There are a segment of startups that have started applying private blockchain networks in the healthcare industry. MedicalChain; a London based Medical startup offers full control to its patients over medical data. A recent interview with the management has revealed the fact that decentralization would offer a new wave of transparency for the patients.
A blockchain-based initiative safeguards valuable information through data encryption. The Hyperledger based ecosystem offers the gateway to advanced access control technology. This gives patients full control of their data. Every minute transaction is logged in the fabric of the hyper ledger which makes it one of the most reliable platforms for data storage and sharing. Modern refinements to the existing blockchain frameworks mitigate service denial.
The very complex nature of the healthcare industry has been significantly de-cluttered with the implementation of blockchain technology. The otherwise complex nature of data storage and accessibility has been significantly minimized by the advent of modern technology.
There are certain aspects of blockchain which will act as a blessing for the entire medical fraternity. The blockchain technology plays a major role in minimizing production costs. Data storage costs get reduced and their integrity increases significantly. With existing technology, there are two major trade-offs that would be taken under consideration. While keeping medical records in one place would greatly reduce the time and cost to track it down, it also raises privacy concerns. Maintaining data integrity is one of its most powerful features blockchain tech offers so far. Savings for healthcare providers, insurance companies, and consumers could spur widespread adoption. Until then, prices will continue to rise, and patient health will suffer. With full-scale adoption and implementation of blockchain, we can take a sigh of relief. We can finally rely on a technological platform that would completely take the burden off data storage and maintenance.