Blockchain in Healthcare

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With the advent of blockchain, every industry could undergo radical changes. It is mainly because of its unique features like immutability, transparency, automation, etc. These features have the potential to solve the existing challenges of almost every industry and the healthcare industry is no exception.

The existing system of the healthcare industry is facing several challenges. These challenges leads to loss of a substantial portion of their revenue and patients’ care. Blockchain could act as a panacea to several of these challenges. Moreover, a more patient-centric approach is the need of the moment. The Blockchain Technology could help the healthcare industry to make this transition smooth and successful. As per the research paper on NCBI, Blockchain is being used for electronic health records as the main use-case.

Throughout this article, we will explore how blockchain could benefit the healthcare industry and how it could replace existing difficulties. We will also be going through the use-cases of blockchain in the healthcare industry. As we examine these use-cases, we will gain a better understanding of how blockchain could transform the healthcare industry and make it more efficient than previously imagined.

Benefits of blockchain in healthcare:

The Healthcare Sector is suffering from several shortcomings. Blockchain can benefit the healthcare industry in overcoming these shortcomings. Some of the most notable benefits are:

Enhanced Data Security

Healthcare has proved to be the most vulnerable sector to cyber-attacks, accounting for the highest number of attacks among all the sectors. The current healthcare organizations operate using a single central database. This database is managed by one party within the organization. This approach leads to a single point of failure. In such a case, if a hacker attacks the system, he can get access to the entire database and put the patients as well as the organisation at risk.

The use of Blockchain would prevent cyberattacks by eliminating the issue of a single point of failure. Blockchain using its distributed ledger technology will grant access to various parties present on the network instead of a single party as done in the traditional healthcare systems. All of these parties would be able to see & verify each transaction in the ledger, thereby making it tamper-resistant. In this scenario, to get control of the entire database hacker would have to hack and get access to the majority or 51% of nodes present on the network. Hacking of more than one node makes it very difficult to attack the database, and adding cryptography on top of it makes it nearly impossible.

Interoperability & Integration of data

With the advances in electronic information technology, most healthcare institutions are now storing records of their patients in digital form. Every institution