What Is Blockchain?
Blockchain is the leading system for digital assets and cryptocurrency. Blockchain is an open distributed public ledger of digital transactions which are stored in blocks. Each transaction is stored with a date stamp and secured using cryptography. No transaction data can be altered, without the alteration of all subsequent blocks, which would require majority consensus from the network, thus making it immutable. Due to the decentralized nature of blockchain, data is stored on millions of machines, and is not controlled by a single entity. This makes it very robust and difficult to hack, making it secure as a medium of exchange.
The first known use of blockchain was in Bitcoin, which came into existence in 2009 and has demonstrated to be a very successful cryptocurrency. Both Bitcoin and other alt coins have proven very popular, attracting investors and supporters of digital assets globally. However, blockchain offers huge potential across industries with multiple use cases being explored and implemented in finance, supply chain, energy and healthcare.
How Can Blockchain Add Value To The Healthcare Sector?
Blockchain offers enormous potential to transition from resource intensive systems to decentralized systems which bring greater efficiency and transparency to the healthcare sector. With the help of blockchain we can record all health-related transactions is a standardized and secure way. This enables patients, hospitals and researchers to safely share and exchange both identifiable and non-identifiable medical records, ensure instant access to both real time and historic data. Achieving this would significantly reduce costs, resources, errors, fraud and cybercrime related to medical records.
Blockchain can also bring transparency and accountability across an array of health-related services, including supply chain, research, counterfeiting and internal operations procedures. By adopting such revolutionary systems, we can expect more affordable healthcare, higher quality of care, faster recoveries, and better patient experience.
How Is PHC Integrating Blockchain?
PHC is one of healthcare’s earliest adopters of blockchain. The goal is to combine healthcare with blockchain and smart contract technology to bring widespread standardization, scalability and social responsibility. PHC is going to be a game changer in the future of healthcare, as it provides revolutionary solutions is data management, doctor consultation and referrals, medical infrastructure, research programs and philanthropic activities. PHC is creating a complete ecosystem of blockchain-based services, which will be accessible to users with the PHC token, acting as a means of payment and reward for services rendered on the platform. Based on the Ethereum blockchain, our goal is to deliver a robust system, which is accessible globally at your fingertips and provides cost effective healthcare.