Blockchain in Healthcare IndustryOctober 17, 2018 2018-10-17 5:42
Blockchain in Healthcare Industry
Blockchain in Healthcare Industry
The distributed recording system of blockchain has promising implications towards the stakeholders of healthcare ecosystem and potential to reduce the existing costs. Blockchain stores records which can also include medical and clinical documents. A blockchain network for medical records can improve and offer better healthcare to patients worldwide.
Blockchain is a distributed and decentralized ledger used to record transactions and these records cannot be easily altered. Blocks are a growing list ofrecords linked bycryptography in a blockchain system. These blocks contain cryptographic details and informationof the previous block,atime stamp and transaction data. The batches of validtransactions are hashed and encoded.
Blockchain is a public digital ledger that shares immutable records. The records are built from linked transaction blocks and stored in a digital ledger. It is an easily accessible ledger typically managed by apeer-to-peernetwork that adheres to aprotocol. It is a distributedledger wherein the record transactions between two parties are managed efficiently and consideredsecure by design. Blockchain has no central authority and relies on established cryptographic techniques to allow each participant in a network to interact. The transaction records are stored and distributed across all network participants. Without network consensus and alteration of subsequent blocks, recorded data of any given block cannot be changed. Any changes or alterations need to be verified collectively by the network participants, thus, recording an immutable audit trail of all transactions and interactions.
Future of Blockchain in Healthcare Industry
The major challenges in healthcare industry can be alleviated by blockchain system by focusing attention on the patient in the healthcare ecosystem and increasing the security, privacy and interoperability of health data. Blockchain has the ability to privately, comprehensively and securely track patient clinical and health records.By design, blockchain provides a secure system since the recorded data cannot be easily changed without the consensus of the network. This technology makes medical records more efficient and secure, thus, ideal for health information storage and exchanges. The blockchain technology ensures reliable collaboration in reducing complexity and securing immutable information that further offers unique opportunities to healthcare industry. Blockchain provides benefits, such as, exchanging health information, generating useful insights and providing better healthcare.
This field though new has capacity to evolve and provide basis for future investment, improve experimentation and proof of concept (POC) testing. To realize the full potential of blockchain in healthcare, it is crucial to track this rapidly evolving field as well as identify trends and areas for government support. Blockchain must address several technical, organizational, behavioral and economical challenges before its application in global healthcare organizations. Blockchain technology presents numerous opportunities for healthcare and needs further development since it cannot be applied immediately.
Blockchains future depends on mapping and convening the blockchain ecosystem, supporting a consortium for dialogue, establishing a blockchain framework to coordinate early adopters, discovering new opportunities and addressing the challenges before its application. The need to educate healthcare professional about the opportunities of this technology is essential for its acceptance in the industry.
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