Opportunities for Blockchain Technology in the Healthcare System

Blockchain technology is already very popular for its high degree of security and spread of information.

17:23 18 May 2021

It has a great opportunity in a wide range of sectors like IT, healthcare and many others like this. But, as far as it is concerned with its importance, it is going to find the best opportunity in the healthcare system across the globe. Blockchain technology is a revolutionized form of data storage, and it can completely transform the healthcare system. It can revolutionize the healthcare system to a large extent, which can make it even better for patients and the doctors and hospital staff.

 

As fast as the Blockchain is being involved in the healthcare system, it provides a very fertile ground for new experiments, investment, and concept testing, which is very important in providing better treatment to the patients. There is already a health information exchange system available for patients, but Blockchain could be a better version. You can provide the healthcare system with a better platform for exchanging and storing data associated with patient's details and genome information. Blockchain technology has a lot of potentials that can be harnessed by the healthcare system, and the healthcare system can provide Blockchain very great opportunities for further growth.

 

Health Information Exchange (HIE)v/s Blockchain

 

Before the evolution of the Blockchain system in the healthcare industry, it was a health information exchange that is used to spread and store information of patients. There is a wide range of different things that come with health information exchange but not in the technology-driven Blockchain system and vice versa. If you want to get appropriate knowledge about these two departments, it is essential for you to know about the differences between them. When you have a clear picture of the differences between health information exchanges(HIE) and Blockchain, it will be easier for you to understand both of them. Some major points of differences are described below –

 

1. The health information exchange is an old system developed earlier than Blockchain because of which, it is not as advanced as the Blockchain system. It is outdated and does not provide adequate features, which can facilitate a lot of new demands of the modern healthcare facilities. On the contrary, Blockchain technology is new and keeps on being updated every day. It is considered to be better because it is a technology of a new era and provides a better system for the storage and spread of healthcare information among doctors and
   
   
2. Another major point of difference between health information exchanges and Blockchain is regarding speed. The speed of operation and speed of data in health information technology is far less as compared to the Blockchain. Blockchain technology was earlier developed to store and provide information and data of cryptocurrency transactions which are supposed to be very fast. To make cryptocurrency information seamless to be exchanged between different parties, it was very fast, and now, it can provide the same feature to the health care system as well. Better speed can provide faster treatment and advice to patients by their doctors.

 

These two are some of the major points of differences between health information system which is outdated and Blockchain technology which is new and modern. In case you are curious enough to know more about these two systems, you can go to ethereum trader app and bridge your knowledge gap regarding Blockchain's involvement in the healthcare industry nowadays.

 

Why is it better?

 

It is widely believed that Blockchain can provide better interoperability for every nation when it comes to the healthcare industry. And the roadmap for providing nationwide interoperability has already been set up by Health Information Technology, which was earlier used by healthcare management, and now, Blockchain just has to follow the map and make it better. There are several things that makes Blockchain a better option for the same, and they are –

 

• The Healthcare information system which was used earlier was not so secure, but Blockchain is completely different. It provides secure and ubiquitous network infrastructure.
  
  
• It makes it possible to verify the identity of all the participants in the data.
  
  
• It facilitates electronic health information updation that provides a better and consistent representation of parties.

 

The technology which is currently being used by a lot of medical industries in several countries does not facilitate the above mentioned three qualities. It is, therefore, the opportunity for Blockchain technology to enter into the healthcare management system and provide it with its incredible facilities.