Blockchain technology is disrupting FinTech, real estate and other industries. It’s also affecting healtchcare. Here’s how.

5 Ways Blockchain Technology May Revolutionize Healthcare

What is Blockchain Technology?

Blockchain, or “distributed ledger” allows as many people as necessary access to a file. The file cannot be copied and is updated in real time.

Traditional ledger software operated with all but one user locked out. Blockchain technology, however, allows everyone to access and work in the same document that reconciles in real time.

Blockchain was developed for use with Bitcoin.

5 Ways Blockchain is Changing Healthcare

1. Blockchain Is Secure

Blockchain records every key stroke. There is no way to copy or change the data. Therefore, human error and fraud are nearly eliminated.

2. Real-Time Data

Access to medical data can be a matter of life and death. Blockchain technology updates records in real time. In a medical emergency, staff can immediately check medication and other information. Staff avoids drug interactions and allergic reactions.

3. A New Perspective

Blockchain technology allows for organization, and filtering, of patient information. This revolutionizes both care. Sorting data can show trends that alert medical staff to conditions they may have missed. Also, it facilitates the development of the most effective treatment plans.

In addition, research improves. Researchers share across the world in real time with blockchain. Research is thus more efficient and data sets can be larger.

4. Cost Effectiveness

Blockchain technology eliminates the need for vendor-based software. Money is instead spent on patient care and facilities.

5. Connection of Wearable Devices

Data doesn’t need manual entering. Instead, the data from wearable medical technology updates the information in the ledger. This provides an up-to-date, rounded picture of a patient’s health.

Accessibility, Security, & Better Data Through Blockchain

It is easier to diagnose and treat some medical conditions with blockchain. In conclusion, it is a vital step in healthcare technology because it is secure, instant and provides the big picture.