Blockchain technology is much broader than its application in cryptocurrency and Bitcoin. This technology depends and could not have been developed without large-scale cloud technology. In any kind of transaction system, the technology creates immutable data records of each transaction are distributed to all contributors to the network. In other words,
- Every transaction is recorded in a way that no one can modify it or delete it.
- Then all the transaction records become instantly available to all peer networked data system.
- All clients of the system so that no one can doubt or question that a transaction took place and the nature and value of the transaction.
The financial sector has been the first to recognize the value of blockchain technology. Blockchain financial services are quickly growing, raising billions of capital dollars a year.
Blockchain goes beyond ordinary data encryption.
- As each transaction proceeds and the details of the medical information are confirmed, the data is encoded into a block of digital data and uniquely signed or identified.
- Each block is “chained” to the one before it and after it creating an irreversible and unmodified sequence.
- Blocks are chained together, preventing any block from being altered, or a block from being inserted between existing blocks.
- Then the chains of blocks create a shared system of records, already locked in place, among members of the network. This eliminated the need (or even the ability) to reconcile disparate ledgers or records.
MediChain leverages blockchain to store pointers and rules on usage and anonymity for data that is stored off-chain in a compliant cloud. This allows patients, doctors, and hospitals the ability to access their data at any time. Moreover, it allows other doctors and hospitals to access selected parts of the data.
Benefits of the MediChain innovative architecture:
- Fast access and small downloads to make it practical for everyday medical use.
- The protocol is based on smart cards, Homomorphic encrypted access rules tables, json data formats, lightweight and strong cryptography and blockchain technology
- Enhanced transparency and reliability in medical data exchange at every level
Since systems can work with the almost universal and open json format, The MediChain protocol improves patient data sharing and availability anywhere in the world.
Blockchain in healthcare
What distinguishes blockchain healthcare systems from other health service networks is the records in the blockchain network are universally distributed to all stakeholders. Managers and stars in the network are not favored. Considering the vast amount of medical data that is being collected with new medical digital electronics and wearable devices, the blockchain era is already started. Hyperledger, the open source umbrella of bitcoin development, does regular surveys of public attitudes.
- The last Hyperledger survey found that the technology is not universally accepted in the healthcare industry.
Less than half (42.9 percent) of healthcare organizations agree that interoperability of electronic health records will help to speed blockchain implementation.
- Only 28.6 percent of healthcare organizations are ready to use this technology in health care settings today.
The main reason why medical organizations hesitate to use blockchain technology is the lack of understanding. At least a quarter of organization leaders are still educating themselves and exploring the ideas. Healthcare providers are insecure and before they can’t make commitments for their industry.
- A large majority (65.4 percent) want a technical proof of concept.
- More than a third (38.5 percent) want proof that the systems are really secure and (35.6 percent) want proof that the data is kept private.
- Nearly a quarter (23.1 percent) of healthcare organizations want more proof that blockchain systems can meet regulatory approval.
As the actual number of patients using the healthcare system rises and the number of data variables stored on a regular basis increases, healthcare providers have to manage huge storage issues every day. The data volume increases each year. Hospitals and clinics find it harder to process and store information from patient health information, electronic health records, (more recently) data from IoT devices and monitoring systems, and (significantly) medical insurance claim information.
A big and increasingly strident issue is the security and correctness of healthcare data. A means of verifying that data is correct is crucial for ensuring proper medical services.
- One of the big advantages of blockchain is data integrity.
- Once information is recorded and encrypted it becomes impossible to change or remove it.
- One approach to blockchain for secure recording and sharing of information is the anchoring of data to the public blockchain.
- This allows users to verify the integrity of public health records.
- Professionals can perform medical audits and present results which cannot be altered or changed.
- The expense of audits can be reduced.
- Regulatory compliance can be assured.
- Data safety can be ensured as well.