Blockchain technology, the gears behind cryptocurrency, is revolutionizing many industries with the promise of increased security, scalability, increased capacity, immutability, faster settlement and a decentralized system that will lead to greater efficiency in an increasingly interconnected world. Blockchain is not only functioning these days as a way for online investors to trade but is also helping major businesses better exchange and protect their data. Of the many industries that Blockchain technology is benefiting is the healthcare industry, which exchanges data at a massive level each day. Here you will find details about Blockchain’s impact on healthcare today.
What is Blockchain?
Blockchain technology has been thriving for the last three years or so with many calling it “The New Internet” due to its ability to transmit vast amounts of data seemingly more efficiently and a lot safer than traditional programs. Digital information is distributed to other parties without ever being copied while using Blockchain. A party begins a transaction by creating a block of information online which is verified by millions of computers distributed on the net. It is then added to a chain which creates a unique record for that transaction online.
How Is It Safe?
While the process is complicated for individuals not versed in the new technology, one concept is easy to understand: security is primordial to the process. If an individual were to try to falsify a record, it would be virtually impossible to do since the authenticated chain would need to be multiplied in the millions. Companies who need to most secure systems of transaction available are turning to Blockchain technology for the answers.
Healthcare Industry and Blockchain
“Blockchain in the healthcare industry is becoming more and more prominent since distributed ledger technology is making healthcare record systems far more sophisticated and offers far better data protection,” explains Todd William, founder and CEO of Reputation Rhino, an online reputation management company in New York City, “recent high profile hacks and data protection failures have spurred the need for greater innovation and safety of health data, and blockchain technology is ideal for this purpose.” Being able to exchange valuable data between one medical facility to the next, for instance, with the assurance that data is encrypted and protected is a hard step toward the future. Built In outlines the various types of technology overtaking the healthcare industry today.
Storage and Accuracy
The ability of medical facilities to properly store health records was becoming a point of discussion in various circles within the industry. Patient counts are increasing, and hospitals can find themselves in trouble when it comes to storing all the information. Massachusetts General Hospital is one of the first major sites implementing this technology, or at least testing it out. Blockchain allows for safe transfers of data to more massive databases and also encrypts the data in such a way that it cannot be changed or removed.
Implementing Blockchain
Implementing Blockchain is happening quickly, and the health industry is perfectly poised to take advantage, interoperability of data within the health care industry makes it easier for it to adapt to the new internet age, to Blockchain’s secure system. The financial sector managed to implement the technology rather quickly and has been reaping the benefits ever since, seeing increased security and savings of upwards of 8-12 billion dollars a year. The entire industry is looking at a major transformation.
Helping Hospitals Function
Of course, one of the main benefits of having reliable data that is also secured and accurate is the ability of hospital staff to serve patients better. By allowing better organization of valuable data, hospitals find themselves with a lot more time to focus on what matters, and that is the patients in the facility. Blockchain can directly impact how a hospital is run and how efficient it is in doing so; the future appears to be secured. The Taipei Medical University Hospital is using Blockchain for safer record-keeping.
The New Internet
If indeed Blockchain turns out to be the new Internet, in terms of how information is shared, companies and medical facilities will be glad that they went through these early growing pains. Not only do hospitals stand to run more efficiently, but there are also costs that can be spared using innovative technologies. Blockchain is here to stay, and that very well may be a great thing.