June 25, 2024

Cliff Hillestad

Innovative Tech Solutions

Hashed Health Blockchain As A Regulatory Technology

4 min read

Introduction

The health sector needs blockchain technology, and regulators are starting to realize it. Blockchain promises more transparency on drug safety and efficacy data, less risk of data breaches, and more trust in the medical records that patients rely on.

Blockchain tech is a regulatory technology.

Blockchain tech is a regulatory technology. Regulators can use blockchain to track changes in the health sector, and make sure they are following standards.

Blockchain technology has been used by regulators for some time now, but it’s only recently that we’ve seen its potential for improving global healthcare delivery across all sectors of society. In many ways, this technology represents an opportunity for regulators to become more efficient at their jobs–a welcome change after years of cost-cutting measures that have led to fewer resources being available overall (and especially fewer human eyes).

The health sector needs blockchain to stop data breaches, but also to ensure medical records can’t be altered after the fact.

The health sector needs blockchain to stop data breaches, but also to ensure medical records can’t be altered after the fact.

A decentralized system of data storage, blockchain is a new technology that can help in preventing data breaches and ensuring medical records are accurate. Data is stored on different nodes in a network and each node has a copy of the distributed database. This makes it very difficult to alter or hack into any one specific node due to its decentralized nature.

A patient’s medical history should be verifiable, not alterable

Blockchain is a decentralized database that maintains a continuously growing list of records, called blocks. Each block contains data about transactions and is linked to the previous block through cryptography, forming an unbroken chain.

The main advantages of blockchain technology are:

  • it’s decentralized – there is no single point of failure or control; all participants have equal access rights; there are no intermediaries required to verify transactions or process payments; this makes it difficult for hackers to attack the system because they would need access from many different locations simultaneously.
  • it’s secure – transactions are recorded on multiple computers around the world in real time so they cannot be altered after the fact (immutability). All transactions are stored chronologically making them easy to audit if necessary (transparency). Anyone with permission can view these records which means companies don’t have any secrets from each other anymore!

Blockchain can bring more transparency to the health sector

Blockchain can bring more transparency to the health sector. The technology offers regulators a way to track changes made to patients’ medical records and make sure those changes comply with standards. For example, when someone visits a doctor for an annual checkup but doesn’t get any documents signed or prescriptions written, that should raise red flags for regulators who want to ensure patient safety.

Blockchain also helps protect against fraud by making it harder for hackers or other criminals who want access to sensitive information like Social Security numbers or credit card numbers (which they may use illegally).

Blockchain can help regulators keep track of the changes that happen in healthcare and make sure they are following standards

There are several ways that blockchain can help regulators keep track of the changes that happen in healthcare and make sure they are following standards.

For example, a patient’s medical record could be stored on the blockchain. This would allow them to access their own records at any time, no matter where they were or what device they were using. If there was an error in their file and it needed to be corrected, then this could be done immediately without having to go through red tape or wait for someone else’s permission first–it would simply be updated on the network automatically!

Conclusion

Blockchain is a technology that has the potential to improve healthcare and make it safer. It can also help regulators keep track of changes in the sector and ensure they are following standards.