The biggest draw to blockchain technology is its decentralized nature, which increases safety, provides greater transparency, and enhances efficiency and speed. Even as the cryptography market has seen a historic drop in prices, the blockchain technology that underlies the market is still gaining popularity. In the recent past, experts have considered how they could leverage blockchain to address issues outside of the crypto market.
One segment that could stand to benefit from the increased security and transparency offered by blockchain is the healthcare industry. Given that the digital healthcare segment is projected to be worth $767,718 million by 2030, top-notch security is critical. In 2021 alone, 45 million people were impacted by hospital cybersecurity breaches, up from 34 million the previous year.
Cyberattacks against organizations in the healthcare segment have tripled in the past five years, with attacks on health plans increasing by 35% since 2020 and attacks against third-party vendors increasing by 18% during the same period. This April, the U.S. Department of Health and Human Services warned that a ransomware group was targeting the country’s healthcare ecosystem, underscoring the need for significantly increased security.
Such ransomware attacks have the potential to expose confidential patient data and even shut down hospital operations. Blockchain has the ability to meet the increasingly tight security needs in the healthcare sector and avoid these negative outcomes. For starters, blockchain technology can provide faster and safer payment alternatives for an industry that still relies on paper checks and faxes to communicate.
These antiquated paper-based systems are a weak point that also slows down transactions to a crawl. By eliminating them and replacing them with blockchain, healthcare institutions will have access to faster and safer electronic modes of payment and communication.
Blockchain will also be crucial to protecting private patient data as digital healthcare becomes more prevalent and the threat of cyberattacks looms even greater. This is due to the fact that blockchain is decentralized and widely distributed, which significantly reduces the risk of copying or modifying data. Private data will be stored behind a beefed-up line of defense that provides little opportunity for corrupting the data and subsequently increasing the security of healthcare transactions.
Blockchain will also provide the healthcare segment with much-needed traceability and reliability in communications. Since the decentralized technology gives proof of delivery, receipt and opening, communications cannot be taken back or rescinded, granting healthcare institutions reliable and traceable communication options.
As you can see, blockchain technology’s use cases are expanding far beyond the cryptocurrency mining activities conducted by companies such as HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSX.V: HIVE).
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