According to the writers at Digital Authority Partners, in 2018, blockchain is much more than a buzzword. And the underlying technology can truly revolutionize the healthcare industry in many different meaningful and unexpected ways. So in this article, we wanted to quickly look into some current applications of blockchain in healthcare and, hopefully, where the future may lead us in the next 3-5 years. We make the assumption that blockchain will continue to be leveraged at scale to redefine how doctors and patients interact with each other, how hospitals interact with each other, and how institutions share data, transact and improve their overall processes by leveraging blockchain.
So, let’s help you learn more about this amazing technology.
What is blockchain?
We have spoken about blockchain and also got some idea that it has a huge effect in changing healthtech. We all know that digitalization has been expanded within the last decade, and the blockchain has entered into the market or into the world from the year 2016. But blockchain, overall, is not truly new.
In fact, according to HealthcareWeekly, blockchain in healthcare has been around since 2008, in an incipient phase, where hospitals and drug manufacturers started sharing private data through various channels. In 2018, blockchain’s primary purpose remains the same. But is has expanded in its focus, reach and overall applications.
Blockchain is basically the connection or the network of blocks that are transacted on a private network, without the ability to be altered, faked or changed. Each block on the blockchain builds on the previous block. What that means, in simple terms, is that an exchange of data, information or money, on the blockchain, happens once and it cannot be changed without everyone who has transacted on that blockchain finding out someone is trying to temper with the blockchain. A block in simple terms is a record of transactions. When you get a new block completed it gets added to the chain of the previous ones. These blocks contain information or facts.
How does blockchain impact healthcare?
Blockchain can provide health information exchanges of patient data, and these exchanges are done by electronic medical records. In many ways, blockchains democratize the sharing of data in a secure way. Which is why famous doctors like Simon Stetzer are incredibly excited about how blockchain, when assisted by artificial intelligence, can profoundly redefine the biotechnology space. Blockchains also can give a lot of help to connect fragmented systems and then generate insights. And they also help to give the right people better access to the value of care.