Impact of Blockchain Technology in Health Care Ecosystem

Growing countries spend a good portion of their gross domestic product (GDP) on health care. However, hospital costs continue to increase, and inefficient systems and health data gaps are poised to continue. This is one field where Blockchain technology can enhance the circumstance. It can do many things, from providing secure encryption to patient information to managing epidemics. Estonia is a pioneer in the field, having begun using Blockchain’s power in health care in 2012. All healthcare payments, 95% of health data, and 99% of prescription drug information are stored digitally via Blockchain. Blockchain refers to a fixed shared record of a series of tasks, each consisting of a single block and blocks encrypted with cryptographic keys (“hashes”). These keys or signatures are stored in shared labels, compiled by several nodes, or connected processes. Thus, each node has a copy of the entire chain, constantly synchronized and maintained. According to the National Institute of Standards and Technology (NIST), the benefits of Blockchain technology include its resistance to disruption, the nature of digital ledger segregation, and the impossibility of changing recently published work among the book-sharing community. Thus, this technology is also called digital ledger technology (DLT).

Author: Dileep Jigyasi