitive data of patients. Only the ones who will have the secure codes will be able to access the information. It will also make the transferring of information from patients to doctors to insurance companies and other healthcare providers much easier.

Some other Benefits of Blockchain Technology for the Future

Other than the obvious security that blockchain provides some other applications of the stack technology is being considered. These benefits have not been fully explored till now and experts are saying that in the next few years a completely new face of these aspects of the healthcare industry will be witnessed. The major fields of the healthcare industry where these benefits are going to be implemented are as follows:

  • In the administration section by helping streamlining patient care and prevention of expensive erroneous situations
  • In the pharmaceutical wing by providing feasible tracking of drug supply chains
  • In the research and development by facilitating the field of Genomics.

Conclusion

Even though blockchain technology is still in its nascent stages when it comes to its adoption in the healthcare sector, the promises it holds will be extremely beneficial. You can see the amazing potential of blockchain Technology in the healthcare industries in countries like Estonia already. The progressive changes that this country can be a case study that other countries can be influenced by to push their health care industry to new improved heights.