HOW BLOCKCHAIN IS USED FOR HEALTH INDUSTRY

Blockchain, a familiar technology. Similarly for digital currency, Bitcoin. We all have agreed already to know, that Blockchain technology that supports this digital currency. Where this technology is a relatively new way to secure transactions with a decentralized system.

This technology is a kind of digital record in using cryptography to secure transactions. Because transactions are done on multiple computers instead of just one computer, and consequently it’s much harder to change transactions, or hack.

Although many think Blockchain applications are more to monetary transactions, it can be used for many types of transactions as well. For example, this technology can be used to record historical or political events because it is not easy to forge or change.

But for the discussion this time, will be discussed related to Blockchain technology that can be used in the health industry, as quoted from due.com.

– Prevent theft

Medical data theft is something that many believe can happen very easily. As happened not long ago, in early 2013. Indeed this health information is not kept too tight. However, health information should sometimes be shared from cellular providers to treat patients. Therefore, there is the potential of such information falling into the wrong hands when the transfer is made.

If medical records or other health information should be stolen, it is often used by the thief to extort the provider for money. Of course, it could also be a way for thieves to access credit card information or get names, addresses, insurance information and social security numbers that can be used in other ways.

So how can Blockchain secure this condition? Blockchain naturally, can secure the data, because the data is accurate and safe. Because it can not be changed, forged, or damaged without great difficulty.

– Saves Money In Health Care

Another Blockchain function is to save reduced banking costs. Financial transactions through Blockchain can be done without the need for a bank. This allows the provider and the patient to skip directly using the bank, which is usually the middle people in the transaction.

Instead of paying for a fee for banking fee every month, of course, if the calculated cost if a year can be hundreds to thousands of dollars. However, if the medical facility decides to accept cryptocurrency as a form of payment, of course it becomes easier. Blockchain transactions with cryptocurrency are safe but are also not recognized as money by the IRS. Each cryptocurrency has a provider as an asset, therefore, is not taxed by the provider that provides it.

– Saving time

Transactions using Blockchain cut the time to be shorter. In the past, data transfer and money exchange could take a few minutes to complete. Since information is not stored on a single server at a medical facility, nor in a bank for payment, the exchange of information should not take place, in essence. So, there is no waiting room while information is processed.

Productivity will be fast-paced, and this has made many people very excited about the possibility of using Blockchain technology in future health care.