Blockchain - Revolutionizing the Healthcare Sector

By CIOReview | Wednesday, October 25, 2017

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Blockchain aids to revolutionize various industries along with the tech industry where it is a buzzword. Blockchain provides a solid foundation for the cryptocurrency sector and also has the quality to transform the way businesses are operated by elevating the processes, providing a reliable and secure path to exchange data and decentralizing business models.

Moreover, blockchain provides considerable promise to shape the healthcare industry akin to the changes brought about in other industries. In the healthcare sector, blockchain helps to lessen the liability and accuracy concerns regarding the exchange of medical data, it also delivers built-in levels of cryptographic security in order to protect and guard the patient identity. All these advancements will eventually lead to enable patients to have access to their own “data wallet” allowing them to have a complete control over their own health data. Even though this is still a topic of debate, an increasing number of companies are joining the flow.

The WannaCry ransomware attack was an eye opener for the healthcare industry on the whole, which infected around 230,000 computers in over 150 countries. In spite of all this, there are still possible security risks and vulnerabilities in the hospital devices like pacemakers and so on along with laptops and desktops. Blockchain prevents these security threats from the hackers and provides an enhanced built-in security. It also has the capability to reduce or avoid human intermediaries by automating various administrative tasks thereby improving accuracy and reducing the cost to a high extent.