Almost all of us might have heard about how Blockchain can transform various sectors of the world, and one of those sectors is the healthcare sector. Though, many people relate Blockchain just with the cryptocurrency named Bitcoin. But, to be honest, Blockchain can have a much deeper impact on the market than just enabling the use of cryptocurrency.
A little more about Blockchain
Block is a lot more than just a payment method for cryptocurrency. Also, the technology is quite revolutionary and is not only used in the industries. Now, that we know that Blockchain can be used at multiple places, now the questions arise; how, when and why? Blockchain is basically a new age technology which makes distributable data reports or records. Such records are further shared amid various networked database systems. The major benefit of using blockchain is that it seamlessly records all the digital events. But, the only difference is that it doesn?t let anyone modify the data stored in any way before it reaches the recipient. This is where Blockchain scores more than other digital storage platforms. So, the fact that people believed that all of their data, which is stored in Blockchain systems is absolutely safe. The data is safeguarded from any sort of threats. This is one of the reasons why this form of technology is becoming pretty famous amongst various type of industries. Especially, financial institutions are using the technology a lot more often. The banks who use or are expected to use the Blockchain technology would be able to save something like $8?12 billion every year.
How is Blockchain beneficial for the healthcare or wellbeing sectors?
As per a recent report, the USA might soon start spending around 20% of GDP completely on healthcare. Therefore, there is definitely a need of better healthcare solutions. Now that we have realized the core advantage of Blockchain technology, which is the fact that it absolutely safeguards the data We can now identify the key areas where Blockchain will surely be deemed extremely useful, and one of the industries is the financial industry. However, the fact is that even the healthcare industry is going to be benefited a lot by this technology. Simply, because for the healthcare industry also, it is important to protect the data of individuals. It is believed that medical organizations can take a lot of advantage of cryptography. Therefore, it seems that the implementation of Blockchain in the health or wellbeing sector will only turn out to be useful. Also, there are various ways in which we can actually use Blockchain in the healthcare and wellbeing fields. We need to focus on the impact of Blockchain in health and wellness fields. Also, we will figure out how Blockchain can make it easy for the individuals to flawlessly manage their own health and wellbeing. You must be thinking how? So, the main answer of the question is that ?Blockchain does have a potential to transform the healthcare or the wellbeing sector?!
Impact of Blockchain in the field of health!
In the healthcare sector the significant data is everywhere. It is spread across a plenty of different mediums. This type of data is only accessible when it is required. Also, if we talk about the present healthcare infrastructure, it is probably improper to currently manage all the data which is exchanged. It does need some kind of transformation or upgrade. Here, the role of Blockchain will be important. As, Blockchain has surely grown beyond imagination. It is no longer just a buzzword, which may or may not turn out to be helpful for the world. In fact, it is one of the latest technologies, who have somewhat proven their worth. (Though, Blockchain is still ripe and various adoption and elements have to be understood). Nevertheless, at present, we can easily say that Blockchain does have the potential uplift the way we see the healthcare data and the healthcare software services together. Blockchain is solving the problem of the healthcare industry by acting as a centralized administrator. We know that database is pretty much a tangible thing. It presently includes a wide variety of bits and bytes. Therefore, if this healthcare data is stored in any physical device then there is always this threat of getting attacked by the cyber criminals. This is where the role of Blockchain comes to play! As, Blockchain does have the potential to improve the quality of data solutions management. As, the main role of Blockchain is to amplify the security of data.
Blockchain majorly depends on the below mentioned principles:
CryptographyWhen it comes to the private key cryptography, only a secret key is utilized with an algorithm to not just encrypt the code but to also decrypt the code. And, Blockchain makes sure that this key is kept as safe as possible. Distributed ledgersA shared ledger or a distributed ledger is basically nothing more than a consensus of all the data records which are being shared. Here, the ledger is mostly updated instantaneously. There is no requirements of a central authority to manage the complete ledger. Rather, the ledger is continuously updated just by the network participants, and the modifications can be seen immediately. AuthenticationIn order to prove the trustworthiness, Authentication is done. Each and every transaction which is done in Blockchain is validated carefully. This activity is done before adding the transactions to any chain. The transactions are being authenticated via algorithms who also verify each and every transaction. And, the authenticity of the information is carefully encrypted, digitally signed and stored successfully.
With this, we can say that Blockchain is one of the latest technologies which are aimed to safeguard all the medical data extremely carefully. Also, by allowing the much quicker as well as efficient data exchange. We can say that Blockchain is like a magic cure that we need to manage the data in the healthcare sector. As, it is certainly helping a lot to not only safely transfer the medical data, but to also manage the data in the best possible way. Hence, we can say that Blockchain does have a major role to play in the healthcare sector.