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The healthcare sector is defined for a long time by its push to vertical innovation. Billions of dollars in medical and pharmaceutical research are spent annually. The increasing business interest of a global industry seeking better margins is also behind the evident benefits for the population. The margins mainly come from the burden of private citizens and States forced to comply with market rules in order to gain access to this basic human service. The healthcare industry, on the other hand, has used its capacity to delay horizontal innovation historically. Disabled systems and processes in the health sector develop slow progress in the implementation of core technology, already adopted by other industries. Opportunities to cut costs and increase efficiency are therefore still not realized for the benefit of users.
Many initiatives around the world are aimed at facilitating the storage and sharing of genomic information so that particular medicine is advanced. Suitable examples include health applications based on genomics and other health data. But they tend to compete and create even more silos of data. In the meantime, a number of large companies are monopolized by most genomic data and profit greatly from the sales to third parties, usually without sharing income with the data donor. This prevents research and innovation from progressing at the pace that it should.
Check out: Top Blockchain Companies
Violations of security and power by centralized authorities have led to changes, as have widespread socio-economic breakdowns and changes in human interactions. The movement of blockchain was born from a vision to properly utilize computer power to build a safe and efficient decentralized exchange environment. In 2017, Equifax was the largest credit office, and almost 145 million people's personal information was robbed.
Such data may lead to stolen identities and financial ruin, in the hands of unscrupulous entities. There is a stronger call for a new system. With increasing connectivity, a decentralized setting is becoming the solution to ensure that health records for validated parties are secure and easily accessible. The solution everyone is waiting for could be blockchain-based technology. Distributed ledger technology removes cloud database vulnerabilities. This means that even the most sensitive DNA and health data cannot be stolen or misused due to the fear of blockchain. The complete ownership can be retained, and the data can be shared with healthcare professionals through a centralized health data hub on the blockchain.