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How Blockchain is Impacting in Healthcare Industry

by Christina Roopa

Focusing on and dealing with our health is very important as our ways of life develop in manners that negatively affect our physical, mental and enthusiastic well being. The growth in the use of blockchain technology in healthcare is remarkable and has a significant impact on the healthcare industry.

What is Blockchain?

Blockchain technology is about as a decentralized data book that records the data securely of a computerized resource. The information on blockchain cannot be hacked or changed which makes it an authentic disruptor for businesses like installments, network protection and medical services. Blockchain is a promising and revolutionary technology because it helps reduce risk, stamps out fraud and brings transparency in a scalable way for myriad uses.

Healthcare industry has the speed of growth is increasing to higher levels and needs to be backed up with the latest technologies demands security in patient-centric data. The technology allows patients to give consent to different uses of their health data and have security in knowing who sees what.

Many health centers use an outdated database to maintain patients' health record. An outdated system is only available in local records and has the below drawbacks:

Time-consuming

Time consuming for the doctor

This is a centralised database containing patients personal information with their

diagnosed reports, and prescription.

Centralised database can lead to problems like:

Identity thefts
spamming
Financial crimes

Deploying Blockchain technology in Healthcare can have considerable impact on a patient’s data:

Record sharing
Safe billing
Easy to use
Better administration

Blockchain is decentralised database offers transparency to the information and there is high security with the data. Hence, blockchain technology allows providers and patients to quickly and safely exchange sensitive healthcare information. Blockchain is a boon in emergency situations as hospitals can easily access data rather than collect medical histories from individual patients without any hassle. The benefits of deploying in the health care network will also yield low cost solutions and virtual health systems in the long run.

Blockchain can be the next technological light bulb to revolutionise the future.

Blockchain provides two key advantages for adoption in healthcare: data security and its data function. In the medical device and pharmaceutical industry, regulation around data protection. The industry has observed that every aspect of the healthcare patient lifecycle is impacted by the Blockchain technology. Although blockchain technology is yet to grow stage, its transformational capability is yet to explore. Organizations should adapt valuable yet manageable Blockchain technology as a provider of data management, and embrace ecosystem collaboration to start down path toward a blockchain enabled future.