South Korea Brings Blockchain To Healthcare

Blockchain news

Healthcare is among the first industries in South Korea to receive the benefits of data management and storage on blockchains.

The government of South Korea is trying its best to adopt blockchain technology in various industries. The country’s central bank is reviewing the use of a central bank digital currency, and various government ministries want to adopt decentralized identification features within their current systems. Hospitals, pharmaceutical companies and research centers are also looking at blockchain solutions.

Everyone knows that blockchain can help the medical industry, but at the same time, applying a new blockchain service structure to traditional industries is not so quick and simple. Lots of testing needs to be done before it can be to be applied in people’s daily lives.

Impact of Blockchain Technology

The South Korean government is encouraging blockchain technology and conducting several proof-of-concept projects to find a proper way to connect blockchain to the current system.

As governments globally struggle with the healthcare implications of the coronavirus pandemic, their focuses have invariably shifted away from many chronic diseases and conditions to the more pressing concern of bringing the pandemic under control. But behind all the noise, government health organizations are making impressive steps forward in the ways in which they use technology to analyze and respond to the challenges that chronic conditions such as diabetes and cardiovascular disease place on populations and healthcare systems.

It has even been suggested that medical error is in third place, just behind cancer and heart disease in the leading causes of death nowadays. A big part of this problem is the lack of transparency between medical institutions and the inability of hospital systems to safely and efficiently share data with one another.

Blockchain can securely ease the transfer of patient records among well developed healthcare systems both nationally and across borders, and boost the coordination of member health management, lower transaction costs and risks, and even support medical tourism.

A single entity doesn’t control medical data stored on blockchains. Therefore, it can be distributed among groups of individuals and organizations. Every transaction on the chain is time-stamped becoming a permanent record of the entire whole that can’t be altered afterward.

Professionals working within health departments have long had to contend with a lack of funding that often forces them to rely upon legacy computer software and hardware that is unsuited for a fast-changing healthcare system. This is where blockchain, and the underlying cryptocurrencies that support it, can play a role, bringing decentralized solutions to departments that rely on clear, accurate daily information to treat their patients.

The internet is the fastest growing economic engine on the planet. The process of digitization and decentralization (backed by the blockchain technology) that was underway has only accelerated during this ongoing crisis/pandemic.

Blockchain experts at Cryptominer Solutions however keep working and finding innovative ways to integrate a fully functional blockchain ecosystem in your company or business model for a seamless workflow, secure and swifter operations.