Blockchain technology is one of the most exciting phenomena in the tech world, and unless you’re a techie or a crypto trader, you may not have even heard of it. Blockchain is the technology that undergirds the cryptocurrency industry and has made it such a major craze in recent years.
You may only be aware of blockchain as an element of cryptocurrency trading, but you can expect to see it applied in many more industries in the long run, including healthcare. As you know, medicine and technology are always evolving, and it’s often the healthcare industry that benefits the most from technological advancements. So, it only makes sense that there would be plenty of use for blockchain technology in healthcare. Continue reading to learn some of the ways the same technology that transformed the financial world is revolutionizing healthcare.
Blockchain can make medical records more secure.
Security is one of the top concerns of healthcare providers. Every medical center and health care provider in the United States has gone digital for record-keeping purposes. While this transition has made keeping and sharing records more cost-efficient, better for the ecosystem, and more time-efficient, it also provides opportunities for cybercriminals to steal sensitive information.
Many health care providers use a blockchain ledger to keep their patients’ medical records and other sensitive information secure. The extra cost of using blockchain in securing medical records is certainly more affordable than the cost of data breaches. If you’re curious about blockchain technology, you can visit CryptoVantage (cryptovantage.com) to learn more about how blockchain technology provides security, as well as stay up-to-date on Ethereum or Bitcoin’s price and the best trading decisions to make on the crypto stock market.
Blockchain technology makes medical supply chains more efficient and secure.
Medical supply chains are critical to the efficacy of medical centers and the health and safety of patients. When medicine or ingredients for medicines travel from place to place, it can be difficult to ensure that nothing has been tampered with. Using blockchain technology, companies can track shipments and ensure they arrive the way they were shipped by placing every stop on a ledger and using the ledger for accountability.
Blockchain makes health plans simpler.
Health care providers have to do double duty when it comes to managing their security systems. Not only do they use sensitive medical information, but they also manage their clients’ financial information as well. However, using blockchain technology, companies like IHP that provide comprehensive medical management services can encrypt important information and make it nearly impossible to access or alter without authorization.
Blockchain can be used to unlock and store human genomes.
In recent years, people have become much more interested in DNA tests. There are plenty of companies that enable people to use their DNA to find their family’s origins and even find family members whom they’d never met. Blockchain technology is one of the technologies that enable the sharing of this data. Furthermore, companies have used this to create databases for human genomes, which are used in the prevention and fighting off viruses.
Blockchain technology can be used in medical billing.
Medical billing is one of the most important uses of blockchain technology in the healthcare industry. One of the most frustrating things for health care providers and their clients is when payments are made and then lost in the system. Blockchain technology permanently records transactions and makes them available for all parties with permissions to see, but no one can make changes to them, ensuring the integrity of billing.
As you can see, the applications for blockchain technology in the healthcare sector are plentiful and far-reaching. From care management to aiding health care providers in making financial decisions, it seems like blockchain can do as much for the healthcare industry as it’s done for the Bitcoin market. If the healthcare industry was like the stock market, you could say that experts in the field are bullish on blockchain.