As blockchain technology is becoming a part of various fields and industries, healthcare has also not been untouched. For example, deadly diseases like Cancer can also be cured using a blockchain network like Ethereum. In this blog, let’s see how.

Why blockchain?

A blockchain is a ledger that stores data in Cryptographically secured segments called blocks. Since copies of the blocks are stored on a distributed network of computers rather than a central server, it is commonly referred to as a decentralized system. Blockchains are difficult to hack because doing so would require simultaneously altering every connected computer that is “running the blockchain.” Peer-to-peer data exchanges and secure record-keeping are just two applications of this technology. Like the well-known Bitcoin, several blockchains have “native” digital coins or Cryptos that can act as a medium of exchange, power and verify transactions, or perform other functions.

Talking about the concept, a fully decentralized public blockchain has no centralized authority. However, to varied degrees, blockchains can also be “private” chains that can only be accessed and managed by particular groups of people or users. These private blockchains are proven helpful in research and treatment settings for safe data management.

The above-mentioned characteristic features of blockchain make it worthy of being a part of the healthcare field and helping in curing diseases like Cancer.

Blockchain and Cancer

Around the world, Cancer is a serious issue for public health. In 2018, an estimated 1.7 million new Cancer cases were detected in the United States. With time, it is anticipated that this number will dramatically rise.

Finding a Cancer cure is hampered by a number of obstacles. Data challenges, the difficulty of promptly accessing the efficacy of new treatments, and the funding needed to support research and therapy are among the main ones. Thankfully, blockchain technology is already offering ways to overcome these obstacles and advance the search for a Cancer cure. Let’s check some crucial points.

#1 Data is crucial

The key to curing Cancer is accessing and analyzing as much information as you can about the disease. blockchain-based medical data solutions have already been developed and put to the test.

The accessibility and patient ownership of such data are the main advantages of employing blockchain technology for the storage and processing of medical data. These advantages work just as well for Cancer patients as they do for other patients of medicine on their own.

Blockchain is particularly valuable for Cancer data since it allows patients to share their medical records for the study. Collating medical data from potential patients around the world will give doctors and researchers access to previously unprecedented amounts of information about the ailment they are trying to cure. Of course, this data will need to be anonymized, and there will undoubtedly be regulatory challenges.

#2 Easy information sharing means more effective treatments

Finding a cure for Cancer requires knowledge about Cancer treatments and their outcomes. Information is crucial in clinical trials and patient responses to current treatments. Blockchain technology can be helpful in this regard by enabling both patients and doctors to work together to treat patients and share their treatment experiences.

#3 Targeted Cancer fundraising

Blockchain technology excels at creating potential chances for decentralized governance and transparency. As a result, blockchain may prove to be the miracle answer for ensuring that funding goes to the most effective Cancer research projects.

Although it doesn’t seem like Cancer fundraising has yet been integrated into a blockchain, having a visible and traceable way for contributors to support Cancer research is likely to boost donations and encourage participation among researchers. A catalyst for promoting effective, open, and cooperative research efforts might be created by placing Cancer funding on a blockchain and enabling the scientific community to participate in that blockchain’s governance.

Final words

Blockchain is far beyond Bitcoin. While Cryptos like Bitcoin go up and down in price and popularity, blockchain technology is flexible in nature and has a number of applications. Blockchain has the potential to transform the world, and the recent developments in the healthcare and medical field are very encouraging.

Deadly disease like Cancer has evaded a cure for several years, and the adoption of blockchain technology is something the whole medical community needs. It will be interesting to see what more blockchain technology has to bring to the table.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.