Blockchain technology has been heavily involved in many industries and healthcare services have benefited a lot from it, too. According to GMInsights, the blockchain technology market in healthcare reached more than $280 million in 2020.
In this article, we will see how blockchain can effectively support healthcare technologies and how it can help with data storage.
Benefits of blockchain
But which are the benefits of using blockchain in healthcare? Well, some of the benefits of blockchain are the classic ones. Let’s see which they are.
Blockchain, the technology behind cryptocurrencies like Bitcoin and Ethereum, is now used by many industries in their operations, including supply chain management and financial services. This digital ledger can make all kinds of processes more efficient. For example, it replaces traditional bank transactions with safe peer-to-peer money transfers.
Transparency of data
Blockchain technology is a transparent, distributed ledger that can efficiently record transactions between two parties. Each participant within the system sees only their own specific transactions — information about other users’ activity remains hidden from them to protect privacy. Blockchain technology means businesses don’t have to worry about double accounting or tampering of data, because all records are entered in real time and cannot be altered by anyone on the network.
No matter the industry, blockchain can help business-to-business transactions become more efficient. Paperwork and physical documentation are time-consuming and prone to error, which is where blockchain really shines — it reduces the need for third parties, streamlines transactions, and eliminates errors which can cost lives in the healthcare industry.