Have you ever imagined that technology can change the working of the financial sector? Is it possible? Yes, we have been introduced to very fantastic technology. This blockchain is known to change the work through its revolutionary work by managing the financial exchange and data professionally at the same time.
The success of blockchain is immense, and almost all the domains or sectors have experienced growth by adopting blockchain, and healthcare is not an exception. People are so impressed with blockchain that they are calling it the best solution to interoperability.
Blockchain has become the technology that is solving alarming problems of the healthcare department by providing the best solutions and arranging things systematically. If you aren’t aware of blockchain and its implications in healthcare, you are at the right place.
Let us dive into the world of blockchain and learn how it is benefitting the healthcare industry.
What is blockchain?
Blockchain was developed along with Bitcoin in 2008 by a mysterious entity known under the name Satoshi Nakamoto. His identity is still unknown, and it is not even known whether he is an anonymous person or a group of persons.
His inventions, Blockchain and Bitcoin, are known to change the world by offering some ultimate benefits and unique features. Not focusing on technical jargon, blockchain is a simple distributed ledger that follows the write-once-read-only method.
Blockchain ledger records transactions or events or data in chronological order. If you are interested in bitcoin you can check myths about bitcoin.
It is a database or ledger known to record transactions and exchanges in a shared or distributed manner across various users located in different geographical areas. You might have seen or heard about other ledgers as well, but multiple things differentiate between other ledgers and blockchain ledgers.
Blockchain is different because no user or authority can alter or delete the data that is once recorded in the blockchain ledger until and unless all other authorized users validate it.
It is imperative to understand the working of blockchain. That can only be understood by knowing its three components: shared ledger, distributed network, and digital and irreversible transactions.
Blockchain is a decentralized ledger that works on a distributed network which means computers or participants of blockchain have a copy of the blockchain ledger that validates the transactions.
It is a shared ledger which means it is entirely transparent, and any user can view it anytime without requiring permission from any authority. All digital transactions and information of transactions are stored in a blockchain ledger in chronological order.
How is blockchain benefitting the healthcare industry?
In the healthcare industry, there is a lack, or we can say, the requirement of a central administrator. The database must be stored digitally because if it is stored in physical memory, there will be a risk of hack or steal of information. Anybody could hack the data and corrupt it.
But with the use of blockchain, there won’t be any requirement for a central administrator because blockchain uses cryptography. Along with it, all the authorized users are in control of transactions and information.
As healthcare is a sector that contains confidential information of patients required to be stored securely, no unauthorized user can access it.
Blockchain has the potential to streamline medical records and make sure that the records are stored securely. The best thing about using blockchain is that it offers data privacy, more security, and scalability.
The potential of blockchain in the healthcare industry depends on healthcare organizations and the technical infrastructure that these organizations require.
Undoubtedly, blockchain is costly as it works using an extensive network of computers. Amongst people, there are few concerns about the integration of blockchain with other technologies that already exist. But it is for sure that more and more healthcare organizations are adopting blockchain and experiencing its benefits.
Also Read: FinTech’s Ultimate Guide For Beginners
Blockchain opens the doors for thousands of possibilities, and it is a crucial pillar that is helping different sectors to grow in this digital world. It is expected that one day, blockchain will transform the world through its benefits.