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Have you heard about the Blockchain technology of late? Did you wonder how it works? Also, did you try to decipher how it can work in the healthcare industry? Well, in this blog, we have attempted to answer these queries.
The Blockchain Revolution
Of all the discoveries and inventions which have taken over in the later part of the 20th century and the aftermath, Blockchain has rippled out substantially. The induction of Blockchain in the tech world has projected a significant wave of transformation. Blockchain further gained the spotlight with the rising popularity of bitcoins and cryptocurrencies.
Though that is not all that Blockchain does, it is promising in many other manners. It is here to stay and transform a lot more than what has been scaled till now.
As per available definitions, it is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”. It has a decentralized model and is typically managed by a peer-to-peer network.
A system where there is no central administrator and the records are spread across the networks. Blockchain has undoubtedly become one of the most disruptive technologies. It has, without any doubt, taken the world by storm these days.
Why the buzz?
What makes Blockchain so unique? What is the buzz all about? Blockchain has become that sensational character who has garnered all attention, and no it is not fading out any sooner.
Well, what makes Blockchain a masterpiece? It is the factor that once you add a piece of information to the distributed ledger, no one can alter it. You might not sustain for an entirety, but the information you store in a Blockchain is absolutely secure in its entirety.
In case anyone feels the necessity to make a change in any of the blocks, it is mandatory to make changes to all the subsequent blocks after it. Hence your information though it is accessible, it is not alterable.
Revolutionized digital ownership is the gift Blockchain has given to the ever upgrading tech world.
Blockchain in Healthcare
As per the survey carried on by IBM, 16% of healthcare executives had solid plans to implement a commercial Blockchain solution by 2017. While 56% expected to implement it by 2020. Blockchain has just set its mark in the healthcare industry, and the impact is already considerable. Though this is just the beginning and a lot is yet to be attuned to by applying this innovative revolution in the field of healthcare.
· Medical Research Made Easy
Medical science is the wisdom of humankind which has seen evolution in many folds. And the evolution will remain persistent until the very existence of human beings. The driving force of this evolution is the uncountable researches which the medical practitioners and researchers have committed to.
While a lot is still dependent on the archaic ways, experts believe that Blockchain can ease up the research process. It can, in fact, be advantageous for further requirements. As we know, the information stored in Blockchain is easy to access and is unaltered; it can add a lot to the arena of medical advancements. Also, can stand fruitful for future medical aficionados.
· Integrated and Secured Medical Records
You must have come across instances where medical records of patients are lost or forged. You might also have heard of reports being exchanged. Such blunders can cost much more than what we can scale out. And as accounted so far, lack of proficiency in storing data is one of the primary reasons for such occurrences.
We already know the advantages of stocking up information in Blockchain. Hence whenever any medical record is produced, it can be stored in a Blockchain. Also, in need, it can be retained in its originality. We should consider here that these records are beneficial for both medical and legal purposes.
· Improve Data Management
As evident healthcare industry deals with many data breaches. Cyber-attacks in healthcare systems across the world have been rising rapidly. This calls for shielding and improved data management. Let us comprehend how Blockchain technology can help in that matter.
Well, you might have already guessed the answer, and we bet what you are thinking is right.
There are no middlemen in Blockchain, hence no intrusion. The information stored can’t be altered; change in one block would demand change in subsequent blocks and are replicated across the network. Therefore the data breaching is not a cakewalk in this space. The healthcare industry has an enormous pile of data; managing all of it is no less than a herculean task.
· Supply Chain Management
Out of all the advantages of the application of Blockchain, supply chain management seems to be the most promising one. In healthcare supply, chain management is a bigger picture than we know it as. So how Blockchain owns the potential to help in this bigger picture? Let us figure it out.
Hospital settings are complicated. Also, the healthcare sector is fragmented. In such a case, a lot of tracking is quintessential. Tracking of pharmacy orders, medical devices, surgical tools and critical resources demands efficiency. Blockchain has thrown light on a new approach. This approach is slowly gaining momentum and is definitely worth approaching.
Blockchain technology, which arrived as a financial superweapon, has projected its impact on many major industries and corporations. Nevertheless, every technological advancement has led to some significant changes. Although the implementation of Blockchain in healthcare is not easy.
Blockchain is a relatively new technology. It is yet to gain popularity in the healthcare industry. It certainly has its pros and cons. Healthcare can witness a smooth data sharing shortly. Though the implementation of this disruptive technology has its own challenges to overcome.