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In this new digital age, we are seeing an explosion of new technologies being brought forth, revolutionizing the way we work and collect information. Blockchain technology is becoming an increasingly important part of this new technological revolution as a new way to securely record data, assets (both tangible and intangible), and other transactions, encrypted in a way that makes it impossible to change the information at any point during or after the information has been recorded. Blockchain technology thus has the ability to become a transformative healthcare solution. 

Blockchain operates as a digital ledger, where all transactions can be tracked and seen by all members in the network at all times. Each block in the chain has a unique transaction identifier number, and no member in the network is able to change the transaction after it’s been recorded to the shared ledger. If a block in the chain has an error that must be corrected, a new block (or transaction) must be added to the chain in order to correct the error. These blocks of data, complete with encryption and a smart contract, create a secure and easily trackable database of unchangeable information. This new technology gives way for digital transformation, revolutionizing the way we operate and conduct business.

Blockchain technology can provide numerous benefits for the healthcare industry as a whole, with the immutable nature of it’s unique ledger technology. The fairly new technology provides the industry the opportunity to invest, experiment and pave the way for a newer, more innovative, transformative healthcare model for patient-centric healthcare, in a number of ways. Blockchain has the potential to be utilized by health practitioners and physicians, caregivers, patients, personal support workers, nursing facilities, hospitals, product designers and app developers, and many more. For example, according to IBM:

  1. A new secure way to store patient records and information. The unchangeable nature of blockchain allows for the potential to collect and store patient information securely, with the opportunity to access and track the information at any time.
  2. A new way for clinical trials to collect and store data. Blockchain in combination with electronic data capture allows for the collection, tracking and analysis of clinical data for researchers and practitioners.
  3. A new way to create outcome based contracts. Healthcare providers from businesses, hospitals, to pharmacies can use blockchain to create a fee-for-value model to provide healthcare to its consumers. 

New Technologies are the driving force of this digital revolution we are seeing in the Healthcare industry, and gives opportunities for business and infrastructure to collaborate and create more efficient ways to operate. Whether it’s blockchain, artificial intelligence, machine learning or other transformative healthcare solutions, Businesses (both B2B and B2C) of all types and sizes can leverage these new technologies in a variety of ways (whether it’s on the information technology side, app development, telecommunications etc.) and become first-movers in the space and change the scope of their industry for the future. 

Who are we at MarkiTech?

MarkiTech is a North American based digital transformation company focused on healthcare innovations, featuring various AI solutions in the world of digital health. We provide services such as development of custom AI applications & prototypes, innovative end-to-end solutions leveraging AI/5G/Cloud/IoT, creative UI/UX designs, iOS/Android mobile/web & wearable app development, as well as staff augmentation tools and training programs.

Book a free consultation today to see how can help digitally transform your business at https://markitech.ca/our-services/

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Credits: IBM, Deloitte