Duality Blockchain Solutions Set to Have Big Impact on Healthcare System
As Bitcoin continues to hover around $10,000, many crypto traders are wondering if altcoins will ever return to their days of glory. One of the main issues with the altcoin market is that there are many projects that simply aren’t viable for the long-term. Instead of looking at the hype, traders need to analyze whether there is a real-world need for the project. Blockchain technology has taken the world by storm and there is certainly potential to transform several industries, but the one that really comes to mind, is healthcare. Many countries, especially the United States, are dealing with outdated systems and soaring costs. One promising project, Duality Blockchain Solutions, may have a solution.
Healthcare System Needs Modernization
When the term “broken healthcare system” gets tossed around, the first thing that comes to the minds of consumers is soaring premiums. According to data from the Centers for Medicare and Medicaid Services, the average American spent approximately $10,345 on healthcare in 2016. Experts predict that figure will balloon to $14,944 by 2023. While soaring costs are a huge problem for the average person, there is an even larger problem hanging over today’s healthcare system. That issue has to do with medical errors. According to a study by researchers at Johns Hopkins Medicine, medical errors rank as the third leading cause of death in the United States and result in more than 250,000 Americans dying every year.
Medical records management is the art and science of managing all information relating to healthcare operations (hospital, clinics, and private practices). This includes the filing and storing of patient charts, scanning medical records, the strict adherence to regulations, and managing the elimination of records after their retention period. Additional aspects of the medical records management process include handling accounting records, contracts, and other related documents.
Given the importance of medical records, one might be wondering how so many medical errors could take place in a country that is generally regarded as offering the best standard of care. The simple answer is an extremely poor quality of electronic health records (EHR) software. Much of this software is still using antiquated technology from the 1990s. Imagine, in the 1990s, the majority of us were using AOL to access the internet via dial-up service. A lot has changed and the fact that hospitals and medical practices are relying on outdated technology is astonishing, to say the least.
As mentioned earlier, blockchain technology is going to have a massive impact on several industries. And it’s apparent that the U.S. healthcare system desperately needs a revamp. Given the complexities and evolving regulations of the healthcare system, any solution will need to be scalable, fully customizable, and approachable. Therefore, the most likely answer is Blockchain-as-a-Service (BAAS) that will allow healthcare organizations (both small and large) to enter the blockchain space and easily utilize the solution(s) with minimal effort, expense, or technical knowledge.
Duality’s data storage and management software are supported by the blockchains of Dynamic and Sequence. These blockchains are able to store and authenticate data automatically through a decentralized, secure, and shared ledger. This will eliminate the need for healthcare organizations to rely on third parties for hosting and managing data. Not only is it safer, but it will also save millions, if not billions in overhead costs.
One of Duality’s blockchains, Dynamic, is used to create dApps that utilize DYN tokens as fuel. These dApps include NoID, which connects a secure, irreversible biometric hash algorithm to healthcare records. This will allow for near 100% accurate patient identification, and drastically reduce the medical errors that are taking so many innocent lives every year.
There can be no mistaking the fact that the U.S. healthcare system is in desperate need of modernization. The software and protocols that are currently being used simply aren’t acceptable given all the deaths that are occurring due to system errors. Blockchain technology has demonstrated the potential to transform various industries and Duality Blockchain Solutions is attempting to do just that in the healthcare space.
Disclaimer: Author has an investment position in Duality Blockchain Solutions.
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