Exploring the Use Cases of Private Blockchain in Healthcare
Versatility, accountability, and data authentication can you imagine all three in one healthcare application? Well, it is possible if you are into private blockchain technology.
Pushing businesses to another level while protecting decentralized data from potential threats, is exactly what blockchain-driven healthcare applications perform.
Regarding adopting technologies, the healthcare industry's history is not black and white.
In fact, the healthcare sector never shows reluctance in welcoming and embracing advanced technologies with promises to improve services and patient outcomes. And it is clear when you look at the surge in AR fitness apps.
Private blockchain application for healthcare is one of such recent innovations that have already been impacting the industry through its power of revamping and strengthening the information infrastructure.
Since data storage and sharing is one of the foundational pillars of the healthcare industry, healthcare companies are switching to the blockchain with great enthusiasm.
- Consequently, the blockchain in the healthcare industry globally will hike to $14.25 billion by 2032. (Precedence Research)
The moment the potential benefits of blockchain for cybersecurity pop up on the surface, healthcare companies have begun jumping on the wagon of private blockchain.
Blockchain in healthcare has shown great promise in making health information systems immensely secure, accessible, and reliable. Here, we will focus on the potential applications of blockchain technology in the healthcare sector.
How is this novel technology revamping the way of business of healthcare companies?
Private Blockchain in Healthcare: Under the Limelight
Blockchain or Distributed ledger technology is a system developed to record online transactions. The technology is decentralized, secure, and transparent.
It records transactions in blocks, and every block has to be verified by the network. It is the backbone of cryptocurrencies such as Bitcoin, which is an innovative payment system, and an ‘’open ledger’’ that can timestamp transactions securely.
After verification, a block is connected to the previous block and the transaction is added to the database. Each transaction is unique and is attached to addresses generated randomly by a computer.
Each node of the network stores a copy of the blockchain, so adding in blocks requires verification by the nodes and the network doesn’t allow any falsification of transactions.
It offers potential benefits to multiple industries, from banking and finance to gaming and entertainment. NFT and blockchain gaming have already turned into a fascinating video game segment. Likewise, the private blockchain is turning into an inseparable part of the healthcare sector.
A private blockchain is a blockchain that is developed and deployed by a single organization. Being run by the company’s own nodes, this kind of blockchain proves its efficiency for businesses, particularly, healthcare companies.
The IT department of the company manages the functioning of the nodes. It means that anyone in the company can send and receive transactions to the blockchain. It is like the private intranet for the company where the members can send emails to each other. This kind of blockchain does not require mining and is therefore much faster.
Essentially, the potential benefits encompass:
- A decentralized, secure, and transparent technology
- Speedy and reliable
- Autonomous and easily accessible by all users
- Stores health data with high security
Potential Use Cases of Private Blockchain in Healthcare
With the rise of Smart Fitness technology and healthcare app downloads, isn't it obvious that data security is becoming one of the prime aspects of the healthcare industry? Private blockchain use cases in the healthcare sector are flourishing the industry with its data security and storage benefits.
Blockchain-Powered EHR Systems
Blockchain technology is a public ledger, that allows users to track each block of data added to the chain. It provides a secure, transparent, and easily accessible place for health data to be stored, which leaves room for innovation.
Blockchain also addresses issues with large-scale data storage, and data visibility is less of a concern.
Private blockchain holds the potential usability to store EHR data on a public ledger or on a private ledger (using a Healthcare Information Exchange). Blockchain-Powered EHR Systems are always accessible, transparent, and secure. It is impossible to edit, tamper with, or delete the data.
Blockchain-enabled EHR systems offer a comprehensive overview of patients’ records, managing data sharing permissions.
So, private blockchain allows patients to experience full control over their medical data or records. Whenever their medical records get updated, patients receive notifications.
Patients can decide whether to share entire or partial information about their medical history with doctors or healthcare institutions. Patients can even set a time limit on how long their records are visible to a particular third party.
Insurers can leverage blockchain-enabled EHR systems to authenticate confirmations with patients directly, eliminating the interference of intermediaries.
Private Blockchain Enhancing Health Data Security
In the case of most healthcare companies, medical data gets stored in a centralized database which does not offer adequate protection against data breaches.
Private blockchain can facilitate the security and reliability of health data storage and sharing. Blockchain-enables data storage systems also support encryption. If healthcare providers want to access patient information, they will need the corresponding public key.
The decentralized nature of blockchain technology makes it impossible for hackers to meddle with medical records, which is a huge advantage over conventional healthcare systems, where medical records are often stored on a centralized server that can be hacked.
By storing all records on the blockchain, the technology guarantees data integrity. The immutability feature of private blockchain technology also allows patients to keep their medical records private, as only they have the private key to access the records.
Another security-related use case of blockchain in healthcare is supporting wearable medical devices. It is in fact, one of the most popular blockchain trends at present as well.
This technology facilitates the recording and safe transmission of IoT data from devices to healthcare providers. It can protect the data from unauthorized tampering, block access to certain devices, and shut down compromised nodes.
Wrapping up
To conclude, a private blockchain is crucial for healthcare companies as blockchain solutions enable them to streamline their data storage and security. Moreover, blockchain is an essential part of web 3.0 evolution.
So, healthcare companies that are willing to escalate their business operations, services, and internal systems to Web 3.0 should consider blockchain as essential for them.
EDIIIE professionals are a team of innovative and technologically-sound individuals exhibiting their talent and expertise in linking technology with imagination.
We explore and implement advanced technologies like Augmented Reality, Virtual Reality, Mixed Reality, metaverse, Blockchain, and many more to add value to businesses. Contact us to learn more about the exclusive blockchain use cases across the healthcare industry.
