Healthcare at the lowest cost

Source: Pexels

Blockchain technology is one of the most significant and influential technologies of modern times that finds a wide variety of applications in multiple industries. It has significantly progressed, ever since the inception of Bitcoin in 2008, the first decentralized peer-to-peer electronic cash system.

Innovators in many areas are now aware of the benefits of Blockchain’s underlying technology. As a result of its decentralized and trustless nature, blockchain can open up new doors and assist organizations by improving transparency, security, and traceability. It was originally created as a secure open ledger for recording digital transactions that are administered by a peer-to-peer network.

Each record is referred to as a ‘block’ that has a cryptographic hash of the preceding block. It is a mathematical algorithm, as well as a timestamp and transaction data. Typically, interactions on the blockchain are visible to all parties, yet added information requires network verification. This allows trustless collaboration between network participants, keeping an immutable audit trail of all transactions.

From health and finance to entertainment and much more, most industries are now exploring ways to incorporate blockchain into their infrastructure. In the medical field, blockchain holds the potential to dramatically change healthcare by placing people at the center of healthcare and enhancing security, privacy, and interoperability.

Blockchain for healthcare

In healthcare, blockchain’s key role is cutting out the intermediaries. It’s about enhancing the security of various healthcare transactional processes while reducing bureaucracy and manual inefficiencies, boosting service quality and democratizing patient data. To prevent unauthorized access to the sensitive information saved, the data is stored in a network of interlinked personal computers that can only be accessed with explicit permission.

The key qualities of cryptography: Public and private key access, proof of work, and distributed information give healthcare data a whole new level of security, which has far-reaching ramifications for all players in the healthcare ecosystem. In the long run, a statewide or nationwide blockchain network for electronic medical information might boost efficiency and help patients achieve better health results.

Lowering the cost of healthcare through blockchain

The ability of distributed ledger technology to secure data integrity while sharing between parties enhances the collaboration between emerging trends in healthcare. Around the world, such trends are critical to community health improvement.

Obtaining access to a patient’s medical records takes time, which depletes staff resources and delays patient care. Such inaccuracies can significantly impact the quality of care provided to patients. Furthermore, slight inconsistencies can lead to incorrect insurance coverage denials.

This is where blockchain kicks in. The technology’s decentralized nature generates a single ecosystem of patient data that enables doctors, hospitals, pharmacists, and anybody involved in treatment to quickly and efficiently access. This helps speed up diagnosis and tailor treatment programs for users.

Essentially, better communication and data exchange among healthcare practitioners means more accurate and efficient diagnoses and treatments, and an overall rise in cost-efficient care.

In this regard, blockchain technology allows multiple players in the healthcare value chain to share network access without sacrificing data security and integrity. Players in the healthcare industry are constantly under pressure to reduce costs for themselves and their patients, necessitating new and innovative cost management strategies. Blockchain also allows for real-time processing, which significantly lowers transaction costs.

Blocknubie for the win

Blocknubie is an artificial intelligence blockchain whose mission is to give patients ownership of their medical data. Blocknubie’s AI system can quickly reason about triage, causes of symptoms, diagnose medical problems, recommend treatment, and predict future health by reading and analyzing medical datasets, patient health records, and consultation notes made by clinicians.

Blocknubie also uses the latest breakthroughs in distributed ledger technology and online identity management in order to deliver self-sovereign electronic healthcare records through the Blocknubie Vault.

To learn more about Blocknubie, check out the official website.

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