Are you into healthcare? This is how Blockchain can transform this industry in India
Blockchain, in simple terms, is a decentralised system of storing transaction records and other data over in multiple computers. The data is recorded chronologically in a time-stamped series, and it cannot be altered. It excludes third-party involvement for data verification and uses cryptography to secure data ledgers. The ledger is disclosed and distributed to every single person involved in the blockchain.
Taking into consideration, the impregnable security features provided by blockchain technology let us understand how it can transform the healthcare industry in India, which is growing at a rapid pace thanks to several initiatives undertaken by the government.
No chance of losing data
Blockchain brings decentralisation of recorded data in the healthcare industry, which means any data related to the patient is never lost. It is immutable and can be updated only by the blocks involved the chain.
The blocks in healthcare are owned by the people involved in the particular transaction, i.e. a patient, the doctor or the hospital and the blockchain authority. Any changes made by a block has to be approved by the other blocks. Data loss can be a cause of massive distress for health professionals and patients alike.
Easy access and transparency of data
Transparency of data is maintained in Blockchain. Be it a patient’s monetary transaction or his medical history, it is transparent to the blocks of the chain. The chronological records help healthcare professionals to access and analyse a patient's' medical history easily.
In such a scenario, healthcare professionals can access patient data from any part of the globe with utmost ease.
Security is provided to blocks at the micro level with their secured digital identity. This separate identity is created with secret key cryptography. At the macro level, if any new blocks are added to the chain, it needs approval from the other blocks.
This process prevents changes made by any hacker or a trespassing third party because any change in the data needs permission from all the blocks.
Lessen teething problems
Introducing blockchain technology in the healthcare industry of India will lessen teething problems like discrepancies in medical records, insurance fraud, data breaches etc., plaguing the growth of the sector as a whole.
Both caregivers and patients can benefit from this technology. It will improve the current complicated storage of the data and establish a more reliable and secure system for the same. Also, Blockchain disintermediates the whole chain by eliminating third-party involvement. This can expedite the claims-settlement process to a great extent. However, the main challenge is to implement and maintain it.
Requirement for funds
Also, Blockchain is pretty expensive. The upfront cost can run into several lakhs of rupees with high annual maintenance expenses. Business Expansion Loans from Reliance Money give you the much-needed financial assistance to bring this technology into your practice. Learn more about the offering here.