Blockchain and AI in Healthcare

Blockchain is a complex technology, which has automated and decentralized the ledger like the system which was sued in banks to keep the person from double-spending. Thus, it’s a very secure system that can be implemented in any field to keep the data secure and accurate, and transparent amongst the peers. It helps in securing a different kind of transactions that are taking place in the network and promises to reduce the current bureaucratic inefficiencies caused by middlemen in this value chain. Also, it will help secure various data breaches that are happening in the medical world these days. Medical information is somewhat personal and should not be allowed to anyone but the patient and his doctor.

However, in this not-so-efficient system, there are several data breaches every day. Whereas blockchain decentralizes the storage of this data in digital form and secures it using cryptography. In this system, everyone in the peer-to-peer network has access to data, but no one knows who the owner of the data is, thus keeping the identity of the patient as well as doctor private.

With AI in front, there will be the usage of this high volume of data available due to the connected world for the betterment of society. With access to this huge amount of data, people can now access the data in general and see which way the population, in general, is trending, and then governments could implement measures in the society to help people reduce the death rates and implement a much healthier society of people who are capable of living for longer durations.

With Blockchain and AI into actions we would have below mentioned benefits: -

·    Allows more secure data transfers between different devices. Due to peer-to-peer nodes, which authorize information, the Blockchain provides a much more authentic transfer of data. The data is labeled with a bar code which is then used to identify the source of the data and there could be no mix of information which often causes a lot of money to the hospital world.

·    Helps find more appropriate patients for clinical trials as a lot of patient data would be available. Without having to compromise their information, the researchers could identify the appropriate list of patients for their trials and can send them information on it without having to know their identity.

·     Allows execution of smart contracts with everything automated in the medical clause, we just must get digital signatures of the patient and hospital executing it. Also, with the help of NLP in place, the system could execute the crux of the contract to the patient without a need of a lawyer to better understand its implications

·     Allows accurate medical record keeping.

·     Helps remove middlemen and thus reduce overall medical cost in the value chain. There are many middlemen introduced in the hospital value chain which increases the overall cost of care for the patient because of the inclusion of their commissions. This can be removed with the introduction of Blockchain and AI into hospital systems.

·    Helps medical insurance companies with a more accurate medical history of patients