Blockchain technology is a digital ledger that is used to record transactions across numerous computers so that the record cannot be altered retrospectively without the modification of all consecutive blocks and the collusion of the system. Blockchain rose to prominence because it runs interference for secure online bitcoin transactions.
Being a public ledger network, Blockchain validates and makes a record of each and every transaction, making it reliable and secure. Any changes made to a public Blockchain is viewable by the parties thereby maintaining transparency.
The data used is of high quality making the Blockchain technology consistent, accurate and favorably timed. With the elimination of intermediaries and costs for exchanging of assets, the transactional fees to a great extent have been reduced. This allows the users to audit and check transactions for a nominal price. The authorization for all of the transactions is made by miners, making the transactions unalterable and thereby securing it from the threat of being hacked and even eliminating counterparty risks.
The technology of Blockchain eliminates the need for the third party or mediating authorities, intermediation or oversight with respect to individuals transactions. In other words, Blockchain technology makes it possible for strangers to make transactions with complete transparency. The technology has gained popularity amongst Banks, Financial Institutions, Entrepreneurs, and App Developers, it is even the base technology for many startups. The Blockchain technology can be applied to any exchange or transaction within the realm of the digital world, it eliminates the disorder of multiple ledgers with all the of transactions being combined to one public ledger.
The Blockchain networks are decentralized meaning it does not have any central point for failure and is able to withstand any form of cyber attack. The Bitcoin technology empowers its users, the users are in control and are able to manage their transactions and information. All of the transactions will be executed as per the specifications of the protocol eliminating the need for a third party.
One of the world’s largest and rapidly expanding industry is the Healthcare Industry. This growth can be attributed to its services, coverage, prioritizing patient care and the inclusion of public and private individuals in expenditure. But demand for accurate and high-quality data continues to increase, as the current process to assimilate data has its own difficulties making the data unreliable or attainable through a process that is cumbersome. Another major difficulty being faced by the healthcare sector is securing patient data, there is a lot at stake with respect to protecting the privacy of a patient’s record. Blockchain plays a vital role in this regard, the health records would be authenticated and would be shared only based upon the protocol of record sharing.
The Blockchain technology could provide a new system for Healthcare Information Exchanges by making electronic medical records more secure, organized and efficient thereby creating a database to access Electronic Healthcare Records. A Blockchain-based system will also invalidate any clinical trials that hamper or alter data from the trials in any way. Genetic data can be accessed on a Blockchain for genomics research, it also gives access to nationwide interoperability.
The technology has the widespread significance to the participants in the healthcare ecosystem. It would provide a new system for health information exchange placing the patient at the center, and provide quality data resulting in better conclusions for a patient’s health. The Blockchain technology has tremendous potential in the Healthcare Industry, it would provide trustless partnership, and create secure and unmodifiable healthcare information.