{"id":4420,"date":"2022-06-16T16:12:01","date_gmt":"2022-06-16T16:12:01","guid":{"rendered":"https:\/\/pwer.com\/?p=4420"},"modified":"2022-06-16T16:12:17","modified_gmt":"2022-06-16T16:12:17","slug":"how-blockchain-is-transforming-technology-part-1","status":"publish","type":"post","link":"https:\/\/pwer.com\/?p=4420","title":{"rendered":"How Blockchain is Transforming Technology – Part 1"},"content":{"rendered":"
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PART 1 \u2013 WHAT IS BLOCKCHAIN TECHNOLOGY?<\/strong><\/p>\n

Although innovation has always been a hallmark of the American business landscape, the one market segment that seems to have effectively resisted innovation and change is the healthcare industry \u2013 until now. The need for revolutionary and evolutionary change has finally arrived at healthcare, and the previous sense of hesitancy to change is giving way to a true sense of urgency. The need to maintain the decades of high-quality care, combined with the demand to get the skyrocketing costs under control, leads toward a \u201cpatient-centric\u201d position away from the traditional \u201cprovider-centric.\u201d<\/p>\n

High quality customer care is a goal of all businesses; however, when it comes to the field of healthcare, this requirement is materially emphasized as wellness and lives are in the balance. One of the main areas to overcome is that the providers and payers still control most of the decisions that lead to care-service delivery and associated patient medical data.<\/p>\n

While focusing on quality health care, the health care services make sure that the patient\u2019s health management is given top priority. Additionally, the federal regulations are not making things any easier because they have really put the pressure on the health sector to provide effective patient care. To make this an absolute reality, it is important to remove the middlemen dependency. This is where Blockchain comes into the picture.<\/p>\n

In this article, we will look at some of the benefits of Blockchain with respect to its influence in\u00a0the healthcare industry. In simple words, Blockchain is a highly encrypted process that utilizes a distributed ledger (distributed relational database) for record storage. The access authentication, tracking, and validation is handled in the Blockchain that \u2018governs\u2019 access to the data records and can keep track of transactions happening across many machines. Blockchains\u2019 immutability does not permit retroactive changes (or \u201ccorrections\u201d) of records \u2013 no overwrite or replacement. Only by altering subsequent blocks \u2018in the chain\u2019 can the unity of transactions, and thereby the \u2018trust,\u2019 be maintained. In other words, once it is written it cannot be changed \u2013 not by the owner or originator however, one can enter subsequent documentation to append to or annotate the record.<\/p>\n

Although Blockchain technology has been around for nearly 20 years, it has only recently seen commercial application, and that is largely due to the substantial increases in computational ability of the typical computer. Blockchain can be very powerful and can improve the quality of patient care and reduce cost. One of the best things about Blockchain technology is that it can remove the challenges that come with validation, verification, and authentication at multiple levels while increasing the security.<\/p>\n

How Does the \u2018Blockchain\u2019 Work?<\/strong><\/p>\n

Blockchains are built on a \u201cdistributed architecture\u201d that provides access to relevant data records stored and arranged chronologically. This technology works on the \u201cappend only\u201d open ledger where the nodes within the network are authenticated, and all the transactions that happen within this network must be added to the ledger. This creates a form of \u201ctrust\u201d among the nodes, or blocks, that when combined with in an \u201cappend only\u201d process, creates a securely encrypted system for data record retention.<\/p>\n

Blockchain technology is based on three (3) major principles that are not at all new. In fact, these concepts have been around for a long time, as I said Blockchain is really 20 years old. Through this technology, a Blockchain application simply arranges them together to create secure safe and secure digital relationships.<\/p>\n