Blockchain Is Ready To Revolutionize The Medical Industry Infinity Blockchain Labs

Blockchain Is Ready To Revolutionize The Medical Industry

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February 2, 2018

How beneficial would it be if you can have the full history of your health? What if all medicines you’ve taken, data of every doctor’s visit, operations, and illness could be recorded accurately and efficiently? This is how the Blockchain in medical industry could offer you.
Thanks to blockchain development and applications in medical industry, the quality of healthcare is expected to increase, and the risks and costs are likely to go down. As you probably know that data stored on the blockchain can be shared in real time across a group of people or institutions, so each event or transaction is time-stamped as a permanent record, which cannot be tampered.
On permissionless blockchains, each individual is allowed to view all records; while on permissioned blockchains, privacy can be protected by an approval that whether parties can access, by masking the identity of the party.
Blockchain Is Ready To Revolutionize The Medical Industry
Nowadays, many healthcare organizations are moving fast and even seem to have a lead for the blockchain in medical industry. Recently, IBM did a research on 200 healthcare executives from 16 countries and found that; 16% of them are experimenting and even implementing the blockchain applications in healthcare (1). In fact, they are leading the change with real-time blockchain expected to fully address the current issues in medical industry. However, despite the current euphoria, let’s have a look at the realistic advantages of blockchain development in medical industry.
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DIGITAL LEDGER

Blockchain has played a crucial role in revolutionising the financial market as a decentralized digital ledge, and now it is expected to have a similar impact on the healthcare system. One such example for the Blockchain’s influences on healthcare is a new white paper published by researchers from the MIT Media Lab (2). Moreover, MedRec, a prototype system based on Ethereum platform, is used for tracking who has permission to access and edit information relating to a patient’s medications. “Our system gives patients a comprehensive, immutable log and easy access to their medical information across providers and treatment sites,” states the paper’s abstract.

SHARED INFORMATION

When it comes to medical information, the patient needs to give his consent for anyone to use his data. It is also well know that consent is not always sought. To avoid abusive use of health information, blockchain can help patients decide with whom they share their information. Blockchain could potentially solve one of the biggest problems of modern medicine – the fact that patients’ records might be distributed across various different facilities. In addition, current technology has allowed medical institutions to begin the transition from physical to digital records, but it’s difficult to ensure that all instances of that information are kept up-to-date. Therefore, blockchain could help practitioners make sure that they are working with the most current data.

Blockchain Is Ready To Revolutionize The Medical Industry

TRACEABILITY AND TRANSPARENCY

By storing information step by step, blockchain can obtain a complete vision of everything that has happened before a certain moment in time. This is a very powerful feature as it could allow us to track medicines, organs, clinical trial results, medical records, etc.
Moreover, one of the most universally applicable aspects of blockchain development is that it enables more secure and transparent monitoring of transactions. With blockchain, the transactions can be documented in a permanent decentralized record — reducing time delays, added costs and human errors.

Blockchain Is Ready To Revolutionize The Medical Industry

Blockchain development: Massive opportunities for healthcare

In overall, better data sharing between healthcare providers means a higher probability of accurate diagnoses, more effective treatments, and the growing ability of healthcare organizations to deliver cost-effective care. Moreover, blockchain technology can allow various stakeholders in the healthcare value-chain to share access to their networks without compromising data security and integrity, by allowing them to track data provenance as well as any changes made. With those reasons, blockchain development will soon become a powerful tool making the healthcare system better in the future.

About Article Publisher Infinity Blockchain Labs

Infinity Blockchain Labs (IBL) is a visionary R&D company engaged in intermediary and RegTech services employing blockchain technology. We focus on forming alliances with established businesses and regulatory institutions across various industries, as well as providing collaborative incubation for early stage blockchain projects.
IBL aspires to empower Vietnam to become a global leader in blockchain development and therefore are committed to sharing information to nurture a passionate, educated blockchain community. One of the ways we maintain our role as ecosystem pioneer is by helping create educated blockchain enthusiasts.  We are committed to sharing information and resources to help Vietnam become a blockchain hub through conferences, courses, contests, alliances, workshops, speaking engagements and incubations. Information regarding topics like hard forks helps people become more familiar with key blockchain concepts and thus able to adopt the technology.
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(1)https://www.ibm.com/blogs/blockchain/2017/10/blockchain-in-healthcare-patient-benefits-and-more/
(2)http://www.ancapetre.com/blockchain-for-healthcare-game-changer