Blockchain for Healthcare: Benefits, Use Cases & Real-world Examples

Blockchain securely stores and shares patient data, reducing the risk of unauthorized access and tampering. Blockchain's decentralized ledger enables efficient and secure data management, fostering patient and stakeholder trust. Smart contracts automate processes like insurance claims, reducing the claim settlement time and increasing efficiency. Additionally, blockchain can streamline supply chain management and billing, and facilitate telemedicine, ensuring efficient healthcare operations.

In the future, blockchain technology can tackle various healthcare industry challenges by building a unified health data repository accessible to physicians, patients, and other stakeholders. This will enhance security and confidentiality, and optimize resource allocation, making the healthcare system efficient and patient-centered.

Various algorithms can be used in implementing blockchain for healthcare, but the most common ones are Proof of work (PoW), Proof of stake (PoS), and Delegate Proof of Stack (DPOS). These algorithms ensure network security and prevent unauthorized users from validating malicious transactions.