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Impact of blockchain on the healthcare industry

BLOCKCHAIN

The blockchain is an ever-growing listicle structure of block records linked via cryptography. A blockchain is a distributed, decentralized digital ledger used extensively for recording transactions in many computers. The goal of doing this is to prevent alteration and manipulation in the subsequent blocks. With blockchain, you can write entries in the record of information, and plenty of users can control how the information record is changed or amended. 

Basically, blockchains are made up of 3 underlying technologies: Private Key Cryptography, P2P Network, and Program also known as the blockchain protocol. Blockchain technology is acknowledged for having a considerable impact on several industries and sectors. Today we are living in a time where there is a significant advancement in technology, and we are seeking solutions and services that make lives better and more comfortable. This is where the blockchain comes into the picture. It has been present for several years now, and millions of people and corporates are making use of this system in plenty of ways.

Blockchains are used in almost every industry and business sector. Whether you take Information Technology, Education, Healthcare, Retail, Digital marketing, and lots more make use of the blockchain to a greater extent. Investment in the black chain has been very profitable. Moreover, the health care sector had an investment of around $.177 million in the year 2018, and the amount may go up to $.5.6 million by the year 2025. With the help of blockchains, old systems are getting evolved. This has indeed resulted in an increase in efficiency and simultaneously has cut down the extra costs and expenses incurred in the health sector and industry, respectively. 

Hence according to statistics and accounts, it is clear that blockchain technology has much significance and importance in the transformation of the entire healthcare system to a greater extent. It helps the healthcare industry in a number of ways such as increased privacy, security, increased efficiency, developing integration, and lots more. Moreover, the blockchains systems do not have any central authority, and the transactions are stored and distributed across all the networks, respectively. Now, we will look upon how exactly the blockchains are beneficial for the health care system and industry. The blockchain is a revolutionary discovery and technology as it helps a company to solve many challenges like:

  • Transparency: With the increasing demand in technology, blockchain offers the right amount of transparency to the corporates and other companies. Hence, every transaction is recorded and verified publicly. 
  • Immutability: This is one of the biggest advantages of the blockchain. All the data and transactions recorded cannot be altered by anybody. This includes the system admin as well as third parties too. 
  • Security: In the blockchain technology, crucial data and transaction are used extensively across all the systems, and it does not include a centralized database. This helps a company to enhance its security and make it safe. 
  • Reduced Transaction Expenses: Blockchain eliminates the interference of third parties. Banks are also not allowed to operate the same, and thus, they have peer to peer transactions. This helps in the reduction of costs to a greater extent.
  • Innovation: There is a great room for innovation and creativity with blockchains. With this technology, businesses can grow models and compete easily with other businesses. 

Let us explore the benefits of the same in detail. 

1. Decentralized system

Blockchain has a decentralized system that is hack-proof. This prevents a single copy from getting compromised. All the hardware and system can be made to run on the decentralized system of the blockchain. This will help a company to eliminate happenings of the disasters. Likewise, the saved power can be used for other concrete purposes like finding treatment for a disease, finding methods for drugs and lots more. 

2. Single data source

The blockchain technology is used extensively to store and add all the crucial data transaction in the chain after the confirmation by all the participants. Moreover, the technology provides a 100% authenticity as well as security. Moreover, nobody can change the data. Researchers and development people can use this data for collecting the information.

3. 24/7 monitoring and data access

Blockchain for the healthcare and industry can be extensively used for the storage and updating of patient info like blood pressure, sugar level, diabetes, and lots more. This can be promptly done through the Internet of Things and other wearables. Also, this helps doctors to monitor their patients 24/7 that are at higher risks and take appropriate actions accordingly. 

4. Budget friendly

Blockchain technology is one of the most cost-effective solutions. This removes all the hurdles of extra mediators and third parties. The absence of data fetching via mediators and third parties makes it very cost-effective. 

5. Consistent rules via smart contract

A smart contract is a virtual protocol that verifies and facilitates the negotiation. It also helps to develop a rule-based process related to the patients. Moreover, blockchain healthcare apps are also used extensively to view and scrutinize the app and its crucial info. 

6. Integrity of medical records

Have you ever thought to integrate the medical records? Blockchain can be used to make sure that the integrity of every medical record is done properly. The medical record can be stored in the blockchain that cannot be changed. The integrity of medical records is a challenging task, and moreover, it is critical as per the medical and legal point of view. 

7. Single patient identification

In the healthcare industry, the duplication and mismatch of the patient’s records can be done frequently. Hence to avoid that on a greater extent, single patient identification is possible. With the blockchain, the data manipulation is impossible as it has different layers of multiple addresses and keys to look for the address of single patient information. 

8. Business Model changes

Blockchain is one of the best technologies with the immense potentiality to change the entire business model and give a new edge to the business. Businesses can now quickly generate new business models and integrate the operations too. Let’s take several examples:-

  • Pharma Companies: Pharma companies can easily collect data and other vital information in real-time. The blockchain allows them to provide a wide range of medical products customized explicitly for the patients. 
  • Pharmacies: Black chain technology is famous for simplifying the work process. Hence, pharmacies will also be able to simplify their works in real-time. From the available data, they can assist patients in taking medicines and steps of the same. 
  • Healthcare Professionals: Doctors, nurses, or anyone can easily access the patient’s data and their condition. Moreover, it can help health care professionals in a number of ways.

9. Storage capacity

If you make the use of blockchain in the healthcare industry, then this will consist of all the patient records, data, medical records, documents, lab reports, X-rays, images, and lots more. Each member has its own copy, and that is another benefit. 

Mobile, Internet of Things (IoT) and blockchain are widely used to improve the services and solutions for the healthcare industry. The blockchain is relatively a new technology that is still being developed. In the coming years, the blockchain usage will lead to enormous usage of mobile healthcare apps. However, this might not be an easy step, but if you use it cautiously, you can get better results, what else do you need?

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Anurag

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