Blockchain and Healthcare - What Does It Mean?

You can’t go anywhere online without finding an article on the up and coming blockchain technology. And if you’re like most people, you’re still a little fuzzy on what it is and what it means for your business. Sure, it’s the technology behind Bitcoin. But beyond that, what’s it going to do for you?

Currently online, when you complete a transaction, you use a trusted go-between for the process. Blockchain allows you to connect directly without the need for a third party. What makes it exciting is it reduces the difficulty in the banking process, and it helps reduce fraud in the process. Here’s an easy-to-understand tutorial and how it all works. 

So how does that impact healthcare?

What makes Blockchain technology highly valuable in the financial industry can cross over and iron out technical issues when sharing clinical and financial data in the healthcare industry too. 

Blockchain offers innovation in helping businesses tackle cyber risk challenges. It can help secure platforms, prevent fraudulent activities, detect data tampering, and provide more resiliency in creating a successful security approach. 

The biggest advantages are it helps increase:

Confidentiality - this means only appropriate and authorized personnel have access to the data

Integrity - the data stays safe from improper access, modification, or destruction

Availability - data should be available whenever and wherever it’s needed

It can secure health records and ensure regulatory compliance. That makes Blockchain technology exciting. 

Of course, there will be challenges along the way. Every new technology hits the marketplace with promise. Eventually, it’s weaknesses will be revealed. But working in tandem with other technologies such as artificial intelligence and cloud computing, it has the potential to fundamentally change how we deliver both clinical and financial information throughout the healthcare industry. 

Who’s using it? You can find it everywhere. It’s being used to enhance genomic data protection, create a patient profile you can bring with you anywhere in the world, or personalize the medical process using AI technology. 

Will you be using it soon?

For IT Strategy, Cloud Conversion, or Help Desk Services reach out to us at Silver Linings Technology 360-450-4759.