Keywords | blockchain technology applications, blockchain technology in healthcare

The Blockchain technology is an exciting new technology that is redefining how we store, update, and move data. Learn about the blockchain and the implications of decentralized, encrypted data storage for business and society. In this article, I will explain Blockchain Technology how it works.

Blockchain Technology Overview

There’s a new technology to store and manage data across the internet and other computing networks, it’s called blockchain or distributed ledger technology, DLT, and it was created as a result of the introduction of the Bitcoin cryptocurrency. Today, the application of blockchain and its potential far exceeds its genesis in Bitcoin. It supports not just digital money and trusted data movement and storage, but the exchange of value, an internet of value. At a fundamental level, it’s not complex technology but it can enable complex solutions.

It can help solve some difficult computing challenges around security and it introduces capabilities that are disruptive to the status quo. For example, Bitcoin effectively eliminates the need for banks and a whole host of financial middlemen, that’s disruptive. Taken further, blockchain technology can be used as a foundation for a new generation of software that distributes code and enables transactions between individuals and machines without the need for complex server infrastructure.

It’s a peer-to-peer network architecture meaning that all participants are equal in their role on the network and its topology is flat, in other words, unlike for example a client’s server, it is without hierarchy. Just as the internet enabled new services such as the World Wide Web, email, and FGP and all the benefits those solutions have created, it is increasingly apparent that the blockchain will enable new computing platforms that ride on top of it too, such as Ethereum, Rootstock, and Tezos.

The blockchain is the technology behind the cryptocurrencies and many people think that Blockchain is the biggest invention than the cryptocurrencies. Blockchain forces us to think differently about technology and it presents exciting opportunities in a significant number of use cases and industries.

• Have a look at Cryptocurrency Exchange List

Blockchain Technology Database

The blockchain is a new type of database. Instead of one single database residing on a single server in a data center, a blockchain database is installed on individual computers used by the people who used the database. In fact, the identical database is installed in every computer of every user who uses that database. We call it a distributed database because of this. Now, in order to create a new entry in this distributed database, all participating computers must agree to the change.

Blockchain Technology in Healthcare

Healthcare industry is one of the most important industries in the world because it is directly related to the human life and as world has become a digital village, it is very important to have the all necessary information of the patient available to the doctors without any delay so that they could take the informed decisions to cure the patient.

Blockchain technology can help in the healthcare solutions and can make the record available to the healthcare institutes and other concerned parties anywhere in the world without going through the long and hectic way of getting information. IBM conducted a research in the healthcare sector and found the 56% of the healthcare executives plan to implement the commercial blockchain solution.

Here are the top 3 ways blockchain can impact the Healthcare:-

Health Data Exchange

The blockchain is an incredible technology and it is more secure than other technologies available these days. Blockchain-enabled Healthcare IT systems can offer the smooth transfer of Health Data without any delay and it can save many lives.

Transparent Billing System

In 2016, people lost more than 30 Million USD in Medicare fraud in the US. Blockchain can help to stop these frauds by providing the transparent and automated billing system. It can also remove the intermediaries and also cut down the administrative cost.

Tracking the information

World Health Organization (WHO) provide billions of Dollars worth of medicines around the world but they are usually unable to track their aid and have to depend on the local and international NGOs for effective distribution of these medicines. With help of Blockchain, WHO and other international health organization can effectively track these medicine and make sure that their medicines get to needy people.

Blockchain Technology Applications

Find the below some of the blockchain technology applications in the healthcare industry:-

• Medication is a healthcare application which uses the Blockchain technology and it can provide the information on the patient to doctors, hospitals, laboratories, health insurers and other stakeholders upon patient’s request.

• MedRec is a management system which is developed by the students of MIT. It records & tracks the data of the patients with the help of wearable devices. Patients can allow the healthcare institutes, family members, and researchers to access this data.

Hashed Health is a healthcare invention of new things firm which is dedicated to providing the facilities like product management, development and tech support using Blockchain.

Conclusion

The blockchain is a groundbreaking invention and it has the potential to revolutionize the world. The big tech companies like IBM, Apple and Alphabet (parent company of Google, YouTube) are already investing a huge sum in the blockchain technology and they can come up with the applications which will benefit the whole human race.

What do you think?