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How Blockchain Technology is Changing The Healthcare Industry

A blockchain is a digitized, decentralized public ledger of transactions that can be programmed to record not just financial transactions but virtually everything of value.

Blockchain technology is disrupting the healthcare industry. When integrated with networked medical devices and sensors in hospitals, doctors' offices, pharmacies and laboratories, blockchain systems could potentially streamline operations and enhance security. There are limitless possibilities with blockchain technology in the healthcare sector. 

Blockchain allows for a digitized, decentralized public ledger of transactions to be programmed so that it records not just financial transactions but virtually everything of value. 

It is blockchain technology that makes cryptocurrency possible and has the potential to our lives more efficient in the future because of its streamlined functionalities.

Blockchain technology simplifies healthcare practices by providing safe and secure ways to store health records and share them with the right people at the right time. 

With blockchain technology, electronic medical records would be quicker and easier, more secure and can also potentially reduce carbon emissions.  

Many blockchain projects are already underway, and this technology is making it easier for patients to communicate with their doctors as well as save time and money. 

This modern technology is making health records more secure so that every individual has control over who can access their information and when to share it with a doctor, insurance company or healthcare provider.  

Blockchain can also be used to save money for the government, pharmaceutical companies and medical device makers by creating smart contracts.  

These blockchain-based contracts can be used for things like prescription renewals and healthcare payments.  

Blockchain technology is also being used to make and process medical claims, determining whether you can get the medicines or health services you need from your insurance company.  Claims are paid by blockchain smart contracts that ensure every step of a transaction is accurate and secure. 

Blockchain may be the key that unlocks the age-old barriers in the healthcare industry. This new way of data-sharing can ultimately enable an industry-wide shift to value-based care and replace the current fee-for-service model.

Industry experts have been supporting the transition to value-based care and blockchain technology will help because of its ability to improve services and reduce errors. 

In addition to error reduction, blockchain gives users the ability to control who has access to their data so they can share selectively with people and institutions of their choosing, such as doctors, family members or health insurers.  

A blockchain database is a continuously growing list of records called blocks which are linked using cryptography.  

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