Significance of Blockchain Technology in the Healthcare Sector

Abstract

The healthcare industry produces a lot of data. This vast volume of data, which includes patient medical information and electronic health records is becoming more accessible to hackers on the dark web. All this data is available on the dark web, making the healthcare sector vulnerable. Many methods and strategies are used to protect data; however, they have proven to be more expensive to maintain than expected. Blockchain is one of the technologies that guarantees a solution to every issue as a solution to every problem. There are several existing blockchain technologies that are being used or tested in the healthcare system. One example is the use of blockchain to securely store and share electronic medical records (EMRs) among healthcare providers. This can improve the efficiency and accuracy of patient care by giving doctors and other healthcare professionals quick and secure access to a patient's complete medical history. Another example is the use of blockchain to track and manage the supply chain of drugs, to ensure that they are authentic and have not been tampered with. Other blockchain applications in healthcare include the use of smart contracts for medical claims processing and the use of blockchain-based tokens for incentivizing healthy behavior. Out of the three architectures available in Blockchain technology, private blockchain is selected to ensure a closed network and increased security. The decentralized mechanism ensures that all hospitals in the network have access to the patient. In the IPFS database, the patient data is stored as a block and an electronic health record. The patient can access his or her data using the private key. Private blockchain technology is a type of distributed ledger technology that is only accessible to a specific group of individuals or organizations. This means that the network is not open to the public, and only authorized participants can access and validate transactions on the chain. Private blockchain is often used by businesses and organizations to securely share and access data and assets among trusted parties.