{"id":15050,"date":"2021-07-07T16:48:24","date_gmt":"2021-07-07T11:18:24","guid":{"rendered":"https:\/\/www.indianic.com\/blog\/?p=15050"},"modified":"2022-11-22T11:35:03","modified_gmt":"2022-11-22T06:05:03","slug":"offshore-outsourcing-using-blockchain-in-healthcare-industry","status":"publish","type":"post","link":"https:\/\/indianic.devpress.net\/blog\/offshore-outsourcing\/offshore-outsourcing-using-blockchain-in-healthcare-industry.html","title":{"rendered":"Blockchain technology for the healthcare industry"},"content":{"rendered":"

I\u2019m sure you\u2019ve heard of the term \u201cBlockchain<\/b>\u201d, especially if you\u2019re a crypto enthusiast. You were probably surprised by all the hype about this revolutionary invention that was launched in 2008 by an anonymous person\/group with the name Satoshi Nakamoto<\/i>.<\/p>\n

With the rise of cryptocurrencies, Blockchain, or as some may call it the \u201cnext internet\u201d, got the spotlight in the tech world. But is that the only domain that Blockchain may take to the next level? Another example that deserves just as much hype as cryptocurrencies: Healthcare<\/b>. How and why?
\nBefore digging deeper, let\u2019s take an overview of blockchain technology.<\/b><\/p>\n

So what is blockchain?<\/b><\/h2>\n

Block: is the information that\u2019s stocked in the digital form (data). A block can store any type of information be it: dates, transaction history, money, numbers, … anything.<\/p>\n

So blockchain <\/b>is a specific type of database<\/b>, it stores data in blocks that are chained together, in other words, it\u2019s a series of immutable blocks chained to each other. It\u2019s a decentralized (with no central authority) distributed record-keeping system that\u2019s responsible for data management<\/b>.<\/p>\n

When new data enters the system, means when a transaction that took place gets publicly verified, it\u2019s stored into a fresh block. The moment the block is filled with data, it gets chained to the previous block, which assures the chronological order of the chain. Each block gets a unique ID code, before joining the chain of blocks, assigned by the nonce, and it\u2019s called a hash. Blocks are immutable with specific storage capacities, so any new data that follows after the block is filled will be stored into a newly formed block that will be added to the chain once it\u2019s filled too.<\/p>\n

Blockchain doesn\u2019t need a central location to store any data because every computer in the network has a copy of the Blockchain and every time a new block joins, the whole network gets updated.<\/p>\n

Blockchain: a solution for multiple digital challenges<\/h2>\n

\"Illustration<\/p>\n

You\u2019re definitely still wondering about the reason behind all the hype around Blockchain. Well, it\u2019s all in its mechanism that managed to solve many digital challenges. Since the transaction is recorded and verified publicly before being added to the block, this assures the transparency of the chain. Also, once all the data enters the system, no one is able to modify it, not even the system administrator because the blocks are immutable and that proves that the data is genuine and preserved. And since, as mentioned before, Blockchain being a decentralized system, it offers high security and safe from hacking attempts.<\/p>\n

We\u2019re not done yet, Blockchain has more in store to offer. Not only is the data secured and away from any alteration, but blockchain also reduces transaction costs by granting P2P (peer-to-peer) transactions, which eliminates middlemen including banks, and keeps it between two parties.<\/p>\n

Last but not least, Blockchain offers new business models a remarkable platform to grow their innovative self and the chance to compete with other businesses.<\/p>\n

Why the hype about Blockchain for the health care industry?<\/h2>\n

\"Illustration<\/p>\n

There is no denying that the healthcare <\/b>sector is a priority. And with the Electronic Health Records and Personal Health Records having security, access, and cost issues, the health services administration found in Blockchain the suitable solutions to all of these problems. That\u2019s why the value of Blockchain technology in health care solutions <\/b>is expected to jump up in 2024 with an income of approximately $1415.59 million.<\/p>\n

The reasons why Blockchain <\/b>is crucial to healthcare <\/b>are:<\/p>\n