The effects of blockchain on healthcare

Have you ever imagined a situation where all your medical information is securely kept in a bank locker? It seems insane. Like banks, you may save your medical records in a single, secure system.

That can occur when blockchain technology is applied to the healthcare industry. The only possible distinction is that the medical records will be electronically maintained on a protected network.

You may have observed that there are several tech conferences, forums, and seminars about blockchain taking place all over the world. Blockchain is expected to take over the whole corporate world, according to tech experts placing big bets on it.

What is blockchain?

According to Wikipedia, a blockchain is a decentralized, distributed, and public digital ledger that is used for logging transactions across numerous computers to prevent any associated record from being changed retrospectively without also changing all succeeding blocks.

Because the “blocks” or transactions (records) are confirmed and linked to the preceding “block,” a long chain is formed, giving rise to the name “blockchain.”

Simply put, think of blockchain as a giant Google doc with the vital distinction that anyone can view and add to it but not edit the content.

Scope of blockchain technology in healthcare

The scope of blockchain technology in healthcare is immense. This is supported by a report which says that the global blockchain development technology in healthcare.

Which was valued at approximately $34.47 million and will see a steep rise in 2024 with revenue close to $1415.59 million. Moreover, the CAGR growth will be around 70.45% between 2018-2024.

The stats look promising, but what key factors make blockchain so crucial for healthcare?

1. Decentralized system.
2. Single data source.
3. 24*7 monitoring & access of data.
4. Cost-effectiveness.
5. Consistent rules through a smart contract.

Effect of Blockchain on the Healthcare Industry

While blockchain is a requirement in many industries, the healthcare sector may stand to gain the most from it. It is crucial to keep in mind that this is a sector where the public’s sensitive information may be in danger every day. Blockchain increases transparency and ensures the security and accuracy of all data that is being stored.

The information relating to drug sales, health data, medical procedures, logs, and much more can be tracked using this technology. Thanks to the blockchain, all of this information may now be kept in a decentralized database that anybody with access rights can view. This relieves some pressure on medical staff by ensuring that patients and doctors are kept informed about their care. In healthcare, record accuracy can easily mean the difference between life and death. Therefore, adopting blockchain technology is a logical and crucial step in the right direction.

Although this technology is still in its infancy, the investment is more than worthwhile. We might witness an increase in system conversions shortly. None of this should surprise anyone because cities like Dubai, for instance, are converting all of their systems to blockchain. Once you graduate from school and enter the field of medical billing and coding, you’ll notice a growing reliance on technologies like blockchain that will usher in a new era of record-keeping.