Bitcoin and Health industry: How is it effective?

crypto

One of the priorities of a developed nation is the amount of the total GDP that goes into the maintenance of the healthcare infrastructure. The USA plans to spend about 20% of its GDP on maintaining its healthcare sector. However, despite the funding, the healthcare sector still suffers from a lot of inadequacies.

With the pandemic and the need to provide primary healthcare for every individual citizen, this sector must utilize technology to manage and efficiently optimize its resources. Blockchain is a cutting-edge innovation of our times that has the potential to make our healthcare infrastructure better.

What is blockchain technology?

Blockchain technology was conceptualized by two scientists, Scott Stornetta and Stuart Haber. This technology aimed to secure data through time-stamp and secure storage. The blockchain would prevent any tampering of the data stored in its network.

With the implementation of the Merkle tree, it was possible to store the data to causally interlinked blocks. It was possible to create a network of existing partnerships with newer blocks to cross-referencing the data would become easier and more secure.

Satoshi Nakamoto, in the Whitepaper article, proposed the conception of Bitcoin. Bitcoin is a peer-to-peer currency based on digitally distributed ledger technology. This new currency is in demand because it improves the traditional ledger system that manages transactions of fiat money. Due to its high demand, its value is constantly on the rise. Today cryptocurrencies are considered assets. Traders can invest in cryptos through platforms like http://bitcoineras.com/.

The use of blockchain in the health industry

The blockchain is a technology that has applications outside transactional currency networks. Blockchain projects are implemented in big corporations, media industries as well as small enterprises.

These are the possible ways in which blockchain technology can improve the healthcare industry.

Advantages of blockchain implementation in the healthcare industry

Few concerns that affect the healthcare sectors are

  • Security issues of the networks in healthcare sectors
  • Identity authentication
  • The management and organization of electronic data

Some of the possible applications of blockchain in the healthcare sector are:

Research

The existing electronic data sharing infrastructure enables the sharing of patient data in a network that connects multiple organizations. The system automatically updates data in the network.

With blockchain technology maintaining an accurate record of treatments will be possible. The blockchain would allow an efficient compilation of large amounts of data. This data compilation can be made accessible to researchers and organizations for research purposes. Availability of an unprecedented scale of organized data would augment endeavors in clinical research.

Common network

With the availability of the patients’ medical records on a blockchain network, it would be possible to share the data with other service providers. This would save the resources that are required in the construction of the medical history of the patient from scratch if they choose to switch to a new service provider.

More efficient and less expensive healthcare

With the blockchain, it will be possible to create a distributed medical record system accessible to authorized users. This would save time by eliminating the formality of updating records at various levels.

Organized data would also save the labor required to verify and update medical data. This would reduce the resource requirement, therefore, the cost of healthcare.

Electronic health records

With smart contract technology, it would be possible to create a code of compliance for all the organizations operating on the blockchain.  This would create a seamless network where all the stakeholders will have to abide by the coded contract to make the system work. The blockchain would minimize the chances of discrepancies in medical data sharing.

Conclusion

a technology like a blockchain can be successful only when it makes the world a better place to live in. with proper implementation in the medical industry the blockchain technology can positively revolutionize human lives globally.

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