Blockchain in Healthcare: What You Need to Know

Blockchain is a technology that allows data to be stored and exchanged securely and transparently across a network of computers. It has many potential applications in various industries, including healthcare. In this article, we will explain what blockchain is, how it works, and how it can benefit the healthcare sector.

What is blockchain?

Blockchain is a system of records, or blocks, that are linked together by cryptographic codes, or hashes. Each block contains information about a transaction, such as the date, time, amount, and participants. The blocks are stored in a distributed ledger, which is a shared database that is updated and synchronized among all the computers in the network. No one can alter or delete the blocks once they are added to the ledger, making the data immutable and verifiable.

How does blockchain work?

Blockchain works by using a consensus mechanism, which is a set of rules that the network follows to validate and add new blocks to the ledger. There are different types of consensus mechanisms, such as proof-of-work, proof-of-stake, and proof-of-authority. The consensus mechanism ensures that the network is secure, reliable, and decentralized, meaning that no single entity has control over the data or the network.

How can blockchain benefit healthcare?

Blockchain can benefit healthcare in many ways, such as:

• Improving data security and privacy. Blockchain can protect sensitive health data from unauthorized access, tampering, or theft. It can also enable patients to control who can access their data and for what purpose, giving them more ownership and autonomy over their health information.
• Enhancing data interoperability and quality. Blockchain can facilitate the exchange and integration of health data across different platforms, systems, and organizations. It can also improve the accuracy and completeness of the data, as well as reduce errors and duplication.
• Reducing costs and inefficiencies. Blockchain can streamline and automate various processes and transactions in the healthcare sector, such as billing, claims, payments, and supply chain management. It can also reduce administrative overhead, fraud, and waste, saving time and money for both providers and patients.
• Supporting innovation and research. Blockchain can enable new models and solutions for healthcare delivery, such as telemedicine, digital identity, smart contracts, and tokenization. It can also support the development and discovery of new drugs, therapies, and treatments, by enabling data sharing and collaboration among researchers, clinicians, and patients.

Examples of blockchain in healthcare

There are many examples of blockchain in healthcare, both in practice and in development. Here are some of them:

• Akiri: A network-as-a-service platform that uses blockchain to securely transport health data across different stakeholders and systems1.
• BurstIQ: A blockchain-based platform that enables the creation, management, and monetization of health data and digital identities.
• Medicalchain: A blockchain-based platform that allows patients to access and share their electronic health records with doctors and other healthcare providers.
• Guardtime: A blockchain-based company that provides data integrity and security solutions for various industries, including healthcare.
• Avaneer Health: A blockchain-based network that connects healthcare providers, payers, and patients to improve care coordination and outcomes.
• ProCredEx: A blockchain-based platform that simplifies and accelerates the credentialing process for healthcare professionals.
• Coral Health: A blockchain-based platform that enables patients to access personalized health insights and recommendations based on their data.
• Patientory: A blockchain-based platform that empowers patients to manage their own health data and connect with care teams.
• Chronicled: A blockchain-based company that provides supply chain solutions for the pharmaceutical industry.
• Embleema: A blockchain-based platform that allows patients to share their health data with researchers and earn rewards.
• I hope this article helps you understand blockchain in healthcare.