Blockchain and Health
Welcome to the final installment of our blockchain and industry series. Over the past weeks we’ve been closely examining the transformative power of blockchain technology, which is already making a big impact all around the globe.
It’s become clear over the series that blockchains main advantages come in the form of effeciency savings and security upgrades, replacing centralised and hackable data silos with encrypted, distributed ledgers. Todays topic, the health industry, is no exception, and the nature of the industry means that the benefits blockchain brings are having a direct impact on our health and well-being.
So what role can blockchain play in this crucial sector?
Currently, in many places around the world, patient data is stored centrally in hospitals and clinics, with each facility responsible for keeping tabs on incomings, outgoings, and medical history. It’s often a flawed system — in the UK moving between general practitioner clinics requires paper documents to be posted around the country, system that’s as slow as it is insecure. Not only this, it’s doctors who bear the brunt of the task maintaining and updating these records, a painstakingly time-consuming task.
Blockchain data systems allow different facilities to share data and patient records in a secure and efficient way. By using encryption, sensitive data can be kept safe from hackers, allowing institutions to limit the damage caused by hackers like the attackers who brought the UK’s NHS to a grinding halt last year. It’s a design that better protects both organisations and their patients, whilst significantly reducing the administrative costs — both time and money.
The blockchain data structure has more potential than just this. By storing information, including patient medication and lifestyle history in a distributed system, organisations are discovering they can better analyse health records and stimulate a fresh wave of research into health issues. With successful trials already making an impact around the world, blockchain has been identified as one of the new tools available to researchers to better tackle the growing health challenges of the 21st century.
That concludes our blockchain and industry series! At TradeConnect we recognised the potential of blockchain to revolutionize financial markets early on, and set about building the trading network of the future. We hope you’ve enjoyed and seen the transformative power of this new technology over the course of this series, and this is the exact reason to why we’re so excited to be part of this movement.
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