As Amazon, Walmart and IBM explore using blockchain to improve workflows and efficiencies, blockchain is becoming more mainstream, according to an op-ed by AJ Agrawal, founder of Verma Media, in Entrepreneur.
More healthcare organizations and other business are making blockchain a priority, as executives see the technology as a compelling business strategy for innovation.
Below are three reasons blockchain could improve the industry, according to Mr. Agrawal.
1. Speed: Blockchain platforms can be leveraged to boost the time it takes to complete payments. In one blockchain, a payment settlement takes no more than a few seconds.
2. Sustainability: Decentralized ledgers are designed to store endless amounts of data. Blockchains could store trillions of blocks that are permanent and can always be viewed.
3. Privacy: Through the added encryption, blockchain platforms give users extra security. Additionally, the platform allows users to only share the information that they want publicly available on the blockchain.
Date: October 10, 2019
Source: Becker’s Hospital Review