Benefits Of Blockchain In Healthcare

Benefits Of Blockchain In Healthcare

Blockchain technology is the distributed ledger technology that implies decentralization and stores data in the form of blocks. Application of blockchain in healthcare industry has numerous benefits to showcase. The most important factor of the blockchain technology is that when information is added to the distributed ledger, no individuals or groups can make changes and the information is completely secure in the blockchain’s entirety. In case anyone tries to alter one block, then he/she will have to make changes in the subsequent blocks. The blockchain technology follows three major principles that together aid blockchain in providing safe & secure digital relationships.

The three principles are as follows

• Private Key Cryptography
• Distributed Ledgers
• Authentication

BENEFITS OF BLOCKCHAIN IN HEALTHCARE

The entire medical process is formulated into a step by step manner, thus eliminating inept works with the aid of electronic health records.

* Helps to manage records to all new digital format.
* The security aspect is much increased in terms of crucial data.
* Records are not openly shared like paper files.

1. Monitoring: Patients can specifically authorize any individual to access their medical information.

Block chain technology allows you to document transactions in proper format.

Shows transparency and saves time, effort, and cost.

The biggest issue of constant management is solved.

2. Collaboration: Collaboration is what to be managed and sync in the proper way for the success of any sector.

A collaboration of various parties involved through distributed ledger technology.

Blockchain technology passionately upholds the innovation in the field.

3. Data Protection: One of the best solutions and smarter in terms of technology is investing and implement to Blockchain. It is purely a blessing for an industry that works as a safeguard for important documents and information.

It prevents unauthorized users to access information and data.

4. Simplifying the Process: With blockchain, the complex process of billing and other transactions will be simplified, thus waiving the series of third parties acting in favor of other entities. 

Important data is now safeguarded heavily and this results in an overall improvement to the system.

5. Data Provenance & Integrity: Day by day, the number of patients globally is increasing and in turn the healthcare providers are committed in managing more and more health data on a regular basis. With the increase in data volume every year, it becomes even harder for healthcare facilities to process and store information. 

Medical organizations worldwide include the following factors:

* Patient Health Information (PHI)

* Electronic Health Records

* Data from IoT devices/monitoring systems

* Medical Insurance Claims

When a piece of information is recorded and encrypted in blockchain, it becomes inaccessible and neither it can be altered or removed. There are multiple approaches in blockchain and one among them is anchoring of data to the public blockchain. It allows to securely record & share information and involves generating a proof of data integrity. With the aid of this proof, any user will be able to verify the timestamp of the data without relying on third-parties. 

The aforementioned method allows the participants to:

* Verify PHI integrity

* Perform unalterable medical audits

* Prove the integrity of clinical results

* Decrease audit expenses & ensure regulatory compliance

Blockchain Firm is one of the pioneers that aids in implementing the blockchain technology in healthcare industry. Our services are reliable, trustworthy, accurate, transparent, and affordable.

Footnotes 

Blockchain Technology In Healthcare | Blockchain Solutions For Healthcare