Healthcare Revamped by Blockchain

StartUp City | Monday, May 20, 2019

FREMONT, CA: Blockchain technology is the fundamental element behind cryptocurrency and has laid a supportive hand in other areas, including healthcare, in shifting towards a more patient-centric path. Quality healthcare services endorsed up with the current technology is the need for today, which targets two significant outcomes, namely, cost-effective treatment and relevant facilities at all times.

Blockchain has crossed the innovation threshold to reach a peak of expectations. Before delving deep into the details of how it is reshaping healthcare, let’s get a preview of the functioning of the three major postulates of Blockchain, which have existed for long to provide intact digital relationships.

•    Private key cryptography: A hidden key with an algorithm to encrypt and decrypt the code. The key is to ensure a safe digital identity. However, the transactions are maintained on the open network.

•    Distributed ledgers: A distributed ledger referring to the contract of shared records, differences made in which will be reflected within seconds.

•    Authentication: The transactions are authenticated before integrating them to the chain through algorithms. The authenticity is secured once the information is encrypted, digitally signed, and cached.

Attainable outcomes through Blockchain in healthcare that are exceptionally cost-effective in the future are:

Blockchain for Healthcare:

Blockchain can bring about a colossal breakthrough in healthcare management by actively upgrading patient care quality while keeping up the funds at a reasonable rate. All the disputes and that occur in the phases of multiple level authentication can also be removed through Blockchain.

The few uses that can deploy this technology to make healthcare convenient, secure, and reliable are:

Drug Traceability: Duplication of drugs along with fakes in the stockpile chain constitutes a massive loss of capital per year, as the advertisement of lookalike drugs is one serious problem in the pharmaceutical field. By using Blockchain, all new transactions can be added to a block that will be immutable and time-stamped that makes it easy to track them.

Population Health Data: The medical information of a particular area is shared in confidence, and no names are made public in cases when Blockchain allows revamping security and data integrity.

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