The current condition of the Healthcare industry is not at all up to the mark. The US has one of the most complicated healthcare industries on the face of the Earth.
The entire healthcare system is afflicted with soaring costs, transparency, and several types of man-made errors. But the data sharing restrictions are not allowing them to.
As of today, a simple surgery will bury you in debt; the insurance policies are made in such a way that allows hospitals to bankrupt the patients. What I personally hate the most is there is no transparency between the doctors and the patients. Blockchain technology is going to fill up the flaws that exist in the healthcare industry.
Now you may not know all the details of the Blockchain industry. Do not worry, as, throughout this article, I will be sharing everything you need to know about Blockchain and how it is going to disrupt the healthcare industry.
Blockchain is the basic foundation on which cryptocurrencies work. To know more, visit https://q-profit-system.com. It is a database that records and stores the data of its use as a distributed public ledger.
To be more precise, Blockchain is a public record of all the peer-to-peer transactions you have made. Blockchain technology is completely decentralized, which means there is no central body manipulating it.
Every transaction that you make is shared with everybody on the Blockchain Network. When some event takes place in the Blockchain, it is first verified with all the Blockchain participants, and only then does the event take place.
How Does The Healthcare Industry Need to Adopt Blockchain technology?
If the healthcare industry adopts, blockchain technology will provide data sharing across all health institutes very easily. Not only will it reduce the current administrative costs by a mile, but it also increases efficiency and will save time.
Upon utilizing the blockchain technology, the stakeholders would be able to connect the fragmented systems, which will help to initiate improved insights on the health of the patient. In the foreseeable future, the data sharing across all medical institutes will allow the patient to get better medical help.
All the medical history of a patient will be there on the network, add to that the treatment that he has been under and the medicines that he has taken.
5 Reasons why the healthcare industry needs to implement Blockchain Technology ASAP
Many major tech industries have already started implementing Blockchain into their network. And the healthcare industry, too, is on the verge of doing it.
1. It will be provided Comprehensible rules
Blockchain will provide a single database, and therefore there will be a clear set of rules. The lack of data transparency in the American Healthcare industry is what has made it intolerable. Blockchain will ensure that there is a clear set of rules.
When the Blockchain technology is implemented, the data will not change when a patient is transferred from one medical institute to another as there is a single record. Blockchain eliminates the chances of fraud and data tampering, which is often the issue with private healthcare institutes.
3. Only adding, not editing
Data can only be added to the Blockchain network. Once a transaction or event takes place, it can’t be further altered. This decreases the chances of data tampering and fraud.
This is the biggest reason why the Healthcare industry needs to implement the Blockchain is because of its decentralized nature. There is no central body that could manipulate the transactions that take place. Not only does it eliminate the chance of data manipulation, but it also restricts the need for middlemen.
5. Ownership of Data
The rules of Blockchain for an entity to own data and also choose the options with whom he/she wants to share the data.
There you go, all these above qualities make Blockchain very lucrative for the Healthcare industry. Apart from helping the patients, it also helps the healthcare institutes by making the complex process a lot simpler.