Discerning The Concept of Blockchain Methodology into Healthcare

Introduction to Blockchain Technology

At its core, blockchain is a distributed system recording and storing transaction records. More specifically, it is a shared, immutable record of peer-to-peer transactions built from linked transaction blocks and stored in a digital ledger.

Understanding Blockchain Methodology in Healthcare

Blockchain relies on established cryptographic techniques to allow each participant in a network to interact (e.g., store, exchange, and view information) without preexisting trust between the parties. In a blockchain system, there is no central authority; instead, transaction records are stored and distributed across all network participants. Interactions with the blockchain become known to all participants and require verification by the network before information is added, enabling trustless collaboration between network participants while recording an immutable audit trail of all interactions.

While blockchain technology is not a panacea for data standardization or system integration challenges, it does offer a promising new distributed framework to amplify and support the integration of healthcare information across a range of uses and stakeholders. It addresses several existing pain points and enables a system that is more efficient, disintermediated, and secure. Blockchain's potential to revolutionize healthcare lies in its ability to provide a transparent and verifiable record of all transactions, which can enhance patient trust and improve healthcare delivery.

On-Chain and Off-Chain Data Storage

As a transaction layer, the blockchain can store two types of information: (1) “On-chain” data that is directly stored on the blockchain or (2) “Off-chain” data with links stored on the blockchain that act as pointers to information stored in separate, traditional databases. Storing medical information directly on the blockchain ensures that the information is fully secured by the blockchain’s properties and is immediately viewable to those permissioned to access the chain; at the same time, storing large data files slows block processing speeds and presents potential challenges to scaling the system.

In contrast, encrypted links are minimal in size and are activated once a user with the correct private key accesses the block and follows the encrypted link to a separate location containing the information. For instance, the blockchain cannot directly store abstract data types such as x-ray or MRI images: this type of data would require links to a separate location. Organizations considering how data should be stored should therefore carefully evaluate both technical and confidentiality constraints.

Current Challenges in Healthcare Data Management

The current state of healthcare records is disjointed and stove-piped due to a lack of common architectures and standards that would allow the safe transfer of sensitive information among stakeholders in the system. Healthcare providers track and update a patient’s common clinical data set each time a medical service is provided.

Healthureum is one of healthcare’s earliest adopters of blockchain. The goal is to combine healthcare with blockchain and smart contract technology to bring widespread standardization, scalability, and social responsibility. Healthureum is poised to be a game changer in the future of healthcare, as it provides revolutionary solutions in data management, doctor consultation and referrals, medical infrastructure, research programs, and philanthropic activities.

The Healthureum Ecosystem

Healthureum is creating a complete ecosystem of blockchain-based services, which will be accessible to users with the HHEM token, acting as a means of payment and reward for services rendered on the platform. Based on the Ethereum blockchain, our goal is to deliver a robust system, which is accessible globally at your fingertips and provides cost-effective healthcare.

Blockchain can also bring transparency and accountability across an array of health-related services, including supply chain, research, counterfeiting, and internal operations procedures. By adopting such revolutionary systems, we can expect more affordable healthcare, higher quality of care, faster recoveries, and better patient experiences.

The Evolution of Digital Transactions

The genesis of digital transactions and a digital economy cannot be pinpointed to a single date in time, but instead represents a progression that has been evolutionary. This can be seen in the evolution of trade, dating back to a barter system circa 350 BC, to a commodity market, then a metal market, and soon after came paper money in the 11th century. Since then, credit cards and electronic payments have become the norm in our daily lives. But today we have a new era of currency; virtual money or “cryptocurrency,” which has been referred to as one of “the greatest technological breakthroughs since the internet.” This trend represents a shift to a digital and cashless economy, making way for innovative financial instruments, such as “cryptocurrency.”

Cryptocurrency: A New Era of Money

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. The goal was to invent a digital cash entity without a central entity, according to Satoshi Nakamoto, the creator of Bitcoin, the first-ever cryptocurrency developed in 2009. In his attempt to achieve this, he created a peer-to-peer electronic cash system using blockchain technology, which operates in a decentralized network, where there is no central server.

The transactions which occur in this digital system are not secured by people or trust, but by math. The math is carried out by machines in a process known as mining, where “miners” are rewarded with coins for their effort in verifying transactions on the network to achieve consensus. This framework feature makes the system irreversible, pseudonymous, permissionless, secure, and global.

Conclusion

In conclusion, the integration of blockchain technology into healthcare and the rise of cryptocurrency as a new form of currency represent significant advancements in their respective fields. By addressing current limitations in healthcare data management and providing a decentralized approach to currency, blockchain technology has the potential to revolutionize how we interact with both sectors in the future.

References

Nakamoto, S. (2009). Bitcoin: A Peer-to-Peer Electronic Cash System. Retrieved from https://bitcoin.org/bitcoin.pdf

Healthureum. (n.d.). Healthureum: Blockchain in Healthcare. Retrieved from http://www.healthureum.io

Swan, M. (2015). Blockchain: Blueprint for a New Economy. O'Reilly Media.