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How blockchain is quickly becoming the building blocks of better healthcare

Healthcare accounts for a significant portion of the gross domestic product (GDP) in developed countries. Hospital expenditures, however, continue to rise, as do wasteful procedures and health data breaches.

This is one area where blockchain technology has the potential to improve things. It is capable of a wide range of tasks, including secure encryption of patient data and the management of epidemics.

According to the National Institute of Standards and Technology (NIST), the advantages of blockchain technology include:

  • Its tamper-resistant nature.
  • The decentralized nature of digital ledgers.
  • The impossibility of changing a published transaction later within the user community that shares the ledger.

Digital ledger technology (DLT) is another name for this technology.

Opportunities of blockchain technology

Blockchain has the potential to stimulate innovation and connect massive medical networks. Ever, for example, integrated a “blockchain, data-driven, patient-centric network” into Thailand’s medical system. The technology linked more than 170 hospitals and 5 million patients. It provides best-in-class security for all connected data and parties while allowing for close and easy contact with trustworthy parties—all on a flexible, future-proof, scalable blockchain base.

The medical profession will be able to securely communicate and access patient data thanks to blockchain. The technology will provide finely configurable openness while adhering to the highest security standards to ensure real interoperability. This will enable health information systems to collaborate within and across organizational boundaries in order to improve healthcare delivery.

The future of healthcare

Furthermore, blockchain has the ability to significantly improve medicinal quality. According to Pharmacy Times, OCEASOFT, a manufacturer of atmospheric monitors for supply chains, and Chronicled, a supply chain technology firm focused on the Internet of Things and blockchain, are collaborating to integrate blockchain for atmospheric monitoring in the medication supply chain.

These sensors collect data like CO2, temperature, and humidity, which are then stored in a distributed ledger. Buyers and sellers may use this secure ledger to track the quality of medications across worldwide supply networks. A system like this would also aid in the prevention of fraud and the procurement of expired pharmaceuticals.

This is just the beginning of blockchain developments. It’ll only be a matter of time until more industries take advantage of this ground-breaking technology.

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