Blockchain technology has been around for quite a while now and has disrupted many different industries. We have seen the benefits of this technology even in the healthcare industry as it has changed the face of how it is administrated.
It was only a matter of time before another effect of the blockchain in the healthcare industry took place. This time it is disrupting the medical device industry. The fact that it is secure and transparent lends itself well to many applications, but especially in the medical device field where data can be scattered and easily hacked.
In this article, we will go over several of the ways that the blockchain is changing the medical device industry.
What does blockchain have to do with medical devices?
The first thing to understand about the blockchain is that there is not only one. There are many different chains and they each have different functions. For instance, the Bitcoin blockchain doesn’t provide a way to add applications. It’s simply a ledger that records the transactions of the cryptocurrency.
The Ethereum blockchain is far more robust. When you purchase Ethereum, it registers the transaction in an encrypted block just like Bitcoin, but it has the possibility to add decentralized apps and even smart contracts as the blocks can act like mini databases in which a lot of data are stored securely.
Those are the two things that are central to how a blockchain can be used with medical devices. In fact, one of the biggest innovations regarding blockchain are how it is used with the Internet of Things (IoT) so devices can talk to each other.
A seamless system
The IoT has streamlined this aspect of the internet in which devices can communicate across many different platforms so you have a more efficient flow. However, it was limited to just the actual communication aspect.
The blockchain has incorporated many of the important components that go into the medical device industry to make it even better. For instance, the fact that there can be both decentralized applications and smart contracts on the same platform has made it a one-stop-shop.
Central to drive manufacturing are regulations that need to be adhered to. The smart contract can contain all the information from the manufacturing to the testing of the product in one transparent block that all can see. Then, it also hosts the application that allows the devices to communicate with each other.
This allows for maximum transparency throughout the entire chain from inception to delivery and even performance. It’s all in one spot so it can be much safer as well as being efficient.
Safety and security
The security inherent in the blockchain makes it an obvious choice for medical devices. Even though the blocks are transparent, it doesn’t mean that anybody can access the data. It means that they can’t be hacked since the blockchain is on thousands or even millions of computers so any attempted alteration of a block would be seen across the different computers.
This lends itself well to a system in which information and data can easily be shared but without opening itself up to be easily exploited.
This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.