What is Blockchain?
Blockchain is a technology that creates immutable and distributable data records which are shared peer to peer between networked database systems. Blockchain technology records digital events in a way that does not allow for the data to be changed or recognized until it reaches the recipient. Blockchain is an effective technology that can help prevent data breaches in the healthcare industry. It is a secure and reliable method of recording, storing, and sharing sensitive data.
Advantages of blockchain in healthcare
- Single, longitudinal patient records
Longitudinal patient records- compiling episodes, disease registries, lab results, treatments can be achieved through blockchain, including inpatient, ambulatory and wearable data- assisting providers in coming up with better ways of delivering care.
- Claims adjudication
Since blockchain works on a validation-based exchange, the claims can be automatically verified where the network agrees upon the way a contract is executed. Also, since there is no central authority, there would be fewer errors or frauds.
- Better collaboration
To the great extent, the success of any public health care initiative depends upon the collaboration of various parties involved and deep insights into vital healthcare trends. With the help of distributed ledger technology, the BlockChain proactively promotes the innovation in the field by empowering key participants to collaborate and group research.