Blockchain is essentially a record of digital events that is “distributed” or shared among many different parties. This record can only be updated based on the consensus of the majority of participants in the system and, once introduced; the information can never be erased.

Blockchain is, therefore, an immutable and permanent record. It is a database that only allows writing. You cannot modify or delete any of it, and all this happen under a “democratic” consensus.

Therefore, Blockchain revolutionizes all areas involving numerous transactions on the Internet, where the likelihood of cheating the system so far was very high. Thus, this protocol is revolutionizing banking, because it allows you to create safer transactions. You can hire blockchain developers by contacting top blockchain development companies.

Together with the financial sector, the health sector is one of those that could improve the most by implementing the blockchain in its operations. This technology, which already has applications in many industries, can contribute greatly in the medical area. How? Let’s review:

1. Clinical history

The medical information of the users is administered by the entities that attend to them throughout their life. Consequently, they do not have a single clinical history, but multiple records in different places.

With blockchain, it is possible to build a unique database, in which the user owns his medical history and can define who has access to it. It would guarantee the effective treatment of diseases and transparent interoperability between different institutions. You can hire blockchain developers by contacting blockchain development companies.

2. Billing management

In regions such as Latin America where the level of corruption within the health system is very high, blockchain will help to bring total transparency to the sector. However, through this technology, it is possible to automate the activities of claim, adjudication, and processing of payments, eliminating the intermediaries and associated costs.

3. Drug supply chain

One out of every ten medicines consumed in the world is false. With blockchain, it could be a record of the transit of medicines from the laboratory to the hands of the final consumer, allowing to verify their originality at any time.

4. Record of research results

A high percentage of researchers do not share clinical trials or the results of their work, for fear of being altered or stolen. This reduces the speed with which advances in medicine develop. The chain of blocks -characterized by guaranteeing the immutability of the information- can be the key to constitute a database of global reach in this regard.

5. Cybersecurity in the IoMT (Internet of Medical Things)

With the advancement of technology, it is evident that the quantity of connected devices that help monitor the health of patients increases every day. However, these systems are exposed to cyber attacks. Blockchain has the potential to guarantee security, privacy, and reliability in the interoperability of this data. Hire blockchain developers by contacting blockchain development companies.

As you can see, the scope of the underlying blockchain technology can be translated into substantial improvements for the health sector, with direct benefits for patients.

The electronic medical records stored in blockchain are accessible and updated through the biometrics of the individual. They allow the democratization of patient data and alleviate the burden of transferring records in a poorly controlled manner.

Here Are Other Sectors That Blockchain Can Improve

Education

Educational institutions could use blockchain to store credential data on evaluations, titles, and transactions. The educational history of every individual can be recorded throughout life. Now that education is changing completely in format, with micro-studies and other forms of flexible education, blockchain allows maintaining a secure record regardless of how small or large the educational records are.

Travel

Passengers can keep their “unique travel ID” validated according to blockchain, to be used in place of travel documents, passports or identification cards, loyalty program cards or payment information. In short, it promises to make trips easier and with safer procedures for everyone

Insurance

When autonomous vehicles and other smart devices communicate status updates to insurance providers thanks to blockchain, insurance costs will decrease, as the need for audits or data authentication will be reduced (and potentially will disappear). The insurance will have immediate and reliable access to the actual data of the insured vehicles. This idea can be taken to all types of insured products.

Retail

E-commerce stores can track P2P transactions with product information, shipping, and invoice thanks to blockchain and payments made through Bitcoin (cryptocurrency supported precisely in this protocol). Next, to banking, it is the sector that is most easily hosting this technology.

Food

The use of blockchain to store data from the food supply chain offers improved traceability from product origin to processing, expiration, storage and shipping temperatures. It may seem a bit strange example, but experts believe that the control of this type of products in a decentralized way will allow a more efficient sanitary control for all.

Energy

The transfer and distribution of decentralized energy are possible through micro-data transactions sent through blockchain, validated and re-dispersed to the network while ensuring payment to the sender. Complemented by renewable energies and collaborative energy models, this sector can be substantially improved, since every individual can generate or consume energy in small quantities, under greater control that re-organizes generations and consumption efficiently.

Government

Blockchain promises to be a secure technology to store personal identity information, criminal records or digital data of the citizen, supported in biometrics. Now that our personal information is becoming less personal and more accessible by other actors, blockchain emerges as a tool that helps to recover something the privacy of the data of the people. Hire blockchain developers by contacting blockchain development companies.

Logistics

Blockchain allows increasing transparency in the tracking of shipments, deliveries, and status of the transfer of physical goods between suppliers and suppliers, among which there is no inherent trust. Confidence increases thanks to safe control and monitoring.

Legal

“Smart contracts” stored in blockchain track the different parts of the contract, the transfer of ownership, the delivery of goods or services, and the terms and conditions without the need for legal intervention. It also allows contracts to be signed in a secure manner.

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