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How Blockchain Can Transform The Healthcare Space

BFSI News

What_Are-Driving-Factors-In-The-Healthcare-Market-Growth How Blockchain Can Transform The Healthcare SpaceOwing to the latest technological breakthroughs, the quality of services in overall industries has completely improved, especially quality of care. As Artificial Intelligence enables care providers to gain time and choose the best treatment for their patients, another side Virtual Reality is quickly becoming a tool both to guide future doctors and help therapists in certain areas like psychology. As part of the technological development, Blockchain also provides caretaker a capability to store and share patients’ data with assurance. This distributed ledger network technology plays a crucial role in addressing cybersecurity challenges in the healthcare space.

Since healthcare organizations are required to follow incredibly strict compliance policies, rules and regulations to make sure the security of patient’s data and to maintain the privacy of all records, the rising number of cyber threats has also raised. This is a new concern for healthcare companies today to deploy emerging digital workflows. However, unlike the other security systems, the Blockchain technology runs on a distributed network consensus. With the presence of various cryptography methods, it offers users with an additional layer of trust to decrease cybersecurity threats. The health systems, medical devices, OEMs and other health tech companies, with Blockchain, can be able to add a more consistent and secure strategy to advance patient privacy while surmounting the cyber threats. Moreover, the technology will assist in storing the massive data easily on the cloud while organizations are planning to digitize their healthcare system. In turn, this will provide with a single, simplified view of the patient data by organizing the data in the best way possible.

Blockchain also can provide users with a streamlined way of staying compliant with the rules and regulation, as well as allowing users have a mechanism which will further enable all the people involved in the supply chain to have one common source of information that can be accessed by them. With wide-ranging possibilities, Blockchain can further advance the healthcare sector and assist care providers to streamline their healthcare working and system as a whole.