Cross-Chain Mechanism Benefits Blockchain Interoperability By Connecting Two Or More Independent Medical Practices.
Interoperability or enabling cloud-based software to exchange data for shared utility and collaboration has been one of the priorities across industries. That is of particular importance for healthcare and health tech enterprises.
But, ensuring interoperability is not a seamless task, as it may precipitate redundant measures to secure APIs. That is mere because different software platforms handle their data endpoints differently.
Even though I do not recall anyone against the concept of interoperability, as long as some form of data security protocol is in place, sharing valuable commodities like data today in a monopolized domain such as healthcare is rather intricate.
Benefits Of Interoperable Medical Practice Information System
Interoperable medical practice information infrastructure will probably assist healthcare leaders in better understanding public health, streamlining the data exchange for the public good, thus enhancing medical team productivity.
Interoperability, most of all, will potentially improve patient experience and facilitate their engagement in healthcare. The level of benefits depends primarily on interoperability; those are foundational, structural, semantic, and organizational interoperability.
The foundational interoperability operation is the lowest and most basic form of multisystem interplay. Here interoperable system solely facilitates data exchange from one system to another without an anticipated interpretation, like a patient portal that allows the transfer of a PDF document containing patient history and physical exam data.
Structural interoperability entails the constant movement of healthcare clinical or operational data between two systems. The data structures in structural interoperability are conserved and unaltered in the receiving system.
On the other hand, semantic interoperability facilitates data exchanges by enabling computable machine logic, reasoning, knowledge discovery, and data partnership across various information networks.
Finally, organizational interoperability integrates various administrative and managerial facets into the interconnectedness, such as governance, policy, social, legal, and corporate considerations.
Organizational interoperability is about streamlining the secure, seamless, and punctual data transmission and use between individuals, organizations, and entities.
Blockchain Technology: From Blockchain Interoperability To Cross-Chain Technology And Medical Practice System
Blockchain technology is the most sovereign system one utilizes in the healthcare industry, as it toils on a decentralized ecosystem of digital distributed ledgers of health information.
The blockchain system is not a cumulative platform but the technological attribute necessary for seamless interoperability. In other words, various traditional blockchain grids function in sequestration, not permitting continuous communication between them. However, the recent blockchain platforms have addressed the interoperability challenges of traditional blockchain systems by making the Blockchain Interoperable. They do that by utilizing the mechanism of "Cross-chain Technology."
Blockchain interoperability allows various blockchain networks to exchange, mobilize and leverage unique data across networks' respective blockchains, such as between networks, medical practices, or healthcare entities. That form of network interoperability permits the creation of robust, unique products and services that can simultaneously augment the usefulness of numerous grids of decentralized digital ledgers.
The cross-chain protocol facilitates interoperability among various blockchain networks, enabling healthcare stakeholders to communicate without intermediaries' involvement. As a result, the players will compel increasing value and data amongst each other.
Cross-chain technology works on the principle of atomicity, as it facilitates uniqueness between multiple blockchain networks, thus the dispersal of decentralized health information nets across diverse fora.
The importance of cross-chain technology and Blockchain interoperability allows healthcare collaborators to share data and trade tokens without using any middle person.
The Cross-chain technology infrastructure of the blockchain interoperability authorizes multiple blockchains to boost their efficiencies and security. These employ exchange facilitators called "Atomic Swaps" that enable two different parties to trade their tokens across various blockchains. The system does not require a centralized third-party agent to facilitate the trades.
Atomic swap allows every stakeholder in the healthcare arena, including patients, directly trade their tokens on a peer-to-peer ground. For example, Using Blockchain interoperability, any two players can choose to keep a 1-hour limitation for the atomic swap. Under such circumstances, the primary owners will acquire their deposited tokens once the duration of 1 hour ends, irrespective of conditions.
The "Relays" mechanism ensures checks and balances of any atomic swap transaction. They enable blockchain networks to check on them every transaction and event on a chain-to-chain basis. They do so without any distributed node participation that fosters a given contract. Relays act as a central client of other nodes on multiple chains so that they can verify the complete transaction history.
Cross-chain mechanism benefits interoperability by connecting two independent medical practices using blockchain networks without infringing them. Thus, they enable effective communication and a robust connection between two different independently-run healthcare organizations, patients, or medical procedures.
Cross Chain technology-powered interoperable Blockchain is scalable by enabling medical practices, physicians, and patients to interact with different stakeholders. Therefore, it enhanced the flow of health information across various healthcare settings.
Blockchain interoperability will deter monopoly by prominent healthcare players, which we can witness today amid increasing, selective, interoperable healthcare information technologies. Thus, cross-chain technology helps stabilize the healthcare market. For instance, today, over 50% of physicians seek employment with larger health systems to avoid administrative burdens at the expense of their independence, yet still are overwhelmed. As a result of this power play, there is no space for newly independent and small medical practices in the market that can try their chances and compete.
Cross-chain technology-powered Blockchain interoperability can help yield an ecosystem by equally availing dealings on all networks. It ensures a fair scenario for every healthcare player by facilitating a balanced approach to state how health data market partakers participate in the healthcare domain.
Indeed, Blockchain technology has a sweeping industry-specific use case.
The direct Blockchain interoperability stems from its benefits, such as data transparency and verifiability, brilliant contract execution, and decentralized accord. That is why blockchains used by different medical practices and health organizations can independently interact with one another as free healthcare markets and business applications. Such a collaborative system would not otherwise be possible without the utility of centralized Data silos and operations.
Soni, Pragya, and AnalyticsSteps. "All about Blockchain Interoperability in 2022 | Analytics Steps." All about Blockchain Interoperability in 2022 | Analytics Steps, www.analyticssteps.com, 10 Oct. 2021, https://www.analyticssteps.com/blogs/all-about-blockchain-interoperability-2022.
"Blockchain Interoperability — Understanding Cross-Chain Technology -." Blockchain Interoperability — Understanding Cross-Chain Technology -, www.blockchain-council.org, 1 Mar. 2022, https://www.blockchain-council.org/blockchain/blockchain-interoperability/#:~:text=The%20cross%2Dchain%20protocol%20facilitates,without%20the%20involvement%20of%20intermediaries.
Bitpanda. "What Is an Atomic Swap? — Bitpanda Academy." What Is an Atomic Swap? — Bitpanda Academy, www.bitpanda.com, https://www.bitpanda.com/academy/en/lessons/what-is-an-atomic-swap/. Accessed 10 Aug. 2022.
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