How Can Blockchain Technology Help Reshape the Health Sector?

Proponents of Blockchain say a “killer app” based on the technology is imminent. The advocates claim that it will be an app that will reshape the health care sector as we know it. But, there are five practical uses of Blockchain technology that allows the distribution of digital data, without the copying of that data.

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Blockchain Applications for Health Care Sector

 – Smart contracts (contracts that are initiated when some conditions are met)

– Supply chain processes (supply chains will be more transparent and efficient when it comes to warehouse services and delivery of medical items)

– Physician credentialing (ProCredex launched the Professional Credentials Exchange to carry out physician credentialing using a private Medicade managed care and Medicare advantage plans as well as a private Medicare claims processor)

– Peer-to-peer data exchange (a system that includes helps in verifying clinical trial data and preventing individuals from receiving multiple opioid prescriptions)

– Proof of Work (in cases of medical liability where attorneys might claim that defendants have tampered with records, clinical notes stored in the Blockchain time-stamped blocks will make a tamper-proof ledger indicating what the physician did and when they did it)

Decentralized System With No Government or Corporate Control

One reason why Blockchain technology shines brightly is that it is completely autonomous of governments and corporations. Neither body can control the technology. The founder of Disruption Joe, Joe Hernandez during the AMA event said Blockchain is an open a permissionless system that utilizes Bitcoin (BTC) as a method of peer-to-peer payments system that governments can’t stop.

According to him the intended purpose of the Blockchain is to bring “hundreds of thousands of individuals together without a boss. He also added that the only flaw about Blockchain tech is that it’s best uses for the health sector hasn’t fully been figured out. This is a theory echoed by the CEO and founder of Forward Blockchain Conrad Barski:

“We haven’t still discovered a ‘killer’ application for Blockchain technology.”

Barski also went on to note that the emergence of a killer app will ultimately change the system around the globe by creating a sustainable and highly beneficial use for the technology.

Additionally, Charles Aunger, who serves as the managing director of Health2047, the AMA remains an anchor investor in Health2047, and the technology will need “air traffic control eventually.” Suggesting that AMA could play that role. Health2047 is a Silicon Valley-based innovation enterprise that develops and commercializes solutions for chronic care, data liquidity, and other health care issues.

Blockchain Just a Technology With the Power to Reshape Healthcare

The AMA event held on the tenth anniversary of the launch of a white paper that outlines the principles of the peer-to-peer electronic payments system. According to a recent report by Deloitte Consulting, the Blockchain is a “potential game-changer” when it comes to the health care sector because it “offers a solution to easily manage health data in a more secure, trusted, and automated error-free method.

Adding that the Blockchain is just a single technology that holds power to help reshape medicine. This can be observed in the announcement by Amazon.com about developing machine-learning methods to help physicians and hospitals provide better care to patients.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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