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How Blockchain Technology is Transforming the Healthcare Industr

As our lifestyle gets busier, managing our physical and mental health is becoming challenging. According to WHO report analysis from 2000 to 2018 for 190 countries, global spending on health reached USD 8.3 trillion. As people and the government have started prioritizing health, the malicious activities, such as fraudulent transactions, data breaches, etc., in this sector are increasing.

Such issues have indicated the need for secure and reliable healthcare infrastructure worldwide. The global healthcare system is advancing in research, diagnosis, and efficient cure. However, when building a safe, unified healthcare system, our system is still lacking.

Although, digital transformation is taking its toll on the healthcare sector with the latest technologies like Artificial Intelligence, Cloud Computing, and Blockchain Technology.

In recent years, blockchain is becoming a widespread technology. However, it requires the medical community to entrust all aspects of its systems. Blockchain technology can enhance trust, transparency, and privacy in data sharing, transforming the healthcare industry.

Challenges to Address in Healthcare Sector With Blockchain

  • Conventional Data Collection 

Data in healthcare comes with several sources and is stored in multiple formats like structured data, paper, digital, pictures, etc. Conventional data comes up with various challenges, such as there is no way to trace the source of the data, resulting in inaccurate and incomplete information.

Patients can move, change their names and professions, retire or die, resulting in data change, making it difficult to keep health care data clean, complete, and updated.

  • Data Accessibility

One of the major determining factors of the quality of healthcare services is how easily and quickly patient data is retrieved. Proper accessibility of data improves data quality by making the patients’’ records readily available, convenient, and affordable.

  • Data Privacy and Security

Gaining patient trust is essential for maintaining an efficient health care ecosystem. Since data is sensitive and is vulnerable to security attacks, it gives rise to one of the significant issues in the healthcare system, which is managing patient privacy.

Thus, implementing blockchain app development services is an essential aspect of strengthening data security in healthcare applications.

Application of Blockchain in the Healthcare Sector

  • Interoperability

Blockchain’s ability to decentralized, distributed and immutable data transactions make it a suitable next-generation system in the healthcare industry. It enables the blockchain ledger to transmit and communicate, making it easy to retrieve the data.

  • Traceability

All the information blocks are connected with each other and hold a hash value itself and the next ledger, which makes it easy to trace the source of the data.

  • Smart Contracts

In smart contracts, some statements are executed and trigger specific tasks when some predetermined conditions are met, facilitating the automation process.

  • Provide Data Security  

As the data is immutable, supports automation, and lacks third-party influence, it provides high-level security. Also, it offers end-to-end encryption by preventing changes in records.

Conclusion

Blockchain technology has extensive potential, which makes it a futuristic technology for the healthcare industry. A Blockchain development company can integrate the benefits in healthcare applications through which they can reap the help of this technology in the near future.

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Written by Aliona Miller

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