Steemit Crypto Academy /Season 4/ Week 3-Homework post for Professor[yohan2on]- Blockchain Technology in the Healthcare industry

Hello friends and welcome to my assignment task by professor @yohan2on, in this assignment I will talk about Blockchain Technology and its advantages in the Healthcare industry, I hope you enjoy and learn from my assignment.

• Research and Discuss the potential applications of Blockchain in the Health care industry?

Blockchain is a novel technology for managing electronic data that has the potential to increase transparency and accountability. Furthermore, a blockchain is a record of transactions in which all members of a network can see an identical copy of the ledger.

For cryptocurrency and financial transactions, blockchain has been widely used. Other industries, such as entertainment, manufacturing, and healthcare, are adopting blockchain technology to take advantage of its enhanced security and privacy features.

Blockchain can play a significant role in putting patients at the center of the healthcare ecosystem by assisting in the resolution of some of the industry's interoperability issues. It improves security, privacy, and interoperability, and it has the potential to put patients at the heart of the ecosystem.

The appropriate management and safe recovery of the huge amount of personal health data generated by the normal activities of conducting business and providing services is a significant concern for the healthcare industry. So, healthcare monitoring technology generates large volumes of personal health data, the majority of health data is inaccessible, non-standardized across systems, and difficult to comprehend, use, and exchange.

Blockchains have the potential to revolutionize the healthcare industry. Looking at aspects such as Identification verification, medical and pharmaceutical supply, data sharing, and access, managing dynamic patient consent, data sharing, and access permissions, we can admit that blockchain is an important tool in the health factor.

To counteract the COVID-19, blockchain-enabled technologies are being developed. Blockchains such as a contact tracking identity management system in South Korea and a mechanism for sharing data and software code for research purposes. Blockchain technology can also be used in supply chain management for drugs, medical supplies, and a potential vaccine has also been utilized or planned using blockchain.

Potential Applications

• Data Security Management Systems on the Blockchain

For healthcare data security, blockchain has a number of advantages. It can prevent threats and keep personal information out of the wrong hands. When data is added to the blockchain, it is encrypted, making it unchangeable and impossible to decipher. It authorizes transactions using a private identity key that is only known by the user.

In contrast to current healthcare data technologies, a healthcare provider would only be able to view a patient's medical data if they had specific access to the blockchain record.

Improved data collaboration among clinicians raises the likelihood of a correct diagnosis and the likelihood of a successful outcome. Isn't that a welcome development?

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• The Right Technology to Control COVID-19 Vaccine Delivery Could be Blockchain

Actually, a global agreement on the distribution of a COVID-19 vaccine would be required for equal distribution. Hence, there'll be a demand for a visible, verifiable, and timely distribution and supply management system. Isn't that a herculean task?

Blockchain could be an appropriate solution for such a tough task, allowing many countries and organizations to participate. Participating organizations will act as nodes in a network that will be able to view the records that will be created.

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The system would keep track of important elements such as vaccine manufacture, distribution, and stock (needles, glass bottles, refrigeration units, and so on) both within and across countries.
Elements such as temperature control, batch number, producer, and expiry date will be totally controlled by the technology. Furthermore, the system should allow for the measurement of loss and waste in order to reduce them.

• Identity Management in Health Care Using Blockchain

Individuals (e.g., patients and providers) and organizations (e.g hospitals, pharmacies, academics, and other research institutions) must be accurately and verifiably identified for optimal outcomes.
So, in the field of medicine, a blockchain can improve the integrity and transparency of data while also preventing unequal versioning.

As a result, safe identification is possible. This will become increasingly crucial as more data from wearable medical devices and the Internet of Things (IoT) begins to flow, allowing these data to be precisely matched with patients' electronic medical records.

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Individual and organizational health care providers must give correct and up-to-date information about their location and service available so that patients can find them, accreditation authorities can identify them, and payers can accurately reimburse them. A blockchain could help the validity and correctness of the pertinent data.

• Blockchain Technology Can Be Used for Safe Record-Keeping in the Health Sector

Blockchain technology can help solve record-keeping issues in the healthcare business, and it's especially valuable for tracking transaction growth over time.

Blockchain is better suited to an open consumer transaction environment where older data is less important and data growth is stable and constant. The use of blockchain technology to secure DNA data, personal information, healthcare records, and vital medical history information is being considered.

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Healthcare providers can utilize blockchain to store information about patients' records, which patients and doctors can access over the network at any time and from anywhere.

