Because of the burst of the crypto-currency bubble, Blockchain has recently developed a bad reputation. Now, as of this vague, puzzling idea that does not have much of an effect on their lives, the average person thinks of blockchain. In reality, this technology will soon be instrumental in maintaining accurate and secure electronic health records.
Blockchain is a digital transaction leader or computerized transaction database. Shared across a computer network, it enables customers to exchange financial information securely with suppliers, without the need for a third party, such as a bank.
By investing millions in this market, the healthcare and pharmaceutical industries are already vouching for its efficiency. Blockchain is projected to reach $890.5 million in the healthcare market by 2023, according to a recent report.
The digital version of a medical chart is basically an electronic health record (EHR) and includes everything from the medical history and diagnosis of a patient, to treatment plans, immunization dates, and test results. Their home address, previous workplaces, as well as financial information such as credit card numbers are also included. This is what makes EHRs such an attractive target for hackers who, on the black market, sell them for up to $1,000.
Medical data is currently being recorded and stretched across multiple EHR systems in unstructured formats. Doctors and nurses, already short-staffed, struggle to manually log in every piece of information. This results in enormous mistakes, such as duplicate medical records, misdiagnoses, treatment delays, and even deaths.
In order to manage medical records and transactions among patients, healthcare providers, and insurance companies, some countries such as Australia and the UK have begun experimenting with blockchain technology. Conflicting information is automatically detected thanks to a decentralized network of computers that handle the blockchain and simultaneously register every transaction. Records are not only 100 percent precise, but also more difficult to hack.
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