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Blockchain Technology in Healthcare

Blockchain Technology in Healthcare can transform healthcare sector. Blockchain technology is placing the patient at the center of the healthcare ecosystem. Thus Blockchain technology increases the security, privacy, and interoperability of healthcare data.

Not surprisingly, the protection and security of important medical data is the most popular blockchain healthcare application today. Safety is an important issue in the healthcare sector. Between 2009 and 2017, over 176 million medical records of patients were exposed to data breaches.

Criminals stole banking and credit card information, as well as genomic and health test records.

Blockchain technology can provide a new model for health information exchanges by making electronic medical records more uninterrupted, efficient, and safe. While not a remedy, but this evolving new field offers fertile ground for experimentation, investment, and testing the test concept.

Blockchain Technology in Healthcare

Why Is Blockchain Technology In Healthcare?

One of the most important things that revolutionize the use of blockchain in the healthcare sector is the lack of a central administrator. This is because a database is always a tangible thing, made up of bits and bytes. If the contents of the database are stored in the physical memory of a particular system, anyone who has access to this system could corrupt the data it contains.

With blockchain, you won’t need a central administrator, eliminated from smart encryption. Besides, all users check all their information and transactions. Since the healthcare sector is dealing with the confidential patient’s information and requires quick access to information.

Blockchain can optimize these medical records and allow them to be shared securely. The blockchain, at one time, offers access security, scalability, and data confidentiality.

The concept of blockchain in the health sector is completely disruptive, but it will not be an elixir to stifle data management problems. It would rather be an evolutionary journey in which the blockchain is implemented step by step.

How Does Blockchain Technology Offer Healthcare Opportunities?

Blockchain-based health information sharing could reveal the true value of interoperability. Blockchain-based systems have the potential to reduce or cut the friction and costs of today’s intermediaries.

The promise of the blockchain has widespread implications for stakeholders in the healthcare ecosystem. The capitalization of this technology has the potential to link fragmented systems to generate information and better check the value of care.

In the long term, a national network of blockchains for electronic medical records can improve efficiency and promote better patient health outcomes. So it is of great importance to use Blockchain technology in healthcare. 

Also Read: Ethereum How Does Ethereum Work

Blockchain Technology and Its Potential To Use In Healthcare

Blockchain is seen as the next frontier of healthcare that will help solve some of the industry’s interoperability challenges. Thus what exactly is this technology?

Blockchain technology is an everlasting record of online exchanges or transactions. It emerged in 2009 as a basis for Bitcoin digital currency trading.

Sharing Of Records

Blockchain records can be shared between a computer network and network users can add it to the transaction log. Instead of a centralized database that manages and maintains records, the database is distributed to networks. Transactions are protected by encryption. The transactions must be approved and verified by the network in a process known as mining.

Each transaction can be viewed as a block. And the general ledger that joins them can be viewed as a chain.

No Need For Intermediate

The user transactions are added directly to the general ledger. it eliminates the need for an intermediary who can traditionally ease such transactions. For example, in the financial services sector, transactions that are generally controlled by a clearinghouse that maintains its central ledger can take place independently. Therefore there is no need of intermediates for transactions.

Blocks

The blocks are linked together in the chain through a process called extraction. The extraction turns pending transactions into a math puzzle. People, called miners, have to solve the puzzle (usually using computer systems) and produce what is called a hash. A hash is a sequence of unique letters and numbers for the block.

The hash of a block is developed using the hash of the previous block, which ensures that each block is valid.

As the hash of each block in the blockchain is produced using the hash of the previous block, it becomes a digital version of a wax seal.

It confirms that this block, and each later block, is legitimate because if it is manipulated, everyone would know this, according to CoinDesk a source of news and information on crypto/digital currencies.

Financial Sector

Blockchain is widely used in the financial sector and the industry is expanding its use. MasterCard said it is testing blockchain. An IBM survey found that 15% of banks and 14% of financial market institutions plan to implement blockchain-based large-scale commercial services over the year Computer world reports.

Data Monitoring

This technology could also become important in the healthcare sector. It provides a way to interact since all users of a network can access that network and all data is monitored and displays the transaction history.

ONC (National Coordinator for Health Information Technology) jumped into the blockchain trend, launching an ideation challenge by asking for white papers that explore how technology can advance  exchange and use information and privacy needs. The agency announced the 15 winning white papers in August.

Payment Methods

Bruce Broussard, president and CEO of Humana, posits that the blockchain will become the next major innovation in healthcare technology, particularly as regards payments and payment contracts. For example, in a situation where a healthcare plan and a patient are facing a contract, the blockchain can automatically verify and allow contractual information and processes.

There is no longer any negotiation with the health plan about what was paid, why it was paid, or whether it should have been paid, he wrote. With greater efficiency, automation and transparency will guide to lower administrative costs, faster complaints, and less waste of money.

