The Blockchain is one of the emerging technologies of the recent times. It is the framework on which cryptocurrencies like Bitcoin and Dentacoin operate. It is a robust system that works on a system called as ‘Distributed Public Ledger’. However, this platform has an unlimited potential for growth. It can significantly alter healthcare and other business sectors.
Blockchain technology relies on a network topology. Just like data is saved in clusters in a hard disk, every new transaction in the blockchain network is stored as blocks in the network. Every new block is linked to the previous blocks to create a chain. Each block has the information of the user, the transaction details along with a timestamp. The data is stored in a cryptographic form in these blocks. The information on these blocks can be accessed through any terminal or node connected to the network. This makes the blockchain development technology highly transparent. By gaining access to the network, it becomes easy to monitor each and every transaction. But wouldn’t this expose the network to security threat? No. As a matter of fact, this high level of transparency makes the network more secure and invulnerable to cyber attacks. Since all the transactions have to be validated by all participants in the network, any changes to the data can be easily monitored
Blockchain Networks and Healthcare Industry
Healthcare Industry has witnessed transformational changes with every new technological innovation. The emergence of the internet has mobilized the healthcare providers into a single community working towards improving the quality of medicinal technology. More information is available on different medical conditions. Research on new medicines has also increased. Data can be easily stored and accessed through online mediums. There is a cure available for many diseases which were considered as fatal a few decades ago. This is the outcome of technological discoveries and research in the field of medicine.
Blockchain offers a huge amount of possibilities for improving the daily operations of hospitals and medical clinics. Blockchain has every potential for creating a highly efficient database management system. Currently, doctors and healthcare professionals have to deal with a huge amount of data. The data is not just restricted to the different medicines available in the market. They also have to handle critical information about the patients. Specifics about the diagnosis of the diseases, the array of treatments available and the mode of treatment adopted are recorded on a daily basis. This is a huge volume of information and it has to be systematically recorded and retained. Different variations in the blockchain network are being researched to create medical databases.
Dentacoin: A Virtual Currency for Dental Care
The blockchain is often confused by many to be a part of a virtual currency. But this is the technology which powers mining of a cryptocurrency. Every cryptocurrency is launched with a particular objective in mind. In most cases, it is used to pay for a particular product or service. Dentacoin is the pioneer cryptocurrency which explores the possibility of a cryptocurrency to pay for Dental Services.
Dentacoin is a virtual currency that is launched with an objective to provide dental aid. This digital coin can be used to pay for dental care services. Currently, it is estimated that this crypto coin is used by around 60,000 dental patients. Up to 4000 dentists spanning across 16 countries are also using this coin as a mode of payment for their services. Dentacoin was launched after statistic reported a high number of dental problems. Most of the critical dental problems treated by doctors, could have prevented at a much earlier stage. Preventing these ailments could have been much cheaper than treating these ailments. Dentacoin emerged to counter this issue.
Dentacoins offers a dental treatment program which is covered by the Dentacoin Assurance. The Dentacoin Assurance is like an insurance program that covers the cost for dental treatments. Patients can opt for this program and make payments to the dentists using this virtual currency. This payment is however done as a part of ailment prevention instead of treatment costs. The patient has to make the payment which is similar to an insurance premium. The dentists will offer a prevention oriented dental care as a part of the dentacoin assurance program.
Dentacoin should not be misconstrued as only a virtual currency. Dentacoin also offers users with an additional set of tools. It has created a platform called DentaVox which can be accessed by the users. DentaVox has a collection of user-generated opinions. These opinions offer a great deal of valuable market research data. Dentacoin also offers personalized reviews. Users can discuss their areas of concern and search for alternative options for treatment. The company has also launched a mobile based application which can offer interactive assistance to users.
Other Revolutions in HealthCare with Blockchain
Dentacoin is one of a kind crypto coin and is unlike every other virtual currency. This revolution is however based on the blockchain technology. There are many other ways and instances by which blockchain has changed the healthcare business.
Database for Medicines and Drugs:
Blockchain can be very beneficial for maintaining databases about drugs and medicines. Transactions between pharmaceutical companies, the wholesalers, the doctors and the patients can be stored in a private blockchain network. This will ensure that all the data is cryptography saved and secured in the network. Additionally, it will also help every party keep track of their inventory and also help in inventory management.
Smart Contracts for Patient Data
Smart contracts in the blockchain can be used to save and store sensitive data about the patient’s illness. Clinical information like the diagnosis of the disease, treatment offered and patients
Response to different medicine is recorded by every healthcare provider. All this information can be saved in a private blockchain network, secured by smart contracts. Selected healthcare organizations will be granted access to the patient’s records for medical purposes.
Blockchain has an infinite scope to transform every business. The healthcare sector has already witnessed many changes by using this technology. This can be a highly efficient method to record and store important pieces of information. Managing a database of patients personal information, past and current diagnosis of ailments, treatment of diseases along with information about the healthcare professional is easily possible by integrating it into a private blockchain network.