Imagine being paid for exploring the web or your car transporting the passengers while you're at work? Let us tell you, this world is not far away! A world running on blockchain technology. Blockchain offers a diverse range of uses and applications in the healthcare industry. Today, in this article, we will discuss all of them in detail. So, if you’re someone belonging to the healthcare sector or any other sector who wants to gain adequate information about the use of blockchain in the healthcare industry, read this article till the end. 

So, without any further ado, let's get into it! 

Importance of Blockchain in the Healthcare Industry 

The United States of America is poised to spend around 20% of its total GDP on healthcare in the coming future to meet the skyrocketing hospital costs, regular data breaches, and inefficient practices. These problems have somewhere taken the backseat after the arrival of a new and exciting innovation called “Blockchain.” From secure fund transfer to managing medical supply, blockchain is here to do all. 

Electronic health records are the backbone of every modern healthcare system. However, they grow longer with time and are likely to become more complex with every visit to your health expert. And it seems as if every hospital and doctor has a well-defined way to store. However, it's not the easiest for health experts to obtain them. Several organizations aim to find solutions to this. 

The goal is to provide the patient with the authority to access their medical history. Decentralized apps can link the entire hospital data across a shared network, making it easier for health providers and patients to have access to their reports. 

Limoverse - A Blockchain-Based Metaverse Platform For  Healthcare

LIMOVERSE is a global fitness and health space constructed on blockchain technology. This metaverse space provides a big platform for Wellness seekers and companies like Doctors, Fitness/Yoga/ Nutrition Experts and Institutions. LIMOVERSE offers first time in India a proprietary Epigenetic Personalized Lifestyle Modification Program known as EPLIMO, which empowers human beings to take pride and earn at the same time in their personal fitness and well-being to Live Long Staying Young & Productive with personalized tips on Diets, Nutrition, Exercise, Yoga, Meditation, Sleep patterns, Drug responses, Lifestyle with the aid in their Geno-Metabolic Analysis. LIMOVERSE has introduced an effective software token called Limo Token to monetize the platform, which will be tradable in exchanges after the listing process. Through this Limo Token, consumers can do in-app purchases for their avatars and also stand a chance to earn a free token by just staying fit and regular exercise. Isn't that interesting, so let's take a resolution of staying fit and healthy while getting rich!!!

How DApps Exploiting the Health Industry

One of the most famous decentralized networks supported by the blockchain is Dapps which is bringing an untimely storm in the healthcare industry. There might not be a single definition of the decentralized applications of DApps; however, it can be described as a web application that employs a public, cryptographical, and decentralized database system to facilitate the exchange of information among its wide range of users. It also means that, unlike other mobile applications, App is not hosted or answerable to any centralized server, nor is it managed or owned by any single party. 

On the one hand, where the traditional apps are owned and operated by a single party of centralized servers, dApps are hosted on a decentralized peer-to-peer network. In the cryptoverse, the development of the first-ever cryptocurrency, Bitcoin, was a huge deal that brought unexpected results. It is also considered a pioneer of Dapp technology. 

Today, dApps or decentralized applications have entered all living spaces and have even opened doors of unmatched opportunities in the healthcare sector. There is a wide range of methods to leverage this technology, from pharmaceutical supply chains to medical records. Here are three ways in which Dapps can revolutionize the health industry. 

• Hospital administration 

The third and last in our list of uses of DApps in the healthcare industry is hospital administration. The decentralized applications can easily streamline the regular communication help between the organization's staff. If every worker in the hospital or healthcare centre has direct access to the data, they will be working under less pressure. It will help keep everyone, including the administration, in a loop and manage everyday activities such as insurance claims and patient verification. 

• Data security 

Although blockchain and decentralization have their own security and privacy concerns, they are still a safer option for disseminating and storing digital information, facing risk strongly as compared to the traditional data system. In a decentralized world, the information is distributed over numerous points, leaving no single point of failure. Hence, it becomes extremely difficult to hack the system. 

• Supply chains 

It is believed that the pharmaceutical industry has the highest standards for the security and safety of products. For example, they can monitor supply chain management with blockchain with maximum transparency and security. It can help minimize human errors and, most importantly, time delays; this can also be considered for monitoring labour, cost, and waste in emission at every point in the entire supply chain. It can also verify the product's authenticity by tracking its point of origin, which maximizes patient security. 

The Final Words 

The development and launch of the first-ever cryptocurrency, Bitcoin, gained immense popularity and achieved much recognition. Being able to store data in a decentralized way is another big step that can empower the world in many ways, especially in the healthcare industry. Today, more and more decentralized applications are launching, which is helping health experts as well as patients to be more efficient. The best part is people are taking an immense interest in exploring these areas. 

Looking at the uses of decentralized applications powered by blockchain - one big platform being Limoverse, it is evident that this technology has a lot to offer, especially in the health industry. However, it may not seem a big deal to several people. Still, with adequate support from the government and other controlling bodies, the revolution can occur sooner than you expected. 

Analysis Done by Kapil Thakur