Cryptocurrency is one of the most popular new technologies in the world. Although recent regulations have impacted its value adversely, the long-term success of blockchain technology seems certain. And rightly so. It is, after all, the best alternative to centralized systems where users can directly and safely transact with each other. Given the versatile power of blockchain technology, one can further assume that countless industries could implement it. A great example would be the healthcare market.
Working in patients’ best interest is not always contained in their medical treatments. In fact, it comes with a plethora of back-end work. One of the things that every professional in this industry must deal with is information safety. Just consider how important it is to store sensitive data safely so that insurance or diagnosis details remain confidential.
Currently, most hospitals utilize in-house storage where big data solutions enable information retention. Although this is a good way to store large amounts of data, it can be very vulnerable. The problem comes from the fact that every system tends to be centralized. Meaning, there is a third-party provider who designs and runs the system. Think about how banks control the financial market as all the demand for credit and debit cards go to them.
With blockchain technology, there is no centralization issue. It is a system where people known as miners verify every single transaction before approving it into a new block that is added to the chain. Hence where the name comes from. Therefore, every user on the network has access to the public ledger at all times. This makes fraudulent activity very easy to catch. By adopting this decentralized approach to information storage, the healthcare industry will enjoy numerous benefits.
Blockchain technology can effectively combine multiple advanced systems. Currently, the healthcare industry relies on different structures and methods to do things like research, patient outreach, and so on. In translation, there is never a single network where all medicine-related events take place. However, companies like White Code Labs, a California-based B2B company that provides solutions to every technology need, have developed a solution using blockchain technology.
Instead of having a completely different platform for various applications, the healthcare industry could create a large blockchain-based operation. Doing so would bring multiple sub-areas together, and hospitals would be more efficient. Real-life examples are initial coin offerings that use blockchain technology; instead of needing third-party brokers and trading networks, the buyers can directly purchase assets from the sellers. This type of direct connection is what drives efficiency upward while reducing costs.
Whenever patients change hospitals and primary physicians, their new provider needs to find their medical history. Sometimes, this process takes a considerable amount of time. This is because different healthcare markets use different platforms to store information. Think about how companies like Walmart and Target secure their data differently. The same applies to hospitals.
Blockchain erases the problem of differentiated networks where it is challenging to obtain the patient’s files. For example, Founder and director of White Code Labs, Andy Chaudhuri, has developed systems that grant access to all hospitals. Meaning, if a patient moves to a new state, their new doctor can find their files easily by logging into the network. This, Chaudhuri reassures, would only be done with the proper credentials and no user would be allowed to alter the data previously created.
Another large benefit that entities like the White Code Labs provide is automation. By creating technology systems that connect the supply and demand, they remove the obstacles that prevent transactions. Once again, blockchain has a way of improving this system further via something called smart contracts. These were made popular by Ethereum a few years ago, and they are currently revolutionizing the way that crowd sales operate.
If we quickly define them, smart contracts enable users to make a transaction where the final payment is automatically processed. Consider the following example. One person asks a developer to create a website for them. The developer agrees and designs a brand-new website. The moment that the website is designed, the blockchain system recognizes that the criteria were satisfied. Then, the payment is immediately rendered.
In the healthcare market, using smart contracts could automate insurance claims. Whenever a patient or an insurance company is seeking reimbursement, the blockchain system can look at the circumstances and determine if the criteria are met, approving or disapproving payment accordingly. This will save a lot of manpower and give people time to focus on other tasks.