Blockchain in the Healthcare Industry

blockchain in healthcare

Today, when people think of blockchain technology, it is only natural for their mind to turn immediately to the financial industry. At the moment, this is primarily what blockchain is being used for, in connection with digital currencies such as Bitcoin, whether it’s for trading, Bitcoin gambling or any other cryptocurrency-related phenomenon. Yet, as more and more people are noticing the power of blockchain, it is looking likely that in the not so distant future it is going to begin to be used in a whole range of other industries as well.

There are many industries that have begun to consider how they can use blockchain technology to help them. It has the potential to provide businesses with a totally new way to store and manage data, which is why it has potential to revolutionize these industries.

Possibly the industry that is getting prepared to face the biggest disruption is the healthcare industry. From medical data management to research, the possibilities are looking endless, all of which will have a very positive impact on the healthcare sector as a whole.

Data Management – In the healthcare industry, electronic records are now essential. However, at the moment, many hospitals struggle with the ability to send patient records to authorized parties. Blockchain could change this and provide an efficient way to manage medical data, making accessing, sending, and receiving these records a lot easier and more cost-effective.

Data Security – When dealing with all things medical, confidentiality is paramount, therefore, keeping the information secure is of the utmost importance. Using the infrastructure of blockchain, health data can be kept a lot more secure, yet be still easily accessible for those who need to access it on a regular basis.

Medical Research – Blockchain will, in time, open the door for the centralization of clinical trial data, making access to the trial outcomes faster, therefore speeding up the overall process of bringing new and essential innovations to patients.

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infographic "Blockchain Disruptions"