It does not only refer to paying your healthcare and medical bills in cryptocurrency. In fact, what it means is the adaptation of an entire industry to the blockchain. We have already seen its benefits in a variety of sectors. Therefore, if the tech is applied to the very industry, the outcome could be far more than we might expect right now.
Blockchain Solution for Healthcare and Medical Industry
It is regarded as the “Truth Machine” or rather an immutable distributed ledger. This technology can provide the Healthcare and Medical industry with a real-time record.
In other words, all the stakeholders can access the updated medical record at the same time, from anywhere in the World.
MGH adapts to the blockchain
The right question is, what blockchain can bring to the table. Let’s consider the case of Massachusetts General Hospital. The MGH had partnered with the Korean startup, MediBlock to streamline its storage, exchange of patient data, and EHR.
Also, the blockchain can bring an amazing level of data security when it comes to user information. It’s almost impossible for a hacker to alter the data. Even if someone attempts it, he needs to compromise the majority of nodes in the system. Hacking all the nodes at the same time is an almost impossible task.
Secondly, all the data is encrypted and changing even one character will modify the sequence of the records. Therefore, the hacker will need considerable computing power.
To sum up, it’s not affordable.
Most of the patients are highly sensitive to the breach of privacy. Therefore, a blockchain-based system would allow greater comfort for such users. They can control who will have access to their data. This feature is already explored in the financial and banking sector where the secrecy of information holds prime importance.
Indeed, the effects of blockchain adaptation in Medical and Healthcare are enormous. The access and record updating are instantaneous. It will reduce the operating cost of the industry by making the processes more efficient.