Today, the data has become very precious to humans as the single entity generates enormous data in his/her day-to-day activity. Data can be anything like your everyday activity, bank account information, Academic data, health records, etc. Now just imagine if any of this data leaked into the market and got in the wrong hands, so they can utilize your data for the wrong being. But if you have control of the data then you can also restrict the usage of the data like whom to allow to see your credentials and vice versa.
If you think that is not possible in today’s world, then the answer will be “Yes”. Blockchain technology can do this for you and that is why it is known as incorruptible, decentralized, and transparent technology in the world.
Let’s talk about Blockchain. A Blockchain is the type of spreadsheets that contain information about the transaction and each transaction generates a hash. The Blockchain is a database, which is distributed among all nodes. No one or several nodes control the Blockchain. All nodes can validate a transaction. All communication on the Blockchain is p2p. All transactions occurring on a Blockchain are recorded there, so the transactions of any person using the network are public and completely transparent. Once a transaction is recorded on the Blockchain and the Blockchain has updated, then that transaction cannot be altered. No one person or organization can turn off a Blockchain. Although a Blockchain is politically and architecturally decentralized it is logically centralized.
Why Blockchain technology is required in healthcare?
Well in this article I will talk about how Blockchain can make the healthcare industry secure in this world. Currently, Security is a huge issue in the healthcare sector. In the US Between 2009 and 2017, nearly 176 million patient records were exposed in data breaches. The hackers stole credit card and banking information, as well as health records.
If your health records are stolen that means not only your health details are exposed, it may expose you to bank details, your insurance, your address, and many more.
We have multiple technologies that can assist the healthcare industry build platforms which are secure, and compliant. The paramount interest for digital healthcare is how technology can help connect the health care platform with the supporting microservices to create an ecosystem for ease of doing business.
Imagine a situation where a patient can securely share his health data with restricted access, time-bound and permissible with another doctor or authority without compromising the authenticity of data, this will make it easier on the TeleHealth ecosystem to be efficient and cost-effective. Further, a connected supply chain process can ensure traceability, simple payment solutions, and all in a very secure manner. This ensures a transparent and holistic approach to all who are part of the ecosystem to achieve the desired outcome.
How secure is your data with Blockchain Technology?
Processes that involve lots of documentation can be made remarkably simple, efficient, and secure using blockchain. Data around Insurers, Regulatory Agencies, Patients, Hospitals can be securely maintained in a database hosted and controlled by the entity that owns the data and can seamlessly be shared within the ecosystem making it easy to port data to enable easy transactions. Smart Contracts can automate many of the processes say eKYCs, insurance applications, or claims to make the payment processes at lightning speed with accuracy.
So in today’s world, the healthcare industry needs a connected ecosystem that can share transparent data between entities, Authenticate Credentials instantly, Automate Incentive management, Instant Verifiable process, Simplifies Insurance Claims and Payment, etc. And this can only happen by the use of Blockchain technology in the healthcare sector. Many countries have started using this technology and now it’s time for India to make use of this technology and simplify the healthcare sector.
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