When speaking of blockchain, it is impossible to avoid associating it with cryptocurrencies. However, this is not the only area that this technology can transform.
Since its beginning, blockchain technology has been mostly associated with cryptocurrencies. However, this technology is not only applicable to the cryptocurrency ecosystem. There are many utilities that blockchain technology is capable of transforming.
The main advantage of blockchain is its possibility of enabling a secure and reliable transaction certification system, without the need for third parties or intermediaries, thus decentralizing management.
Blockchain Technology in Health Care
One of the most critical use cases for this technology is in the health sector, given that this area needs reforms. Currently, this sector suffers from a centralized approach, which leads to an inefficient way of treating patients. Therefore, health care is a field in which the applications of blockchain technology would be favorable.
Patients have to carry their medical data from one doctor to another, which can lead to problems. Besides, doctors use different standards and formats to record the data stored in legacy silos, creating problems regarding data recovery and change.
Blockchain technology can simplify all health issues by providing a decentralized ledger approach. DLT allows all those interested to access vital patient data, with the proper permission. Of course, all the data will also remain secure and only authorized personnel will be able to access them.
Transactions can also remain on the chain and patients can track them when necessary, which represents an improved process of general health care.
Patients will have full access to their healthcare data until they voluntarily allow a third party to have it too. Finally, the health data stored in one place can help improve the research effort of those scientists seeking to resolve the next epidemic or find a cure.
Last but not least important, the use of blockchain technology to eliminate drug counterfeiting can save lives and also improve the business of pharmaceutical institutions.
Blockchain Technology in Fight against Coronavirus
Adding to the advantages of this sector, a series of international solutions based on Blockchain technology has recently undertaken the challenge of preventing new outbreaks amid the COVID-19 pandemic. The United Arab Emirates (UAE) is the country that has recently proposed solutions that rely on a distributed database.
The UAE Ministry of Community Development (MOCD) announced that it has started using digital channels to provide government services.
The MOCD would depend on the use of digital identity through blockchain-based systems and chat systems for the digital authentication of official certificates and other documents. This eliminates the need for users to leave their homes.
Until now, local media have reported that the implemented blockchain system is capable of processing 2,919 types of documents, which would allow the ministry to regulate the flow of customers.
The possibility to apply blockchain technology to other aspects beyond the economy has increased the interest in this technological revolution.
Besides, the transparency that these new methodologies provide deviates from the lack of transparency represented by the usual methods that banking institutions implement.
By Alexander Salazar