Blockchain- Transforming Healthcare Ecosystem
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Blockchain technology has the potential to revolutionize the healthcare industry by enhancing data sharing among stakeholders, reducing costs, and improving patient experiences. Its decentralized nature ensures data security and privacy, allowing for encrypted transactions that can only be accessed by authorized users. Ultimately, blockchain can streamline administrative processes and improve healthcare data management through its innovative design.
Blockchain- Transforming Healthcare Ecosystem
- 2. Blockchain in Healthcare Industry Blockchain holds the potential to transform healthcare industry by assimilating the disparate processes in the pharma- ceutical industry and healthcare ecosystem. This could result in reduced costs, improved regulatory compliance, increased data flow, and improved patient experience. Today, most of the healthcare data is maintained by payers and pharmaceutical companies. Sharing these data among different stakeholders entails risk factors and requires consider- able amount of resources. The incorruptible nature of blockchain system makes it one of the foremost technology to use in healthcare ecosystem. The complexities associated with sharing and coordination among stakeholders can be reduced by having a distributed database that could be shared and maintained by multiple parties. This is precisely what can be achieved with blockchain technology. Blockchain Security and Privacy in Healthcare The data intensity and sensitivity of data in healthcare indus- try demand security and privacy. Blockchain technology organizes data in such a way that transactions can be verified and recorded through the consensus of all parties involved. With blockchain, each new transaction is verified against an authoritative ledger. Through this, each member will be having his or her own copy of the ledger instead of data being held in a centralized location. This basic design of blockchain technology inherently supports both security and privacy. Having multiple checkpoints rather than one single gateway for sensitive data provides a good design for improved security. Blockchain technology also ensures higher level of privacy by allowing the participating entities to approve or reject any sharing or changes to their data. While storing healthcare data in a blockchain, the content of a message or transaction is encrypted cryptographically so that only intended users can open and read the content. The encryption process works on asymmetric cryptograph- ic system, which uses pairs of keys- public and private. A public key is distributed to everyone whereas a private key is known only to its holder. Either public or private key may be used to encrypt a message, but the corresponding public or private key must be used to decrypt the message. Such a process is equivalent to signing a message as it is analogous to someone putting their unique signature on a document, thereby ensuring secure transmission of data.
- 3. Conclusion Blockchain is an exciting innovation with transformative potential for healthcare systems. The distributed framework of blockchain offers to amplify and support the integration of healthcare information across a range of uses and stakeholders. It has the potential to improve the process of accessing and updating healthcare provider data. Blockchain can truly democratize the healthcare data management by distributing data across multiple stakeholders with each one of them having equal authority over the data. By automating the majority of claim adjudication and payment processing activities, blockchain systems could help eliminate the need for intermedi- aries and reduce the administrative costs and time for providers and payers. Blockchain-en- abled health IT systems have the potential to provide technological solutions to many challenges including health data interoperability, claim adjudication, payment process automation, integri- ty, security, supply chain management and drug verification. Santosh is a seasoned professional with more than a decade experience in architecture, design and, delivery of enterprise software applications. He has vast experience of designing and developing multi-tier highly scalable enterprise systems. He is also an expert in end-to-end architecture and design of mission critical high volume and high availability software systems using latest technologies. Santosh aims to leverage technology to provide innovative solutions for various challenges in healthcare industry. Santosh Kumar About the Author: If you would like to bounce off your thoughts on this, let’s have a conversation. Click Here & Reach Us transformhealthcare @nalashaa.com At Nalashaa, we partner with healthcare organizations of all stages, from startups to established firms, and work with them to build engaging user experiences that reduce organziational cost and risk. Our healthcare and technology expertise, along with our flexible engagement models, make us a great fit for developing the quality technology while reducing time to market and engineering costs. About Us 555 US Highway 1 South, Suite 170, Iselin, NJ 08830, USA 732-602-2560 X 200 www.nalashaahealth.com Reach Us: