Combining Healthcare and Blockchain Technology (with audio)

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Healthcare is the preservation or enhancement of health by preventing, diagnosing, treating, recovering, or curing disease, sickness, injury, and other physical and mental impairments in individuals.

In the current scenario of COVID-19, the Healthcare industry is growing. Combining healthcare with blockchain will revolutionize this industry. The answer why the blockchain has earned so much admiration is:

  • It is not owned by a single person and is therefore decentralized.
  • The data is kept cryptographically inside.
  • Permanent so that no one can tamper with the data inside the blockchain.
  • Transparent so that you can monitor the information if you want to.

a global blockchain in the healthcare market is expected grow at a CAGR of 63.85% from 2018 to 2025, to reach a value of $5.61 billion by 2025. The use of blockchain for healthcare data exchange will contribute the largest market share throughout the forecast period, reaching a value of $1.89 billion by 2025, owing to the use of blockchain to solve the most widespread problem in healthcare information systems related to interoperability and non-standardization that has created data silos in the industry.

Challenge:

In the healthcare sector, interoperability is a major challenge. Increased healthcare interoperability has been a top priority for providers, policymakers, and patients for quite some time now. Two main areas of this problem are:

1. Patient recognition challenge

2. Blocking of information

Explanation:

  • Imagine a network of health institutes that don’t have the personal details of a patient.
  • The knowledge is all in the blockchain. Patients will be identified using their unique hash identification ID. The hashing makes the ID unique and guarantees the user’s privacy.
  • The blockchain can also help to build a marketplace for exchanging patient information. In this way, the exchange of information between the various institutes will be facilitated to avoid any blockage of information.
  • A transparent medium is a blockchain.
  • Whoever belongs to the network will inspect the blockchain and see whether or not all relevant information is transferred through any transaction.
  • If anyone attempts to block the data through the avalanche effect, the hash will change dramatically. Now, note, the blocks in the blockchain are related to each other through a hash.
  • Each block in the blockchain stores the hash of the data stored in the previous block. If the data within any block shifts, a chain reaction is set up that could freeze the entire blockchain. Since this is a theoretical impossibility, it is unlikely to tamper with any data within the blockchain.

Blockchain healthcare startup: MedicalChain

  • It uses blockchain technology to securely manage health records for a collaborative, innovative approach to healthcare.
  • To put the patient in control of their medical data, giving them the power to share the single, most comprehensive version of their record with every organization in their medical network.
  • Cut out the middle-man and receive prompt, validated health information directly from patients, allowing you to access their accurate and up-to-date records in a more cost-effective and time-effective manner.

Hope you like it.

Hoping for a positive response.

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Combining Healthcare and Blockchain Technology (with audio) was originally published in DataDrivenInvestor on Medium, where people are continuing the conversation by highlighting and responding to this story.