There has been a lot of buzz surrounding blockchain technology in healthcare. Blockchain is an app protocol that works much like bitcoin for other uses. The idea behind blockchain is to operate in a decentralized and secure fashion. That means different parts of a blockchain – like the transaction that moved the amount of a payment – will be kept separate from one another. Because they are moving at different speeds, they have no relation to each other.
Traditionally, blockchain is associated with cryptocurrency, such as bitcoin. You cannot use bitcoin on a financial transaction; however, if you use blockchain, you will be able to use any number of cryptocurrencies.
How does blockchain work in healthcare?
On the blockchain, parts of the transaction move at different speeds. So instead of one person transmitting money at an instant rate, another person will do it in slow increments that are then verified and entered into the blockchain. Because the exchange rates are being regulated, there is also no way to rig an exchange.
Why do I need a blockchain?
Blockchain provides a secured, digital record of a transaction so that the rights and wrongs of the transaction can be traced, and the details are kept and maintained to a true record. Blockchain prevents fraudulent transactions, empowers the individual, and modernizes healthcare.
I was given a gold card in one of the groups that formed a bank. How does a blockchain work for healthcare?
If you get given a bitcoin or other cryptocurrency card, you are first assigned a number and assigned to that number. Before you are placed on the blockchain, you have to establish a private network and security. Once you are in the network, you are placed on the blockchain. A blockchain is the digital record that all participants in the network can sign onto. Participants in the network can always see the ledger of transactions, but no single point of failure. The blockchain is able to stop transactions from taking place before they can be reached. The blockchain records all parties involved in the transaction so that no one can change the record and block the progress of the transaction.
Why would I want to use blockchain technology?
A blockchain will allow individuals to use their digital currencies to settle their finances or track their investments and everything in between. Even with blockchain, people still need to remember certain information, so that documentation is kept on a secret network with a large number of people. The blockchain provides the power to record this data securely for the participant with their private network.
How long does it take to start using blockchain technology?
Though the technology can be faster, it doesn’t necessarily need to be faster, as it provides transparency to anyone who creates a new entry on the network. After the entry is completed, the entries are instantly verified by everyone and then published onto the blockchain.
Another difference is the perception that a person can control the entire network. The more people that make themselves invisible, the stronger the network becomes.
Also, other networks have challenges by creating an artificial need. A number of networks, such as bitcoin, have tools that can be used to buy a tax code or medical identification number, but they are usually controlled by the very few. Also, because a blockchain network requires a way to add people to it, it ensures that only the right people will be added.
Is there a risk of getting hacked?
Yes, given the amount of money involved, there is a risk that someone will have malware on their computer. If a hacker is given a virtual bitcoin, he or she could compromise the security of the blockchain network. However, if a hacker is dealing with normal finance, there is no real risk.
Is there any way to get involved with blockchain technology?
Since blockchain is a decentralized network, there are ways to get involved. Blockchain-related companies are popping up all over the world. You can obtain them through a number of avenues, including Google Ads and a public ticker.