How Blockchain Will Revolutionize Healthcare

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The size of the blockchain industry is expected to reach a stunning $23.3 billion in 2023.

Blockchain technology is a decentralized, digitized ledger or database for storing "Blocks" of information.

In this article, we will discuss how blockchain will revolutionize the healthcare industry.

Blockchain eliminates breaches in doctor-patient confidentialityAlthough the healthcare industry has, since inception, insisted on its quality of patient confidentiality, it has been plagued by insufficient security and hacking of patients' medical records for many years.

With the adaptation of blockchain tech into the sector, not only can health records be stored on the blockchain, but patients also get to decide who can access their information.

Blockchain prevents medical errorsA study published by Johns Hopkins patient safety experts suggests that in the United States, over 250,000 people die every year due to medical errors.

The Center for Disease Control, in partnership with the WHO and IBM, has already set up a project to use blockchain to track, store and disburse sensitive information in real time to health centers for effective and uniform management of pandemics.

Blockchain will help reduce health costAccording to a report published by Bisresearch, the adoption of blockchain in the healthcare industry is estimated to save up to $100 billion yearly by 2025.

While it can be argued that digitizing and transferring health information in blocks can be quite cumbersome, the inevitability of blockchain in every industry is gradually catching up with the healthcare industry.

Joshua Esan is a freelance writer and editor passionate about blockchain technology and the health industry.