Blockchain Technology: What Possible Role Does It Play in Fortifying the Healthcare Sector?

Blockchain Technology: What Possible Role Does It Play in Fortifying the Healthcare Sector?

July 29, 2018 Off By Sydney Ifergan

The healthcare industry has been among the slowest industry to adopt modern technology. As a result of this, it has experienced a lot of high profile data breaches in the previous times. An example of this is the National Health Service cyberattack, which brought the British healthcare system to a halt. It was among the most prominent hacks in the world.

Healthcare systems across the world regularly experience from data breaches that leave many individuals’ personal data exposed.

Blockchain & Decentralized Storage

Blockchain can be utilized as a true leader as the data affixed on the blockchain is resilient to tampering. In a decentralized network, each user has a set of private and public keys which they utilize to determine authenticity. The key pair is connected such that one should have the private key to access the information of the user on the blockchain.

Any variations to the blockchain need the approval of the most network. It brings a lot of transparency to the organization of information. An example of this is XinFin. The XDC01 hybrid protocol of XinFin provides a switchable platform to both private and public blockchains. At every point of transaction, the user is presented with the option of keeping the transaction private or public.

The benefit of maintaining a network decentralized is that no single entity is in a position to manipulate the whole system. It adds extreme security to the storage system., which makes blockchain technology an excellent platform to utilize to store sensitive information.

Healthcare Sector & Blockchain Technology

The advantage of secure data storage encompasses far beyond financial applications to things. These include authentication of records, supply chain management, and many others. Here’s how blockchain technology can assist the healthcare sector:

  • Platform for Sharing and Authenticating Medical Archives.

Medical records are amongst the sensitive personal data which people don’t like being leaked to the public. Nevertheless, as previous hacks have presented us, healthcare is one of the most hacked systems. It’s because of their lack of security systems.

Healthcare industry is problematic for record management systems apart from keeping the records safe. That’s why blockchain technology is the ideal tool to share and authenticate medical records. Blockchain technology can be utilized to monitor medical information and request for access to the medical history of the patient.

  • Secured Clinical Trial Data

Blockchain technology can be utilized for making a permanent, alter-resistant repository of data. Thus, it can be utilized to develop a platform where modifying or altering data from clinical trials unfairly can be avoided. Plus, integrating the service of the smart contracts of Ethereum will enable for rule-based modes for accessing the medical history of the patient.

A good example of this is XinFin. The platform is built on a smart control system, thus allowing the users to make digital agreements on the platform with massive scalability. XinFin is traded on IDEX, COSS.io, Mercatox, and BancorNetwork exchanges at an average cost of $0.006. It’s the ideal chance to get ahold of the groundbreaking Ethereum-based token.

If used right, the healthcare sector will definitely flourish with blockchain-based technologies.

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