The machine, the web, and now the latest Blockchain sensation. Don’t be shocked if I use the Internet to position Blockchain as many experts strongly agree that blockchain was the most important innovation since the Internet. Some call it the “next to or new internet.”
In the technological era, Blockchain is a modern motto. The rise of Bitcoin and other cryptocurrencies contributed to the spotlight.
However, the experts think Blockchain is not a fad, since cryptocurrencies are not all that they promise to be.
What is blockchain?
Wiki describes blockchain as a decentralized digital ledger, distributed and public, which records transactions through several computers so that the record concerned cannot be changed retroactively without changing all blocks afterward.
Blockchain is named because the ‘blocks’ (records) are checked and then linked to the former block to form a long chain.
You can easily imagine blockchain as a huge Google Doc file that can be viewed and added in this but cannot change information.
Why is blockchain so important?
Blockchain development is a groundbreaking innovation since it addresses many digital problems such as:
Transparency: Blockchain provides a lot of transparency as each transaction is publicly registered and checked.
Immutability: No one can change all the data entered in the blockchain once it is entered. The system administrator and third parties are also involved. This allows people to demonstrate that their data are real and unchanged.
Protection: Data is stored in Blockchain across all applications instead of a central database, which improves security and proves that it is hacking.
Reduced transaction costs: By facilitating peer-to-peer transactions, Blockchain removes third parties and even banks, which in turn reduces transaction costs.
Innovation: Blockchain provides a great platform to develop and compete with new and innovative business models.
Scope of blockchain healthcare technology:
The reach of blockchain healthcare technology is enormous. This is backed up by a study stating that global healthcare blockchain technology is developing.
An estimated $34.47 million is expected to see a steep increase of $1415.59 million in sales in 2024. Also, between 2018-2024, CAGR growth is expected to be about 70.45%.
The statistics seem promising, but what are the main factors that make blockchain so important for health. Let’s take a look one by one at these variables.
- Method of decentralization:
As previously mentioned, the Blockchain has a decentralized structure, making it reliable and preventing each copy of data from endangering itself. Defi development is going to be a crucial innovation in the 21st century.
The decentralized structures can be used for all the materials in the hospital. This will remove both man-made and even natural disasters that provide stupid protection.
Also, researchers will use the efficiency saved by these devices to calculate the results of cures, medicines, and therapies for a range of diseases and disorders.
- Single source of information:
We studied earlier that all transactions are stored in the blockchain and only added to the chain after most participants have verified that.
Moreover, the documented data, which shows 100% authenticity and security, cannot be modified.
This property can be used by researchers to analyze a large volume of undisclosed knowledge from particular groups of people.
This supports longitudinal trials used to establish precise medicines for successful treatment.
- 24*7 Data management and access:
Blockchain for health care can be used with IoT and wearables to store and update valuable patient data, such as blood pressure and sugar levels in real-time.
This helps doctors track 24/7 patients who are vulnerable to high risk and to advise their caregivers and family members in the event of an emergency.
- Cost efficiency:
Blockchain technology fully removes all third-party and mediator processes currently involved in data collection and transfer. The lack of this mechanism would make the health system very cost-effective.
- Compatible rules by smart contract:
The intelligent contract is simply a machine protocol that verifies, encourages, and enforces negotiations digitally.
It helps healthcare to create a transparent regulatory framework for different entities to access patient data. This theory is generally the basis for Blockchain healthcare products. Peerbits has recently created a smartphone application for doctors by leveraging blockchain.
Application in healthcare of blockchain technology:
We have already seen the scope in healthcare of Blockchain, now let’s see what its potential applications are.
- Medical records integrity:
To ensure the accuracy of all medical records, Blockchain may be used. This is because when a medical record is made it can be stored in the blockchain, which provides absolute evidence. After all, the record can not be modified in the blockchain.
This is an immense benefit because both medical and legal considerations are critical of the quality of the medical record.
- Claims settlement:
One of the things the healthcare sector suffers from is the time consumed to settle claims. When a claim is submitted, it falls into force. The claims will then be processed in real-time and the invoice will ultimately be forwarded to the supplier.
Blockchain is a relatively new and emerging technology. Bitcoin’s great performance has raised the level of expectations.
We can see Blockchain in the coming years disturbing the healthcare sector and thus accelerate the growth of the healthcare app using blockchain technology.
It is also true, however, that implementation of blockchain in healthcare will not be a cakeshop because as mentioned in the report, it may face some serious challenges.