How Is The Healthcare Industry Using Blockchain?

Blockchain is seen to revolutionize healthcare industry. Get more info. Read on to know all about it.

How Is The Healthcare Industry Using Blockchain?

Why Is Blockchain Technology A Revolutionary?

The use of blockchain technology when individuals on different sides of the political spectrum are likely to disagree this is what to be done to fix the US health care system as few would likely dispute that the sector is in rough shape at this point. 

Fixing healthcare is to be sure a lengthy process involving many factions within the business, science, and political worlds, as debates rage around about large scale issues with the industry, technological advances especially blockchain technology is helping increase efficiency in small but important ways. The new software allows for safer, faster transmission and storage of health records by providers for instance.

While many parts of the healthcare industry are mired in technology with practices that could only be described as outdated, on the other hand, it’s not a secret. In case you have pagers and fax machines in your mind, many agree with a report by the government accountability office summarized by how to token suggesting that obsolete health care computer system not only cost industry money but also jeopardizing the health and livelihood of the patients. 

Popular in the cryptocurrency space as not yet in the mainstream business world, these issues come with new signs emerging that the healthcare space may be primed to take positive advantage of the blockchain technology. 

How Could Blockchain Help?

The chief information officer at Beth Israel Deaconess Medical Center in Boston, John Halmaka explains that whereas the patient data was often scattered across different facilities, it makes it difficult to access at crucial times. All set to revolutionize, blockchain is the way that health data is stored and transmitted. While it is given that it sports an ultra-secure cryptographic database, as well as a shared ledger providing speedy and easy communication, it may be the solution for the industry. 

Storing medical records confidently with the help of blockchain technology, these healthcare systems update patient data across multiple facilities and locations in real-time with security. This results in free up time and resources where health facilities are further dedicated toward patient care with innovation rather than administration. 

Blockchain Solutions Already In Play

It is not unusual though that several companies make use of blockchain already to enhance health care as none of the operations take off on a national scale as of yet where they signal interest within the industry with theoretical openness to the new technology. 

One such company known as hashed health is keen on utilizing blockchain which also helps generate a free along with the open community of the most efficient healthcare professionals as discussing and partnering to explore the uses of blockchain in the industry.

In the current situation, it is better to note that the company provides an advisory branch that helps healthcare originations with an understanding of the blockchain integrated into the existing systems. As finally, the company supports a lab aiming to develop new blockchain tech solutions, these problems are sure to have plagued the healthcare industry. 

The next pioneer in the industry is MedRec, another blockchain-focused company having a wealth of healthcare space. As it operates peer to peer ledger that is transparent, it also allows providers to track files and information seamlessly. Allowing for easier direct communication with patients too, the service for clinicians, facilities as well as large scale systems that are connected on a single platform. Additionally, this helps allow for the most efficient transmission of the information made possible. 

Along with these industry firsts, there is another company counted as using most of the blockchain technology. We are talking about Dynostics, a company catering toward individual users helping individuals determine the current state of fitness providing instantaneous feedback with a single location for all data. While it is said that they are focused on data security and privacy, just like the other two companies mentioned earlier. 

Signing Off With A Bit More Thoughts 

The current trend in the healthcare field is the increase in empowering data management with blockchain technology. Not only are they vying to be the industry firsts, but it is also a reputed industry to bring blockchain into existence. While there are other companies too looking to revolutionize healthcare through blockchain technology, as well the relevant question here is that will any of these operations become successful in transforming the staid and in many cases these problematic practices of the industry. It all remains to be seen. The remaining truth is that the fact is, however, the companies within blockchain space makes those aggressive bids while attempting solutions that are seen as a good sign of progress to come. 

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