Blockchain and Cryptocurrency Intermediate - The Potential Applications of Blockchain in The Health Care Industry

Blockchain technology has been one of the most advanced inventions and innovations created and while it is early days, it has continued to be on constant growth and development ever since it was created a few years ago. Because of blockchain technology capabilities, features and advancements, it is seen as a technology that can be used in almost all industries and sectors to provide solutions. At the moment, blockchain technology has gained a lot of popularity and has gotten too advanced that various industries like the healthcare industry and other sectors are not only seeing the potential and benefits of blockchain technology but are also adopting it to solve problems in the industries and sectors.

At the moment, while various cryptocurrencies are making waves and headlines in the blockchain space, blockchain technology goes beyond the technology that only powers cryptocurrencies, it is so advanced and powerful that it can be used almost anywhere. The internet of things is one area where blockchain technology can thrive as well. As blockchain technology continues to gain more and more adoption, more and more industries will benefit from what it has to offer.

Why the Healthcare Industry Need Blockchain Technology

The healthcare industry can greatly benefit from blockchain technology in many ways. Even though the technological advancements in the current healthcare industry setup solves a lot of problems and is quite sophisticated, there are a lot of challenges that face the healthcare industry as technology continues to advance. This is where blockchain technology can become beneficial to provide the underlying technology in which the healthcare industry operates. Like I mentioned above, blockchain is a technology that has been around for quite some time now and is continuing to achieve massive growth and gain adoption.

Blockchain is basically a decentralized immutable distributed ledger that processes, records and stores data. By immutable, it means that any records or data that runs through the blockchain cannot be tampered with, compromised or altered, making it a technology that provides an extreme level of security and privacy, a technology that would benefit the healthcare industry where high-level security and privacy are key. While the healthcare industry at the moment has improved massively in terms of technological advancements and what can be done and what is possible, there are also problems and challenges that are associated with it. Because of these problems and challenges associated with the current healthcare industry, it has become one of the major drawbacks in the industry. This is where blockchain technology comes into play, to provide solutions to these main problems and challenges that are associated with the current healthcare industry.