In this article “A quick synopsis of Blockchain & Healthcare,” I will attempt to explain quickly and in simple terms the potential for the use and practicality of Blockchain in Healthcare.
There are several advantages to implementing Blockchain, and the most obvious is that by nature, a Blockchain has tamper-proof data. (If you need help learning about Blockchain click this link https://blockgeeks.com/guides/what-is-blockchain-technology/ With data securely written in the Blockchain, it ensures safe, secure records for clients of the Healthcare industry. These records are permanent, immutable and available 24/7 to anyone via the Blockchain on the Internet.
Think of the Blockchain like a database that’s distributed millions of times all over the world and each version of itself ensures the data is perfect and can’t be tampered with forever.
Another use case for Blockchain in the Healthcare industry would be to use the Blockchain as a permanent repository of information such as; research papers, formulas, discoveries or other information that’s encrypted and written into the Blockchain. The data can be proven to be created at a specific time using the Blockchain’s time-stamp, and the Private and Public Keys could be kept maintained for safekeeping or redistribution at any time.
We all need to get paid for our time and products, and CryptoCurrency and Blockchain technology is a fast and efficient way to set up payment systems. It’s inexpensive to set up a payment system and Crypto Shopping Cart and encourage client’s to use it by offering discounts to them. Transaction costs through typical credit card companies are at an all-time high and are projected to go higher yet so why not offer clients a cheaper, quicker alternative such as Crypto Currency. With the savings from not using traditional credit card clearing companies, you can then, in turn, give back some of the savings!
Smart contracts. There are many possibilities in this aspect of Blockchain technology as well — contracts of all types such as; Fulfillment contracts, clinical trials, Client interactions and requirements. With programmable Blockchains, any existing contracts can be put on a Blockchain and become a permanent record that is verifiable and immutable. These types of contracts can be time-stamped and self-executing. Imagine verifiable records that can be passed down safely for generations.
Dapp’s are app’s that run on a Blockchain. Any existing program or app can be a Dapp. With Dapp’s the data becomes your own and becomes a valuable asset in your business. There are significant advantages to owning your corporate data that is encrypted, and permanent on all your clients. Blockchain protects assess to that data by anyone, even your self unless your client authorizes it.
Will a Blockchain add or detract from the business is the most critical question to ask. There are many advantages as outlined here, and those advantages may prove extremely valuable if the software development budget is available to support the efforts. I believe that using existing Crypto infrastructures a model can be developed to use some of the ideas mentioned above in a “Lite” version with plans to further enhance functionality later.
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