To understand the current state of blockchain in healthcare, it’s important to realize blockchain’s ability to power and secure some important things in our daily lives—just look at voting and retail. And because of its accuracy and accessibility, not to mention it acting as a single source of truth for data, blockchain can be an invaluable tool for healthcare. Consider the ability to quickly access patient medical and insurance records, or giving hospitals the ability to make better decisions regarding staffing, along with practical enterprise blockchain options.
The idea of merging old, dated healthcare institutions with a new technology like blockchain may be hard to grasp, but its uses can go quite far. Understanding what blockchain is on a very basic level may help. Simply put, in a blockchain, individual blocks of data appear on a ledger in a sequence, and each one of these blocks actually relies on the one before it to maintain permanence. And because this ledger is public and evaluated by groups of users, any changes must be verified, and any hacking attempts are noticed and quickly remedied. This system acts to protect sensitive data, which makes it especially useful for the field of healthcare.
With the proliferation of electronic medical records, the healthcare industry is constantly trying to keep patient, hospital, insurance, and billing records secure. And with the large amount of data out there, keeping track of it, while also ensuring privacy, can often be a challenge. With that in mind, let’s explore five use cases that demonstrate the benefits of blockchain for healthcare.
The blockchain is a valuable option to manage the large volume of data processed by the healthcare industry because it offers security, speed, availability, accessibility, and more. To find out more about blockchain’s uses in an enterprise environment, see Oracle Blockchain Enterprise Edition.