A Look at Blockchain Technology in the Healthcare Industry
India has increased its yearly budget spend on Healthcare Industry from Rs2,508 crore in FY2021–22 to Rs5,632 crore for FY2022–23, a more than 100% increase. Still, every second person is baffled by the skyrocketing hospital costs, inconsistent data, bad practices, and Record tampering. These so-called issues are igniting the zest for new innovation and technology that can bring changes to the existing problems.
One of these innovations is blockchain which is buzzing in every corner of the medical field. The potential of blockchain technology in the healthcare business is currently increasing towards technological developments while adopting the digital era. Imagine you don’t have to rely on healthcare practitioners and hospitals to keep track of your patients’ records. Isn’t it great? How blockchain may dramatically change your life.
A technology that leads to cost-effective channels, system efficiency, and connection transparency can drive industries that have the potential to have a significant social impact ahead.
What kind of technology is it? How does it work? And, more importantly, can we rely on it? Too many questions — Limoverse is coming up with one such initiative that is based out of a decentralized system and built on web 3.0 to empower people to take charge of their health and wellness using Personalised Lifestyle Management. Let’s dig a little more -
Let’s Understand What is Blockchain Technology?
Blockchain technology is mainly utilized for transaction processing, and it might be any transaction that takes place via a computer network. One of the networks used in blockchain technology is a peer-to-peer network.
People have been talking about this technology for a year. Nobody took this technology seriously a decade ago until Bitcoin came along. Along with Bitcoin, blockchain technology was presented in 2009. When many began to question the authenticity of Bitcoin, the term blockchain technology was coined to demonstrate the efficiency of the cryptocurrency concept.
Its security measures and techniques are what make it unique. Cryptography is the approach employed in blockchain technology to guarantee complete protection against hackers. Anything related to the web has the potential to be monitored, configured, breached, and accessed.
The Importance of Blockchain Technology in Healthcare
Aside from the well-known financial, political, and digital sectors, healthcare is one of the industries that is already on its way to building effective technological projects for social impact with the use of blockchain technology, which will benefit the individuals affiliated with these sectors. Being open, decentralized, highly secure, transparent makes blockchain be used in a variety of ways in order to provide services to patients at a secure, transparent, and highly reduced cost.
There are several prospects for the blockchain revolution to create a digital transformation in healthcare. This technology has several applications, ranging from medical records to pharmaceutical supply chains to smart contracts for payment distribution.
LIMOVERSE, a new blockchain-based metaverse, is built around a lifestyle modification solution called EPLIMO, based on geno-metabolic risk factors for over 250 illnesses. Limoverse’s independent health and wellness specialists will provide its health-seekers with preventative lifestyle changes, including food, nutrition, supplements, exercise, yoga, meditation, and so on.
Everything You Need to Know About Limoverse
These days, unhealthy lifestyles and meals we consume every day lead to poor health and more prone to the unhygienic style of living. To prevent this, people have started to take precautions, seek solutions, and lead a healthy lifestyle.
But, when it comes to sicknesses, they have physicians and hospitals; yet, they are unsure who to turn to when it comes to preserving good health. This question is increasingly important in the post-covid era.
“The focus of the brand is to provide world-class research-based products and services for people to live a healthy and productive life with a specific focus on graceful aging,” says Sajeev Nair, founder, and chairman of Vieroots; the other co-founders are Adityanarayan and VP Sajeev.
This is where the relevance of LIMOVERSE, the world’s first decentralized global health and wellness ecosystem built on blockchain, comes into play. This is a worldwide platform that connects health seekers and wellness providers from diverse health and wellness systems worldwide. Limoverse also evolves into a powerful platform for practitioners from all over the world to share products and services.
Good news for crypto enthusiasts! You know LIMOVERSE offers a crypto project with a long-term ambition and a use-case that will become more important to more people as time passes. Health seekers can earn native tokens ‘LIMO’ by sharing their genetic data with well-known research organizations. Health practitioners can reach them by delivering lifestyle modification services to health seekers in their field of expertise.
EPLIMO (Epigenetic Lifestyle Modifications) is the brainchild of Mr. Sajeev Nair, a Biohacker and Peak Performance Strategist. This is the first Personalised Lifestyle Management software based on a unique Geno-metabolic analysis. EPLIMO is bringing Personalised Health, often known as Health 5.0, to life. After going through EPLIMO, thousands of Indians have witnessed astonishing positive breakthroughs in their health and well-being.
This was presented in India by Vieroots Wellness Solutions, led by Adityanarayan, a young start-up entrepreneur, and coordinated by VP Sajeev, a technocrat scientist. Suniel Shetty, a Bollywood superstar and fitness icon, has supported EPLIMO.
What are the Use Cases of Blockchain Technology in the Healthcare Industry?
Most people associate blockchain with the financial industry, specifically Bitcoin, Ethereum, and Dogecoin. So, blockchain is being used in various industries, and there are several applications and use cases in the healthcare industry as well that I believe will begin to gain traction in the coming years.
We will look at three ways blockchain will impact the healthcare industry. Let’s get started.
- Patient Records
Every modern healthcare system is built on electronic medical records. However, with each visit to the doctor, your medical records will become longer and more detailed. And because each hospital and doctor has a unique method of keeping them, it is not always straightforward for healthcare practitioners to get them. To address this issue, the purpose of using blockchain technology in the healthcare industry is to give people power over their entire medical history and enable patients and clinicians with one-stop access.
Blockchain would simplify and improve access, but it would also bring data security to the sector.
- Supply Chains
The pharmaceutical sector has some of the most stringent product safety, security, and stability regulations globally. Supply chain management can be tracked safely and openly using blockchain technology, and this can assist in eliminating time lags and human errors. This may also be used to track labor prices and verify the legitimacy of things by following them back to their origin.
- Genomic Market
Once considered a bit optimistic, the promise of genomics to enhance human health is now a scientific and economic reality. Blockchain is an ideal fit for this booming business because it can securely store billions of genetic data points.
It’s even evolved into a marketplace where people may sell their encrypted genetic information to expand the database, providing scientists with vital data faster than ever before.
The basis of expansion and flexibility provided by blockchain technology is one of the fascinating elements. Even though its initial deployment will suffer the same restrictions as today’s technology, blockchain’s open nature will stimulate and support industry-wide improvement for years to come.
In industries like healthcare, using blockchain would necessitate an unprecedented level of coordination across all players in the transaction chain, offering a significant challenge to the initiatives.
Furthermore, healthcare is a field that is frequently regarded as the duty of the government; to bring in blockchain ideas, the regulatory body would demand a responsive strategy in executing any project.
Author: Kavya Barua, BuyUcoin