Population Health

Another possible application of medical care is population health. Instead of relying on exchanges of health information or other means of data aggregation, organizations can cut intermediaries and access large-scale patient demographics. To verify the reliability of members by spending time and resources (e.g. HIE, All-Payer Claims Database, local EMRs) no longer makes sense for the business.

The blockchain will circumvent the health of the population by providing trust there where it does not exist for continuous access to patient data by directly linking information on clinical and financial results, “reports the CIO.

Blockchain Solutions

The gem is a California-based blockchain company that provides corporate blockchain solutions. The company recently launched Gem Health, a network for developing shared healthcare applications and infrastructures. Gem Health hopes to connect users of wellness apps, EMRs, patient identification software, and more on the same network.

This technology allows participants to move data in real-time. All this is done without the need for reconciliation, since each participant connects to the same network, works on shared information, and collaborates with colleagues, all without exposing these channels to theft, falsification, and malice”, according to Gem. As the integrity of this history can be displayed with math, everyone can trust that it is safe and true.

Disconnected parties within an organization or sector can now safely converge on the same information, allowing the development of an entirely new class of applications that will unlock wasted resources.

How Blockchain Technology In The Healthcare Sector Helping It?

Blockchain has a wide range of applications and uses for health. Accounting technology facilitates the safe transfer of patient medical records. Blockchain manages the drug supply chain and helps healthcare researchers unlock the genetic code.

With its ability to deflate the current spending bubble, protect patient data, and improve the general health experience, blockchain can help ease the pain. The technology is already in use for everything from secure encryption of patient data to control the epidemic of harmful diseases. And at least one country is big on the blockchain’s health potential: Estonia.

The size of Tennessee with the population of Maine, Estonia, began using blockchain technology in 2012 to protect health data and process transactions. Now, all the country’s health bills are processed on a blockchain. 95% of health information is based on the general ledger and 99% of all prescribing information is digital.

Protect Patient Data

Keeping our important medical data safe is the most popular blockchain health app right now, which is not surprising. Safety is a serious problem in the health sector. Between 2009 and 2017, over 176 million patient records were exposed to data breaches. The criminals stole information from credit and bank cards, as well as medical records and genomic tests.

The Blockchain’s ability to maintain incorruptible, decentralized, and transparent recording of all patient data makes it an abundant technology for security applications. Furthermore, although the blockchain is transparent, it is also private, hiding the identity of any person with complex and secure codes that can protect the sensitivity of medical data.

The decentralized nature of the technology also allows patients, doctors, and healthcare professionals to share the same information quickly and securely. Thus implementing Blockchain technology in healthcare can protect patients data. 

Avoid Costly Mistakes and Simplify Medical Records

The lack of communication between healthcare professionals costs the healthcare sector $ 11 billion a year. The slow process of accessing a patient’s medical records depletes human resources and delays patient care. Blockchain-based medical records offer a cure for these ailments.

The decentralized nature of the technology creates an ecosystem of patient data that can be referenced quickly and efficiently by doctors, hospitals, pharmacists, and anyone involved in the treatment. Blockchain in this way can guide to fast diagnoses and personalized care plans.

Drug Safety/Traceability And Medical Supply Chain Management

What do we know about our medicines? Can we be sure that it has not been falsified? Does it come from a legitimate supplier? These questions are the main concerns of the medical supply chain or the link between the laboratory and the market.

Blockchain has serious implications for managing the pharmaceutical supply chain and its decentralization ensures almost total transparency in the shipping process. Once you create a register for a drug, it will mark the point of origin (i.e. a laboratory).

The ledger will continue to record data at every stage of the process, including who processed it and where it is until it reaches the consumer. The process can even control labor costs and waste emissions.

In Genome Research

The potential of genomics to improve the future of human health, once a dream, is now a scientific and financial reality. In 2001, it cost $ 1 billion to cure a human genome. Today it costs around $ 1,000. Companies like 23andMe and Ancestry.com are bringing millions of homes to DNA tests that reveal clues about our health and past.

Blockchain is perfectly suited to this growing sector because it can hosts billions of genetic data points. It has even become a market where people can sell their encrypted genetic information. Therefore this creates a larger database, allowing scientists to access valuable data faster than ever.

Conclusion

Blockchain technology in healthcare can revolutionize it. Healthcare is the fastest-growing industry as regards revenue and data. With so many electronic medical records, safety has been the necessity of the moment. To protect this critical information, blockchain technology had to be used.

So, researches came up with a solution of blockchain technology in the healthcare environment. This will not only protect data manipulation but also ensure that data leaks are stopped. This technology could preserve data and thus ensure reliability.

And if this technology is used in conjunction with cloud computing technology, storage problems can also go away. As the cloud is reliable for storing and managing data. Besides, the blockchain can solve cloud security problems. Indeed, sharing and storing medical data with the Blockchain-based cloud can solve many medical data problems.

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