Are you interested in Blockchain and its potential impact on healthcare applications? Hyperledger Fabric is the best choice for healthcare applications for multiple reasons. This article will discuss the reasons why Hyperledger Fabric is advisable. Blockchain has quickly gained popularity on the internet and in industries such as banking, healthcare, finance, and supply chain because it provides completely secure, dependable, and transparent transactions.
Concerning the significant amount of sensitive data, the digitization rate in the healthcare industry is acting as a driving force. While evaluating the role of Blockchain in healthcare, it provides value more than just security and transparency. Blockchain ensures data integrity and data ownership with users rather than healthcare institutions.
However, with so many Blockchain platforms on the market, a self-explanatory question arises: which blockchain-based ecosystem is the best option to support decentralized healthcare applications?
Hyperledger has launched a blockchain-based platform to implement healthcare data management innovations! Healthcare applications built on Hyperledger Fabric have emerged as a widespread blockchain implementation. Before delving into Hyperledger healthcare applications, consider why Blockchain is required in the healthcare industry.
Why is Blockchain Appropriate for the Healthcare industry?
Throughout 2020 and 2021, everyone was overwhelmed by healthcare headlines. In the COVID-19 pandemic, millions have lost their lives, reflecting the statistics every nation’s administration preferred to represent. Even though the medical infrastructure dominated the headlines, the administrative authorities overlooked the importance of maintaining an authentic information infrastructure in the healthcare ecosystem.
Existing healthcare data architecture is fragmented, with critical data spread across multiple systems and inaccessible to most people. Medical fraud includes falsifying reports and withholding crucial information from patients. Because the current database is stored in a physical system, anyone with access to it can change the data as needed. Healthcare providers lacked the patient’s data on a real-time basis due to the inconsistent and false data set.
Blockchain technology is the foundation for a global electronic health record and offers natural solutions to these problems. It provides a secure digital environment for storing and authenticating patient information and public access to all healthcare information. Without a centralized authority, all users will control all transactions and information. Blockchain will provide the healthcare industry with security, scalability, and data privacy.
The application of blockchain technology in healthcare is highly disruptive. This revolutionary journey would be implemented in stages, as it had previously been in Estonia. To begin with, Estonia successfully implemented blockchain technology to secure health data in 2012. As a result, by 2021, over 95% of the country’s healthcare information will be ledger-based.
Benefits of Blockchain in Healthcare Applications
1. Data Security: The Blockchain’s secure network outperforms the traditional approach to securing health information. Once data is added to the Blockchain blocks, it cannot be changed or deleted. Even if the information needs to be updated, a new record with all previous entries is created. Furthermore, each record is accessible via a unique private key that the patient controls. Because a hash represents each document, verifying the modifications to the original hash ensures maximum transparency and verifiability.
Another field where Blockchain is uniquely suited is health insurance claims. It accelerates processing times, minimizes fraud risks, and saves time and money when connected to data and the Blockchain network. This instance enables the real-time processing of insurance claims.
2. The Supply Chain: Blockchain tracks from real-time delivery of medical supplies from manufacturers to reduce the risk of human errors in remitting transactions; integrating Blockchain into an organization’s supply chain can increase productivity and quality control. Organizations can use this data to calculate supply chain labor costs and carbon emissions. Another growing application of a Blockchain-based supply chain in healthcare is organ transplantation.
3. Medical Investigation: Besides the apparent benefits, electronic health records can expand to include industry research. Medical research is only successful if the data is high quality and easily accessible.
Blockchain grants the ownership rights to patients that can be beneficial for research purposes if given adequate consent. It would allow research institutions to collect open data to advance clinical research and public health reporting. Blockchain characteristics such as decentralization, data provenance, reliability, and support for smart contracts are ideal for advancing modern healthcare systems.
What is Hyperledger?
Linux Foundation has developed Hyperledger, which is an open-source community-based platform. Hyperledger provides libraries, rules, appropriate frameworks, and global tools for developing enterprise blockchain initiatives.It helps improve the performance, efficiency, and scalable transactions across a wide range of industries. On the global level, leading businesses from various fields like banking, finance, Internet of Things (IoT), and supply chain collaborate with Hyperledger.The popularity of Hyperledger is increasing as it provides an organizational structure for developing a range of blockchain-based solutions in various industries.
Why is Hyperledger the best option for the Healthcare system?
Hyperledger is considered the best option for implementing the healthcare system as it gives extensive control over smart contracts. Various computer languages, including Javascript and Node.js, are helpful for smart contracts.
In contrast, only seven and fifteen transactions per second are performed on Bitcoin and Ethereum. But, Hyperledger has a transaction speed of up to 3000 transactions per second without using cryptocurrencies as a motivator. This speed results in low transaction cost with high transaction throughput.
Top Healthcare projects with Hyperledger Implementation
1. KitChain: Kitchen is a pharmaceutical clinical supply solution that uses Blockchain to lower reliance on paper trials. It has constructed a secure trust system and creates an immutable record for tracking and shipment. Leading pharmaceutical companies like UPS, Pfizer, and GSK collaborate to establish a common supply chain model.
2. Axuall: With the use of Hyperledger Indy and Sorvin Network, Axull ensures real-time verification of credentials and identities. It minimizes the doctor’s time spent on unnecessary paperwork and improves their efficiency in practicing medicine.
Physicians can use their complete compliant credential set to participate in Axuall’s digital network with associated healthcare systems. The cryptographic structure of Hyperledger Indy ensures the legitimacy of the physician’s identity.
3. MELLODDY: The MELLODDY Project aims to scale up machine learning techniques in drug discovery. It achieves this by utilizing Amazon Web Service technologies, which permit only transmitting non-sensitive data central dispatcher enables each partner to share a standard model.
Substra from Hyperledger Fabric facilitates the traceability of operations that ensure the secure distribution of machine learning tasks.
While MELLODDY is designed to prevent sensitive information from leaking in a standard model, it improves predictive performance by leveraging all available data.
Hyperledger Healthcare Applications and Vaccine Distribution
Since the outbreak of Covid-19, medical research facilities and ingenuity have supported the timely vaccine distribution on time. DTL and IoT are the best combinations to reduce inefficiency and improve supply chain accountability and transparency. Hyperleder Fabric makes it possible to integrate IoT to ensure the authentication of data in the supply chain management, like the origin of vaccine and its traceability which is a crucial part of supply chain management.
Final Thoughts: The Hyperledger community has grown and evolved quickly over three years, delivering fully staked enterprise-grade solutions.
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