Blockchain is transforming the healthcare industry for the better. It is improving machine learning, clinical trial recruitment, and empowers patients to manage their own health records.
Blockchain: How it Works
One of the most talked about yet misunderstood topics in recent times, blockchain is completely overhauling the way digital transactions are conducted. It could eventually change the way several industries, including healthcare conduct their daily business.
Bitcoin is a form of virtual currency, which allows users to exchange money without the need for a third-party. All bitcoin transactions are logged and made available in a public ledger, helping ensure their authenticity and preventing fraud.
Each time a transaction takes place, the details of that deal, including its source, destination and date/timestamp, are added to what is referred to as a block.
This block contains other similar transactions, submitted usually within the past ten minutes. Intervals may vary depending on the specific blockchain and its configuration. Transactions are checked and confirmed by participating computer networks.
Blockchain: Raising Accuracy Of Patient Health Records
The principles of blockchain apply to healthcare. Its verifiability assures that all data are accurate and untampered.
In a blockchain-based healthcare system, manipulation or falsification of data is impossible. The math and system symbols will not match.
Blockchain is already showing big potential for helping health systems manage pharma and medical device supply chain and patient recruitment for clinical trials. Medical device data and privacy protections are secured.
In fact, clinical trial recruitment can be costly and time-consuming. But blockchain helps with patient matching and monitoring by matching to electronic health records. Moreover, blockchain can validate data and increase participation.
And, with the opioid drug prescription crisis raging across America, it can protect the drug supply chain. It prevents the infiltration of fake, falsified and substandard medicines. In addition, drug origination is documented and tamper proof. And, very important, fake drug prescriptions can not enter the system.