New Frontiers for Blockchain

EMURGO, as the official commercial arm of Cardano, is always staying up to date with the needs for industries to provide potential opportunities for the implementation of blockchain-based solutions. With the advancement of blockchain technology, many industries are closely watching the benefits that blockchain can provide for them as new developments make blockchain more feasible for contemporary applications. The process to upgrade legacy systems in various industries as big data becomes increasingly important marks a huge technological turning point for our society. These industries involve major sectors in the world’s economy such as finance, education, and health care, to name a few. Within this article, we’ll delve into the benefits that blockchain can provide for the healthcare industry in particular.

Application of Blockchain to the Healthcare Industry

Healthcare is a field that is developing more than ever before, with a huge influx of IT infrastructure in the market to help doctors and nurses perform their jobs more efficiently and ensure patient health management at a superior level. With personal health records, medical drugs and instruments, hospitals and clinics have an ever-growing list of new things to keep track of and learn from. This increase of information derives the need for a data management system for hospital workers to access, edit, and extrapolate data in a fast and efficient way. Blockchain has a lot of qualities to make these information exchanges more secure, efficient, and interoperable.

Focusing on quality health care services means creating a superior health management standard at all times. There are constant improvements needed with many hospitals running on older legacy systems. These technical inefficiencies can cost doctors and nurses valuable time and resources.

How a Third-Generation Blockchain Like Cardano Can Offer Benefits for the Healthcare Industry

Multiple variables come into play in patient care. With the advent of blockchain technology, medical workers are able to get near real-time updates across an information network for all parties involved in the provision of healthcare services. Identity verification and stored patient data can quickly pull up a patient's health history to determine the best course of action.

Additionally, administrative and financial information along with patient consent can be sourced quickly to decrease the operational workflow. This increased efficiency can reduce friction and costs, lowering medical bills for the patient and reserving funds to instead be allocated to other resources for hospitals. As well, this reduces the cost and time of transferring records between institutions. The tied network of data between hospitals allows patients far more options to pick within certain situations. The current state of healthcare records is fairly disjointed with a lack of a common data system for transfers and storage. While blockchain technology isn’t the perfect answer for data standardization, it offers a good efficient framework for a range of uses and stakeholders.

Unlike traditional databases, blockchain has the option of being decentralized or centralized according to the necessary data conditions. All participants are able to get a full copy of transactions and changes. Healthcare record systems could benefit greatly from a system that is considered more secure, scalable, interoperable, and tamper-proof compared to contemporary models. Patients are able to better understand their situations with an in-depth source for all of their old checkups and health care through time. These can be used for patients to determine the best course of option for treatment with an easy cost/benefit analysis. Clinical data sharing of new research and trials can be done almost instantaneously. New directives, genetic studies, allergies, problem lists, and reports can be updated for hospitals to examine and implement. Doctors are expected to consistently keep up with new breakthroughs, and with the use of blockchain and AI they are able to easily do so.

Public health can also be updated within communities and hospitals by creating a shared, immutable stream of information that can identify pandemics and illness trends. The public can be notified beforehand for any current flu viruses or new strains before they become too prevalent. Pharmacies are able to mobilize quickly and prepare supply chain flows for shots and necessary medication. This reduces the time it takes for knowledge to turn into action.

With the upcoming arrival of Shelley, Cardano will become fully decentralized. Cardano as the first, third-generation blockchain to evolve out of a research-first driven approach, is built with the needs of government, institutions, and enterprises in mind. Thus, high assurance code is implemented and the protocol code goes through peer review to ensure a robust platform capable of handling large scale data management as needed in industries such as healthcare and others.

Wrap up

With healthcare being one of the biggest industries in modern history, the impact of blockchain can only serve to benefit our relationship with the medical field. Along with the increase of AI systems, doctors are able to source research-backed decisions based on current knowledge of contemporary updates and patient needs. Hospitals are able to manage their data and patients, with patients given more clarity on the consequences and benefits of their choices. Future developments are only increasing every day, with research firms closely tracking the development of blockchain ecosystems for eventual implementation.

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‌EMURGO drives the adoption of Cardano and adds value to ADA holders by building, investing in, and advising projects or organizations that adopt Cardano’s decentralized blockchain ecosystem. EMURGO leverages its expertise in blockchain R&D as well as its global network of related blockchain and industry partners to support ventures globally.

EMURGO is the official commercial and venture arm of the Cardano project, headquartered in Singapore, with a presence in Japan, the USA, India, and Indonesia. EMURGO works closely with IOHK and The Cardano Foundation to grow Cardano’s ecosystem globally, and promote its adoption. Learn more about the project at https://emurgo.io

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