5 Reasons Why Blockchain is beneficial for the Healthcare Industry

Blockchain is a distributed ledger technology that keeps track of transactions in a database made up of blocks, where the blocks are linked together by their hash to create a chain-like structure. Blockchain development services could be found in abundance in the web 3.0 era and it has great benefits for the healthcare sector as well.

The following characteristics of blockchain make it a strong fit for healthcare systems:

Secure: A secure network of blocks is the blockchain. To change the information in a block after it has been added to the blockchain, a majority of the network's other nodes must agree.

Decentralized: Blockchain is a decentralised network of nodes in which no one is required to know or have any level of trust for any other node. Every node in the network has the exact same copy of the data as every other node. The majority of member nodes in the network will reject any changes to a member's ledger.

Self-correcting: The other nodes in the network examine their blocks and cross-reference one another when the data in one of the network's blocks is updated in order to identify the error.

Distributed: A distributed ledger, or blockchain, is a collection of independent computers that each record, share, and synchronise the transactions in their own electronic ledgers.

Benefits of Blockchain in the Healthcare Sector

1. Supply Chain Transparency: Through a blockchain-based system, the medical item could be tracked from the manufacturing point to the delivery point with transparency, confirming the authenticity.

2. Health Records: Blockchain makes the medical record of the patients easier to keep. Thus, It solves a big problem in the healthcare industry - that is the problem of data siloes.

3. Insurance and Supply Chain Settlements: Blockchain makes the insurance and other supply chain settlements in the healthcare sector, fully digital and in some cases automated contract terms.

4. Medical Professional's Credential Validation: Blockchain technology could be used to track the medical experience of the professional. This streamlines the recruitment process for healthcare organizations.

5. IoT Security for Remote Monitoring: Remote Remote monitoring solutions gives healthcare practitioners more visibility into patients’ health, enabling more proactive and preventative care.

Blockchain is a promising technology transforming various industries.