• It Can Be Applied to Aid The Traceability of Drugs
  One of the biggest plagues in the healthcare business is drug counterfeiting, which accounts for more than 15% of all prescriptions. Counterfeit medications are sold in impoverished countries. Pharmaceutical corporations lose billions of dollars every year as a result of counterfeiting.

The pharmaceutical sector has been grappling with issues such as counterfeit pharmaceuticals and inefficient supply chain management for some time. Naturally, preventing phony pharmaceuticals and gaining consumer confidence is the most crucial responsibility for all pharmaceutical companies. This blog will focus on the blockchain healthcare supply chain and how it may help with information asymmetry and counterfeit drug detection.

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Blockchain technology has the potential to revolutionize the way!

By offering visibility, security, and drug traceability, we can help to solve the counterfeit drug problem. The technological advancements of blockchain can be used to combat the counterfeit problem, elements such as proof of authenticity and point-by-point tracking options are can be used in ensuring that once a medicine is manufactured, it is protected and remains genuine.

The user can check the legitimacy of the document prior to purchasing medicines

• Blockchain Can Help in Sharing of Health-Related Data that Already Exists

Medical records are housed digitally in a centralized IT system, making them impossible to share. Requesting, sending, receiving, and compiling patient data is tedious. It's time-consuming and expensive. In the field of technology,
Due to a lack of resources, medical data management has been extremely slow. Data transmission, retrieval, and analysis are problematic due to a lack of collaboration and data sharing between healthcare storage systems.
Blockchain technology has the potential to considerably simplify the process of sharing healthcare data and aid in the resolution of the healthcare industry's interoperability challenge.

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Patients are identifiable in the permissioned healthcare blockchain by their hash ID, which is their unique identification. The hashing ensures that the ID is unique and that the user's privacy is protected. Patients would be in charge of sharing the encryption key for their individual data blocks with their preferred healthcare provider(s).

Further, these are establishments that are already making use of Blockchain technology in the Health industry. For example:

• BURSTIQ
  Its industry: BURSTIQ (Big Data, Cybersecurity, Software) located in Colorado Springs, Colorado.

What BURSTIQ does: BurstIQ's technology assists healthcare organizations in managing huge amounts of patient data in a safe and secure manner. Its blockchain technology allows for the secure storage, sale, sharing, and licensing of data while adhering to HIPAA regulations.

The company's blockchain application aims to change the way medical data is shared and used.
BurstIQ's platform, which incorporates extensive and up-to-date information about individuals' health and healthcare activity, could aid in the detection of prescription medication abuse.

• FACTOM
  Industry: Information Technology and Enterprise Software located in Austin, Texas.

What FACTOM industry does: Factom develops technologies to assist the healthcare business in securely storing digital records on the company's blockchain network, which is only accessible to hospitals and healthcare administrators. Physical papers can be embedded with Factom security chips that save patient information as private data that is only accessible by authorized individuals.

Factom leverages blockchain technology to help securely save digital health records.

• MEDICALCHAIN
  Its industry: Electronic Health Records, Medical. It is located in London, England.

What MEDICAL CHAIN industry does: Medicalchain's blockchain keeps health records secure while establishing a single point of truth. Health Specialists, clinics, and medical laboratories can all request patient information with a traceable source that keeps the patient's identity safe from people who wish to take advantage of patient's information.

Medicalchain's blockchain-based network keeps track of where products come from and protects patients' identities.

• PATIENTORY
  Its industry: Blockchain cybersecurity, healthcare, and information technology
  Located in Atlanta, Georgia.

What it does: Here, patientory's end-to-end encryption ensures that patient information is transmitted securely and effectively. Patients, healthcare providers, and physicians can use the company's platform to access, store, and transfer all vital data via blockchain. Patientory allows the healthcare business to act more swiftly by centralizing all patient data.

Patientory's blockchain platform allows for the secure storage and sharing of sensitive medical data.

Conclusion

Early blockchain implementations in healthcare have proven that successful deployment necessitates redefining all relevant players' relationships from the ground up.

Before patients' healthcare providers and the pharmaceutical industry restructure the healthcare system, blockchain-based systems, blockchain-related technology as well as legal and regulatory challenges, must be addressed.

Today, blockchain in healthcare is in its infancy. It is still in its developmental stage, but it has a lot of potential for the healthcare business.

Special thanks to Professor @yohan2on