Transforming Healthcare with Blockchain

Transforming Healthcare with Blockchain

Healthcare Tech Outlook | Friday, November 30, 2018

Although blockchain is a much-discussed technology of recent times, much of it is yet to discover. Most people are acquainted with the technology through the term Bitcoin, a cryptocurrency that has gained momentum over time. Nevertheless, the benefits of blockchain are not confined to being a secure mode of payment; it can equally help in driving improvements in the conduction of business in numerous industries, including healthcare.

Blockchain technology offers businesses the flexibility to develop data records that are distributable as well as immutable. These sets of information can be transferred among peers via network databases. The technology ensures that no data is decrypted or tweaked in its way from the sender to the recipient. This is how blockchain guarantees security and protection to businesses from threats related to data breaches. According to experts, organizations are bound to enjoy maximum benefits from this particular technology in the near future, most of which can be attributed to its extensive use. Financial institutions have already started experiencing its advantages. However, the million-dollar question is, will health organizations be able to realize the potential of blockchain technology?

The rapid technological advancements in the healthcare sector like the usage of efficient wearable devices, healthcare record systems, and the implementation of artificial intelligence in medical examination systems indicate cryptography to be the next big thing in the industry. To ensure seamless implementation of blockchain across the entire medical sector, organizations need to focus on a few areas of improvement. As per the Hyperledger’s survey, almost 42.9 percent of healthcare institutions believe in the interoperability of the electronic health records (EHR), which according to them would facilitate faster implementation of blockchain technology. Out of this, around 28.6 percent of organizations have readily incorporated these settings into their systems.

With the number of patients on the rise, healthcare organizations need to keep a precise track of the patient data. In addition, healthcare personnel should act carefully to check for patient data breaches. Blockchain technology offers secure methods for sharing information, therefore allowing care providers to evaluate the authenticity of data, which is further beneficial for providing accurate treatment for patients. After the data is examined and recorded as an encryption, it is devoid of any modification.

Added to that, blockchain also enables users to anchor data to the public blockchain ledger, which can be used to generate and verify the timestamp against each data without the interference of third parties.

Weekly Brief