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Blockchain to transform Healthcare Industry

‘Blockchain’ is the latest buzzword in the financial domain as well as in the tech world.  In the financial arena, there are many types of coins or cryptocurrencies available, these are said to be the most secured digital assets in the world, of late. These digital currencies are empowered by blockchain technology.

After its big-bang in the financial domain, the technology is being tried out in various other sectors including healthcare. Many big companies and corporations are adopting this technology to fortify their business processes and optimize their system in order to take its advantages. There has been a huge need for healthcare solutions. With the implementation of the blockchain technologies, the healthcare industry is certainly starting to get many advantages and it will reform the healthcare system, according to experts.

In fact, the healthcare industry will get a new process of managing the digital records and e-records and making them more secure and available across the network. The technology is going to guard the records as it segregates the data and stores at different systems unlike another any other software technology. It also protects the data from any sort of cyber attacks. 

Blockchain technologies will be useful in managing the medical records and the entire process of managing healthcare institutions. It will reduce the burden of the healthcare professionals in terms of handling sensitive medical records and, identifying authorized persons to share the sensitive data related to the patients.  The use of the technology will make the medical records more secure and help the institutions to provide better quality and care to patients.

Blockchain technology is going to benefit the healthcare organization and it will leverage healthcare informatics. The use of electronic health records, patient portal, and wearable devices has been generating huge data each and every day. It is a big challenge for the healthcare professionals to deal with the data. The technology will help the professionals in storing the medical records as per the formats in multiple systems making it more secure and assessable.

Advantages of Blockchain in Healthcare:

  • Data Security: With the use of the technology, all the medical records would be safe and secure. In the healthcare industry, protecting data is very crucial.
  • Data Management: Managing huge data has been the biggest challenge for healthcare professionals. With the technology and proper process of storing medical records make the data management more effective.
  • Data Decentralization: This is the unique feature of the technology, which segregates the data and stores at different systems.  
  • Cost Effective: the technology would be useful in saving the time and cost as well. Both money and time are too valuable for patients and their family members.
  • Automation of Process: The technology will be useful in automating processes like smart contracts, transactions, certificates, IDs, subscription, and renewals.

By having the blockchain technology in the healthcare industry, it will benefit the industry from increased accessibility, accuracy, and safety. This will result in better healthcare outcome for all.