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What Benefits Blockchain Can Bring to Healthcare

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What Benefits Blockchain Can Bring to Healthcare

When people hear blockchain technology, they immediately think of cryptocurrencies. But blockchain is much more than just cryptocurrencies. It has the potential to disrupt all areas of life, including healthcare. If blockchain technology is implemented methodically, it can solve serious impending problems that the world has known for a long time.

Let’s first see what blockchain is and how it works.

Blockchain is a chain of records that stores data and information. It is a tamper-proof and decentralized digital ledger, giving full control to the user and eliminating governmental or third-party domination. The blockchain consists of three elements: a distributed network, a shared ledger, and digital transactions that drive the technology. Some of the essential features of blockchain technology are:

  • Immutability
  • Better security
  • Transparency and authenticity
  • Consensus
  • No single point of failure
  • High transaction speed
  • Without intermediaries

All these features are the reason for the popularity of blockchain technology.

Today, the healthcare industry is looking for ways to take full advantage of blockchain to create a better ecosystem. Professionals and institutions are already capitalizing on the technology, and early solutions show that this integration can not only reduce costs and increase the availability of authentic information, but also streamline medical records and provide secure and fast access to data. It can also create a secure payment method using cryptocurrencies. You will only need an e-wallet such as Dogecoin Wallet to store cryptography; therefore, you can pay anything quickly.

How can Blockchain be used in healthcare?

We have seen many applications of blockchain in finance, governance and business sectors. Here are some of the many ways blockchain can be used in healthcare.

  • Data storage and accessibility:

It’s no secret that industry and medical organizations have always struggled with patient records and data. Since records are very sensitive and a single mistake can be costly, blockchain can solve this problem once and for all. With its advanced level of security for data access and storage, it’s almost impossible to go wrong. As a result, different medical sectors will securely access, store and share data and can collaborate effectively, improving opportunities and experiences for patients.

  • Analysis and data collection:

Using a data-driven, scalable, and patient-centric blockchain-based system will prove useful in collecting sensitive data to train machine learning software. Collecting and analyzing data can be difficult, but blockchain technology can make it easier, faster, and safer.

The blockchain is theft and fraud proof. Once implemented, this technology can exterminate the risks of data loss, hacking, embezzlement and any other possible data damage.

  • Health supply chain management:

Blockchain enables a less expensive, reliable, authentic, and more manageable process by providing practical solutions to streamline supply chain operations. Major healthcare industries are already exploring blockchain technology to gain more control over supply chain management.

What are the significant benefits of using Blockchain in healthcare?

Now that we have a deep understanding of blockchain applications in healthcare, here are some key benefits it will bring.

1. Long-lasting patient records:

Since the blockchain consists of a chain of blocks, records of a patient’s disease will be added to the blocks. It will be possible to predict illness based on the patient’s next visit using records such as illness history, lab test results, treatment costs, etc. By reviewing these precompiled records, hospitals could use them to provide better service to patients. Additionally, it will help keep patient indexes under control, ensure records are meticulously streamlined, and avoid sensitive errors.

2. Medication Tracking:

Since the blockchain allows every medicine to be traced back to its source, it provides a reliable way to ensure the validity of the medicine. Blockchain can be used to store information about drugs at each stage of their lifespan. Each block containing pharmacological information will have a hash connected to another block and an unmodifiable timestamp.

Even the transport of drugs from one party to another can be tracked in real time, and all authorized parties will be able to see transactions on the Blockchain.

3. Cryptocurrency Payments:

Surgeries, medical tests and medications can be expensive. It will be possible to pay by cryptocurrency thanks to blockchain technology. For example, at Aveon Health, patients can receive treatment and pay with bitcoin without worrying about money.

4. Remote monitoring:

Once uploaded to the blockchain, electronic medical records can be viewed and shared instantly around the world. Patients or healthcare professionals can study them from the comfort of their own home. Thanks to blockchain technology, this method is secure and almost free from cyber attacks.

Conclusion:

This article has explored the possible ways blockchain can revolutionize the healthcare industry. Blockchain technology is not just limited to these applications; people are still researching to get the most out of it.

Blockchain technology is in its infancy as the healthcare industry works hard to discover and implement it.

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