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Few industries rely on the cutting-edge technology more than healthcare does. During the last decade, investment in R&D and equipment in the sphere of medicine has soared dramatically. Now, the industry is ready to move beyond simply modernizing equipment by applying revolutionary new technologies. Blockchain is the new addition to the range of available medicine-related tools. Digital healthcare, experts believe, will cut costs in the long-run and make the whole process of medical treatment more efficient.

Healthcare records are perfectly suited to be stored in a blockchain, which is both more secure and cost-effective than conventional data storage facilities. Health industry data breaches have doubled in the United States during the last one year and can cost companies up to $380 per record. It is therefore obvious why hospitals and health insurance companies would want to keep the information safe and protected. And blockchain is very well capable of solving this problem.

Ali Health, the healthcare department of Chinese Alibaba, is introducing a blockchain platform that will, according to company officials, decrease the number of time-wasting and costly operations, performed by the medical staff personnel. All medical records of each particular patient will be available to the doctor in an instant.

The system is cost-effective and safe. With blockchain, health centers and district hospitals are interconnected.

Blockchain technology can even help fight counterfeit drugs by increasing traceability of within the industry. Dentistry will also be affected by the introduction of blockchain. Several projects in this area aim at providing a decentralized trading platform, dental insurance and records database.

Blockchain is destined to change the face of many industries, medicine not being an exception. Both developed and developing countries and their healthcare systems can benefit greatly from the introduction of forefront technologies.

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