Healthcare infrastructural system has been a prolonging issue in every country, be it a developed nation or an underdeveloped nation. It is much needed that the healthcare industry moves on to better information technology solutions that serve a better functioning framework.
However, it wasn’t accurately the case, as the healthcare system kept on lagging and failed to implement newer technologies. Thus, to upgrade healthcare technology, what can be done is to use blockchain technology as the IT tool to meet all the needs.
So, let us discuss how involving blockchain in the healthcare system can revolutionize the whole system.
The Decentralization of ePHI (Electronic Protected Health Information)
To talk about healthcare data, it is about several private sets of information which is known as electronically protected health information (ePHI). This holds information about patients like their personal data, the insurances, other previous health records, etc.
All of these things remained changed since the introduction, and even with other technological advances, there was no such upgrade in the healthcare system.
The slower rate or negligible rate of modernization of the system is all because of the healthcare provider’s low interest in providing funds for the development and also thanks to the inefficiencies from the healthcare provider’s side.
However, with passing years, healthcare administrators are finally gearing up to upgrade to blockchain in the healthcare sector, as they know that this can bring more elaborate and categorized data of their patients.
Block technology has got the potential to change the healthcare system and can create a whole new level of excellence.
The blockchain, when integrated with a record-keeping solution, will therefore render better privacy which can safeguard sensitive information. Moreover, it will let people manage their health data.
The decade surely needs advanced healthcare technology, which can be effective enough for all patients. So, for that, blockchain is the correct solution which is an immutable and encrypted ledger technology. And there are several various features that it provides lie:
- More inclination towards people-
As blockchain and the data on it isn’t owned by any organization, thus the information is decentralized, and it helps to protect the stats and data of individuals.
- Data on the blockchain is encrypted–
Blockchain encrypts the data completely, as it secures the data, be it of health information or even banking information, the information can’t be changed.
If in situations where there is a need to change the information of the patient, then it can be done by creating another node, where the previous information is amended.
- The blockchain itself is reliable–
The information or data stored in the blockchain gets safe as the chain becomes permanent. If any changes are needed to be made, then another block needs to be created. Any patient’s information can be looked into by looking back into the blockchain.
- The blockchain improves transparency–
By adopting blockchain in healthcare, patients will benefit by getting the ability to monitor their health information consistently, rather than relying on other people.
This system also grants authority to the people where they regulate the ePHI, which will help them in consulting with doctors and nurses to bring out the best care possible.
Other blockchain systems that aid in the healthcare sector
Another system that can work on par with Blockchain is Electronic Health Record (EHR) or Electronic Medical Record (EMR). So, if these types of systems collaborate with blockchain technology for healthcare, it will give common people better visibility over health information.
It has been years since private health organizations and insurance companies had complete authority over the information. This left the individuals in total darkness about the efficiency of the management. However, an amalgamation of both systems will bring more enhanced transparency.
With the chain system in blockchain that makes it traceable, patients can easily send records to whom they prefer instead of fearing corruption or mishandling. The encryption of blockchain will keep the information classified and secured until it gets shared with a healthcare provider or insurer.
This will help in setting benchmarks so that the insurers or organizations can formulate a benchmark for the patients to meet. This system will also decline bills spent on medications by tracking the prescribed drugs, lowering supply chain costs.
It is also presumed that blockchain, because of its data storing system, is gaining the attention of many health sectors. The whole blockchain system can advance medical record management and increase the insurance claim process, quicken clinical research, and advance biomedical and healthcare data ledger. And, with proper implementation of the block, patients can easily contact other hospitals and gather their medical data.
So, this system indeed brings newer things into the framework, which is more simplifying and transparent. Moreover, they work by aiding the general citizens, i.e., they can shift the framework of a private organization-based system to a patient aiding system.
Blockchain Technology is Advancing Health Technology
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The World Economic Forum’s Cryptocurrency Guide Lists Its Choice Of “Winning” Projects
The World Economic Forum (WEF) has published its community paper on cryptocurrency. It contains information on getting started, exploring the blockchain, and so on. It also lists several cryptocurrencies that meet its scalability stamp of approval.
As an influential body, some have taken this to mean the WEF has selected its choice of winning cryptocurrency projects, which, if rumors are to be believed, will receive a significant push over the coming years.
The WEF See Cryptocurrency As Transformational
Various centralized authorities, and their representatives, have sent mixed messages surrounding cryptocurrency and its role in future society.
This includes ECB President Christine Lagarde, who earlier this year blasted Bitcoin’s “funny business” in facilitating money laundering, and U.S Treasury Secretary Janet Yellen, who pointed out Bitcoin’s limitations as a payment mechanism, and much like Lagarde, its use in illicit financing.
“To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.”
Nonetheless, the Swiss-based international organization for public-private cooperation has signaled its approval of cryptocurrency via its latest guide. The 22-page report details practical guidance, for both individuals and corporate professionals, on transacting, dapps, governance systems, scalability, and consideration of regulations.
“As cryptocurrencies transform how we trade, transact and interact online, it has become more important than ever for technology leaders to have experience with these innovations.“
As expected, the report mentions the big two, Bitcoin and Ethereum, even dedicating an entire section to Ethereum to discuss its programmability and usefulness in facilitating technological innovation.
