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Blockchain: How It Is Transforming Healthcare

by Guest Writer
Blockchain: How It Is Transforming Healthcare

For quite a while, the drive behind the popularity of blockchain can be linked to the performance of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Cardano, etc. Many individuals buy Litecoin or any other cryptocurrency to trade and invest. That’s the common trend. Blockchain has grown beyond Bitcoin trades, and recently its capabilities have found their utilities in the healthcare sector, transforming healthcare data and information management.

Understanding Blockchain

Blockchain is a digital ledger that is backed and secured by cryptography. The blockchain simply was developed to serve as a public database that records digital transactions carried out on it. Of course, the transactions have to be made secure, and here come the coding frameworks referred to as cryptography. Being the choice of the day can be linked to its properties in the course of data management, which are:

  • Transparency: Being a decentralized public ledger, transactions carried out on the blockchain are recorded and can be accessed by anyone anytime without a particular level of clearance. 
  • Decentralized: The main purpose of blockchain creation was to overrule a central control, a situation whereby decision-making power is restricted to certain groups of people. With blockchain, decision-making is moved to the public, and no single entity controls the flow of information.
  • Security: Transactions recorded are well secured with the help of cryptography. Moreover, blockchain operates on a consensus mechanism where parties maintain exact copies of the same ledger, so everyone has to agree on the information being added. It is ‘add-only’; and you can’t change a previous entry. You can only add to it. New information can’t conflict with what’s already on the blockchain, and anyone on the network can access and replicate the data stored there.
  • Self-Automation: Due to the presence of smart contracts, transactions are carried out automatically, also without the need for intermediaries.

Blockchain in Health Care

Blockchain might be a panacea for the entire healthcare sector, but its advantages cannot be overemphasized. Blockchain is revolutionizing the health sectors in the following ways: 

Medical Research: Clinical trial and outcome records on the blockchain are unchangeable and time-stamped, which could help eliminate result swapping, data spying, automatic photo editors and unethical reporting, as well as fraud and inaccuracy. These also allow accurate and authentic research data to be communicated amongst scientists and healthcare researchers all over the world, allowing them to work on addressing complicated medical problems and diseases without having to worry about results being tampered with. Furthermore, using smart contracts and cryptocurrency, research can be crowdfunded effortlessly without distorting records of the actual amount raised.

Conclusion 

The approach that entails the use of blockchain tech in healthcare must have come sooner than expected, but the level of conviction on its uses is rapidly growing. This can be seen from the fact that the healthcare industry is gradually moving beyond exploring blockchain capabilities to modify data and information management. The arrival of blockchain derivatives such as Metaverse has been finding its roots in diagnosis and treatment plans as of late. It can be said that times are changing even in the healthcare sector. And with the blockchain advantages appearing so compelling, the future of blockchain in health management and systems is yet to unfold.

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