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Tapping Into Blockchain Technology For Healthcare 5.0

It is expected that blockchain technology will have a significant impact on many industries. A distributed database like blockchain ensures transaction safety and transparency without relying on central authorities

Blockchain

Global healthcare systems are set to undergo a paradigm shift with the advent of digital technologies, which will lead to the transformation of conventional healthcare into smart healthcare. 

With the potential to transform the way healthcare is created, approached, and delivered, data stands at the forefront of healthcare’s future. 

It is expected that blockchain technology will have a significant impact on many industries. A distributed database like blockchain ensures transaction safety and transparency without relying on central authorities. In order to streamline their processes, businesses are exploring blockchain technology. 

During the past few years, this new technology has been the subject of a lot of hype. While it is still in its early stages, it has the potential to disrupt several industries. Blockchain technology is gaining traction in healthcare, banking, finance, supply chain management, etc. 

It is used extensively in the medical and healthcare industry as well. With big data being generated and data breaches always on the verge, blockchain has proved to be a trusted technology in terms of privacy and security. 

Data reliability is a key part of blockchain technology, as it is constantly verified, increasing the quality of the data. 

Moreover, a blockchain can help patients and institutions share their data securely, preventing fraudulent editing and encouraging data sharing. 

A blockchain is a distributed system that produces and archives data records. It maintains a digital ledger of linked "blocks" of information. Each of these blocks signifies how data is stored, altered, or retrieved in a network. Without digging deep, it is enough to say that it is a decentralized approach, allowing data uniformity to be achieved. This is the concept of "hashing".

Hashing designates each block with an exclusive identifier that changes based on the contents of the block. If the block’s data changes, this will be reflected in its hash. A change in one block will cause the subsequent block to recognize a hash change. 

This ensures paramount accountability, and therefore, it is impossible to manipulate or misrepresent data. Because of this, connected blocks form a "chain", securely fashioned in a decentralized manner.  Because data cannot be tampered with, it greatly simplifies data exchange, storage, and retrieval in the network. 

Data Safety  

The healthcare sector currently uses blockchain technology most frequently to keep medical data safe and secure. It is a dual system that is both transparent and private. It hides the identity of individuals, protecting the sensitivity of medical data. But at the same time, it allows patients, practitioners, and providers to share confidential information safely and efficiently. 

Patients Monitoring and App 

Blockchain technology is also a part of certain mobile health apps and remote patient monitoring. Mobile health applications are increasingly being used globally—a probable side effect of the pandemic. Though mobile applications help greatly with patient care and satisfaction, they are particularly sensitive to malware. However, with blockchain, records are secured, and the data can be transmitted to medical professionals without any data leakage. 

SCM 

In the transportation of drugs and medicine, blockchain can help secure and detect the journey of these pharmaceutical supplies. In fact, a couple of companies are utilizing blockchain to even monitor the level of carbon emissions in transportation. 

Currently, the digital revolution in healthcare is transforming how medical institutions, health authorities, insurance companies, and patient groups interact. 

Blockchain remains at the forefront of healthcare technology innovation with the adoption of value-based care. It has certainly increased over the years and will continue to do so. It has penetrated quite a few sectors, including healthcare, and triggered developments in terms of data privacy and security. We have probably not reached blockchain’s full potential, and there are clearly numerous more ways in which this technology can be utilized. One thing is for certain – we will be seeing a lot more of blockchain in the future, especially in healthcare. 



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