Blockchain Technology How Does It Work

Blockchain Technology

Tags | blockchain technology in healthcare, blockchain technology example, blockchain technology healthcare, blockchain technology how it works

Blockchain is the technology behind the cryptocurrencies and many people think that Blockchain is the biggest invention than the cryptocurrencies. In this post, I will explain about Blockchain Technology and how it can help us in the Healthcare sector.

Blockchain Technology How It Works

Before we get to the blockchain let me share the brief history of Blockchain. The concept of Blockchain was originally shared in 1991 by some researchers. In 2008, Satoshi extended this idea and presented the concept of peer to peer transaction system which uses Blockchain (Timestamp). In 2009, Satoshi Nakamoto implemented this idea and invented Bitcoin & Blockchain.

blockchain technology how does it work

Now you know the History of Blockchain, let’s discuss the Blockchain. As the name suggests the Blockchain is the chain of blocks which are interconnected with each other but can’t be tampered. Each block contains the information which verifies the previous block and authenticity of the block itself.

Blockchain Technology in Healthcare

Healthcare industry is one of the most important industries in the world because it is directly related to the human life and as world has become a digital village, it is very important to have the all necessary information of the patient available to the doctors without any delay so that they could take the informed decisions to cure the patient. Blockchain technology can help in the healthcare solutions and can make the record available to the healthcare institutes and other concerned parties anywhere in the world without going through the long and hectic way of getting information. IBM conducted a research in the healthcare sector and found the 56% of the healthcare executives plan to implement the commercial blockchain solution.

Here are the top 3 ways blockchain can impact the Healthcare:-

Health Data Exchange

The blockchain is an incredible technology and it is more secure than other technologies available these days. Blockchain-enabled Healthcare IT systems can offer the smooth transfer of Health Data without any delay and it can save many lives.

Transparent Billing System

In 2016, people lost more than 30 Million USD in Medicare fraud in the US. Blockchain can help to stop these frauds by providing the transparent and automated billing system. It can also remove the intermediaries and also cut down the administrative cost.

Tracking the information

World Health Organization (WHO) provide billions of Dollars worth of medicines around the world but they are usually unable to track their aid and have to depend on the local and international NGOs for effective distribution of these medicines. With help of Blockchain, WHO and other international health organization can effectively track these medicine and make sure that their medicines get to needy people.

Blockchain Technology Applications

Find the below some of the blockchain technology applications in health care domain:-

  • Medication is a healthcare application which uses the Blockchain technology and it can provide the information of the patient to doctors, hospitals, laboratories, health insurers and other stakeholders upon patient’s request.
  • MedRec is a management system which is developed by the students of MIT. It records & tracks the data of the patients with the help of wearable devices. Patients can allow the healthcare institutes, family members, and researchers to access this data.

blockchain technology applications

Hashed Health is a healthcare invention of new things firm which is dedicated to providing the facilities like product management, development and tech support using Blockchain.

Conclusion

The blockchain is a groundbreaking invention and it has the potential to revolutionize the world. The big tech companies like IBM, Apple and Alphabet (parent company of Google, YouTube) are already investing a huge sum in the blockchain technology and they can come up with the applications which will benefit the whole human race. Please do let us know what you think about the Blockchain technology in the comment section.

What do you think?

I hope you liked this article. I would like to have feedback from my blog readers. Your valuable feedback, question, or comments about this article are always welcome.

LEAVE A REPLY

Please enter your comment!
Please enter your name here