Along with that, in the throughput and scalability section, the report also lists six cryptocurrency projects with brief text on their ability to handle large volumes of transactions. They are Algorand, Cardano, Celo, XRPL, Solano, and Stellar.
The Great Reset
During covid times, the WEF has caught the attention of many truth seekers. They raise concerns over the WEF’s role in steering the world recovery.
Among the WEF’s predictions by 2030 is “you’ll own nothing. And you’ll be happy.”
Some have described this future scenario as a centralized system of control and manipulation. Even a throwback to Medieval feudal society, which consisted of a bottom rung of the peasantry who were slaves to the landowners.
Reuters have fact-checked this “stated goal” and dismissed it because it was a reference to the trend towards the prevalence of renting over ownership.
“False. The World Economic Forum does not have a stated goal to have people ‘own nothing and be happy’ by 2030. Its Agenda 2030 framework outlines an aim to ensure all people have access to ownership and control over land and other forms of property.”
Either way, should investors take the WEF’s mention of Algorand, Cardano, Celo, XRPL, Solano, and Stellar as cryptocurrency projects to watch in the future?
Ethereum, Stellar Lumens, VeChain Price Analysis: 14 June
Even though Bitcoin climbed back above $39,000 after a jump of 8% in a single day, not all coins witnessed a surge in value. Alts such as Ethereum, Stellar Lumens and VeChain saw limited gains within their down-channel and awaited further cues for a breakout.
A look at Ethereum’s 12-chart showed the formation of a down-channel after a break above $2,900 was denied by sellers. On the verge of a breakout from the pattern, ETH bulls tussled with the upper trendline at press time. Interestingly, the upper trendline saw some interplay between 20-SMA (red) and 50-SMA (yellow) and hence, it was an important area to retake. A successful breakout would likely result in a 13% hike back towards its upper ceiling of $2,900.
MACD was close to a bullish crossover as the Fast-moving line caught up to the Signal line. However, RSI maintained below 50 and lower highs indicated weakening. A failed breakout would likely see ETH maintain its downtrend within the channel.
Stellar Lumens [XLM]
Stellar Lumens also attempted a break above its down-channel at the time of writing. A successful breakout would likely trigger a 13% jump towards 23.6% Fibonacci level ($0.388) and 50-SMA (yellow). An extended bullish outcome could even result in an additional 20% rise at the 38.2% level ($0.46) and 200-SMA (green).
Squeeze Momentum Indicator suggested that bearish momentum has declined over the past few days and backed a favorable outcome. However, RSI has remained in bearish territory since 19th May and even pointed south at press time. The index could continue towards the oversold zone before a reversal can be expected. Such an outcome would see XLM maintain within its down channel over the coming days.
VeChain was in a similar predicament as its counterparts ETH and XLM. The crypto-asset also traded within a down channel and eyed a break above its upper trendline, an area that clashed with 20-SMA (red) and 50-SMA (yellow). An early breakout would likely boost VET towards its 200-SMA, close to strong resistance line of $0.152. If such an outcome is denied, further dips were possible towards defensive lines of $0.091 or $$0.0825. The presence of a demand zone within this area could cushion an extended sell-off.
VET’s RSI gave was an example of yet another altcoin that switched to a downtrend after a key breakout was denied – in this case – $0.152-resistance. The index could decline towards the oversold zone before shifting gears. Supertrend Indicator still presented a sell signal but interestingly placed a stop-loss at $0.136 and 200-SMA- making this area critical to VET’s success.
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Why this market veteran is a fan of Cardano and Polkadot?
Earlier, investors who bet on Bitcoin and Ethereum (ETH) in the very early stages have made a significant chunk of profit. However, the prices of these two cryptocurrencies have appreciated. Since their meteoric rise, everyone is on the lookout for the next bitcoin and the next Ethereum.
Well, the good news is there are still cryptocurrencies out there that have great potential, and they have lower price entry points. Cardano‘s native coin ADA and Polkadot (DOT) have seen a good year. Consequently, they are neck and neck in rankings by market cap and both are among the top ten cryptos. While the former ranked 5th and was trading at the $1.45 price level, the latter ranked 9th, trading at $20.48.
The two altcoins also took the lead in total staked value.
The current CEO of Canadian blockchain startup Decentral and crypto wallet Jaxx believed in the coins’ potential to grow further because ‘the projects are managed by goal-oriented individuals.’
“Now I’ve kind of fallen back to just simplicity. I’m in a number of different projects, but the majority of my stuff is in the top projects. I’m a big fan of Polkadot, I’m a big fan of Cardano.”
It’s no surprise, having worked with Cardano’s Charles Hoskinson, and Polkadot’s Gavin Wood, that Di Iorio forged strong relationships with these individuals.
“Big fan of Charles, let’s say that. You know, taking some different approaches in the way that they’re doing things, much more on the academic side of what he’s done and bringing stuff forward. Real big fan of Gavin Wood.”
Further adding to his remarks, he said:
“Knowing those guys from the days back at Ethereum – and knowing their drive and knowing their competitiveness and their smarts – I was able to see those projects for the last few years and know that they were gonna get to where they’ve gotten up to.”
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