An overview of Blockchain Technology
In the modern days, “Blockchain Technology Solution” became a familiar and popular term in the variety of industries such as: economy, finance and banking, social security,… and more. It can be said that Blockchain and the multi-dimensionality of its applications was considered as the answer for technology problems of the new era. The question is: Why is Blockchain so versatile? How can we explain its mechanism of operating? Why the Blockchain technology solutions can extremely change not only information technology but also the other industries in modern society, especially the healthcare industry? The answers for these questions can be found in the parts below.
Definition of Blockchain Technology
Blockchain (or Blockchain Technology) is a giant in the field of Storage of Information and Computer Security. This technique was invented the first time in 2018 by Satoshi Nakamoto and was considered as the most significant foundation of Bitcoin. After a short time, the trend created by Blockchain technology solutions has exploded and spread to almost all fields in modern society. The core is that it has satisfied the need of data’s storage and security, which was required by the main industries. In order to put this idea into practice, Blockchain technology has applied the principles of a distributed system (or decentralized consensus management system), smart contracts, trusted computing, and proof of work. In other words, the power of all components in the system is the same and users can transfer the information via the network without relying on a central intermediary. These mechanisms complement and support each other then create an extravagant solid network of information covered by an impenetrable layer of security, where the ability to steal information from the network exists only in the theory.
How does Blockchain work?
The name of Blockchain can be seen as a concise description of its mechanism. For more details, the working principles of Blockchain are based on storing information and data in the blocks. Then these blocks are linked together by a special encryption (also known as chain).
The basic structure of a block includes three parts, including the information (data), the Hash code and the Hash code of the previous block. The Hash code of each block is unique and if the information of a block is changed, then subsequent blocks in the chain will immediately fail. As a result, the transaction may be refused. The information stored in the block is shared among all the computers in the network and creates a peer-to-peer distributed network with each computer being a node and continuously storing transactions in the chain. Changing data or putting fake data into the blocks requires the consensus of over 51% of the computers in the Blockchain network. This working process ensures that the data is absolutely safe, and supports the transfer of information in the network. Using the above mechanism, the blockchain technology solution has become the first choice of service providers in order to secure customer’s information.
Blockchain’s application in Healthcare Industries
Managing Patient Data
Patient medical records include sensitive data relating to the patient’s physical and mental health. They are often shared with physicians, pharmacists, and healthcare providers. health, … to support the process of diagnosis and treatment. This process has led to problems with medical fraud and trafficking in patient medical data. In the case that patient information is stolen, hackers can easily use that information to threaten and blackmail patients, as well as disturb the hospital’s information management system and cause critical bad effects.
Blockchain technology solutions have provided a solution which can solve this problem. The attempts to infiltrate, disrupt and modify information in the blockchain network will be prevented when 51% of computers in the network refuse the transaction. The information which requires the highest level of confidentiality such as blood test results, biopsies, medical examination and treatment procedures would not only be kept safe but can also be shared with third parties who achieved grant permission. In current time, many hospitals and medical organizations have applied blockchain technology solutions to develop their internal management process.
Creating Electronic Health Record
After the outbreak of the Covid-19 pandemic, the use of electronic health records (EHRs) has become popular with people all over the world. The problem that arises when storing an enormous amount of data related to health status, drug use, admission and discharge information, … of millions of accounts is that data loss, poor security and problem of managing information occurs in the information network.
After being applied to the process of designing electronic health records, blockchain technology solutions have solved the above problems. The decentralized consensus management system has made users the owners of personal medical data, improving security efficiency and avoiding the situation of hackers stealing and trading information. On the other hand, this mechanism also helps patients put their data into the Blockchain network so that it can be easily retrieved in the future through personal devices. As a result, the patient’s privacy can be consolidated. Furthermore, the medical examination and treatment process also becomes more logical and effective.
Managing Drug Supply
The pharmaceutical and pharmaceutical research industry is one of the most typical examples of blockchain technology solutions application in the healthcare industry. Each year, the pharmaceutical industry introduces hundreds of new drugs to the market and conducts tests to ensure the safety of medical products when put into practice. The global drug distribution system is a huge network which connects the suppliers, pharmacists, research centers, retail systems,… It can be penetrated easily if there is no suitable management system. Fortunately, the Blockchain technology solution has come up to solve this problem. A digital drug control system which was built based on the foundation of Blockchain technology can monitor, evaluate and control the entire process from production to purchasing step. In addition, the application of this technology also helps famous suppliers such as Sanofi, Pfizer and Amgen evaluate new drugs and trace counterfeit drugs. As a result, suppliers avoid leaking poor quality to the market, which can negatively affect not only the company’s reputation but also the health of customers.
It can be said that the blockchain technology solution has created a revolution in upgrading the system of the healthcare service industry while proving its great applicability in many fields. Currently, one of the typical and leading players in the Vietnamese Blockchain technology market is Coming.io company. Being a partner of Coming.io, medical service providers will find innovative solutions and keep up with the technology trends of the new era to upgrade the management system and create more practical values for their patients as well as the community in the future.