Blockchain offering innovation solutions supporting healthcare services!

Blockchain – A power technology, that holds the potential to revive the healthcare industry in the near future. With skyrocketing hospital costs, inefficient practices, and data breaches the healthcare industry has suffered a lot. With Blockchain development there can be a promising development in the healthcare domain.

Can blockchain support healthcare?

According to a Blockchain development company in Kolkata, Blockchain is a distributed ledger technology that can effortlessly generate and store data in the interconnected “blocks” of information. This new form of technology can support healthcare services or areas through a decentralized system providing more transparency and control over data in use.

Key benefits of blockchain to healthcare –

·  Highest security on offer for being verified through a consensus system and stored in nodes.

·   Elimination of middle-man reduces transaction costs and creates trust through transparency.

·  Data records are highly traceable and help in reducing fraud and protecting against liability.

· Sensitive information can be shared in collaboration between healthcare organizations.

With a balanced mix of advanced cryptography and in-built incentives (in the form of Bitcoin or other crypto-tokens) this technology can swiftly remove the need for a centrally controlling authority and distribute power across all the participants in the blockchain ecosystem.

Blockchain can support and ease healthcare services in many different ways –

Blockchain in healthcare can be envisaged in several areas and among them, some of the specific applications can be –

· Medical research: As per the present industry scenario, electronic health records are updated by sharing medical information within an organization and its network only. Blockchain will allow organizations to organize the set of information on the topmost portion of the blockchain network. 

· Faster and cheaper patient care: With a single system of creation and storage of records blockchain provides a faster and cheaper way of storing records that can be secured and retrieved only by authorized users. This helps avoid miscommunication between healthcare professionals and patients.

· Interoperability: With a single transactional layer offered by blockchain, healthcare organizations can easily submit and share data through a system with a standardized data storage facility. Radiographic or other images can be separately stored with private encrypted links without much effort.

· Remote health monitoring: Different blockchain-based health applications can be put at work and share electronic medical records through a secure blockchain network. Further, the data can be sent to medical personnel rapidly so that the information can be used for self-monitoring and remote care.

Concluding up, blockchain has the potential to impact Healthcare services and the technology creates new and unique opportunities that can easily reduce complexities. Blockchain can provide an immutable platform to help the government support and realize its full potential in the healthcare ecosystem.