Why blockchain interoperability matters in 2022?

Since the last decade, blockchain has been a trendy topic,?from blockchain procedure to blockchain mining. According to recent?reports, the global market for blockchain solutions would rise from 4.5 billion USD in 2020 to 19 billion USD by 2024.

A huge number of businesses and government officials have at least evaluated the advantages of using a blockchain in a variety of areas, from healthcare and agriculture, to voting, investment and?real estate.

The majority of blockchain enthusiasts bet on one of two outcomes. In one sense, all of the existing blockchains are essentially preliminary projects for a single ultimate chain that will integrate all of the best advances while the rest fade into obscurity.

The second future?is blockchain interoperability, which?is currently the industry's general agreement. In 2022, a lot of attention is paid to the ways in which different blockchains can communicate with one other.

What is Blockchain Interoperability?

Simply, blockchain interoperability is the ability to share information across many blockchains without limits.

In the current state of affairs, one blockchain is unaware of the existence of information on another blockchain. Even though Bitcoin (BTC) and Ethereum (ETH) blockchains are completely separate and do not communicate with one other, they are nevertheless linked in some way.

Despite being in the same business and using the same technology, blockchain-based projects aren’t interconnected. This lack of interconnectedness is why blockchain interoperability is significant in 2022. Interoperability is a goal of many blockchain projects in order to make their processes more efficient and transparent.

What is the importance of blockchain interoperability?

The short answer: So that blockchain technology can be widely adopted and the industry can develop further. Even if a blockchain is scalable, no company would use it to process payments unless the infrastructure is open, interoperable, and safe.

Even if its production is superior to Visa's, if it remains isolated, it will be less useful to people all over the world. Global card systems such as MasterCard, Visa, American Express, and so on, offer cards that can be used at any merchant or ATM around the world.

Additionally, the internet makes it possible to access and modify a large number of datasets via application-specific interfaces (APIs). A genuinely global and user-friendly system wouldn't have been possible had it not been interoperable. Blockchains are no different. As a means of gaining widespread appeal, they must demonstrate that they can function together flawlessly.

Source: GoodFirms

Industries that can benefit from blockchain interoperability

With the advent of blockchain technology, a slew of businesses including Walmart, Unilever, Visa, and others have seen their operations become more transparent, secure, and traceable. Many industries will be transformed and redefined by the interoperability of blockchain.

For the next few years, blockchain technology is going to have a major impact on these five major industries:

• Government
• Law
• Banking and finance
• Healthcare
• Cyber Security
• Real estate
• Supply Chain Management
• Agriculture

Blockchain-based EMR System

When most people hear the term "blockchain," the first thing that comes to their minds is probably not healthcare. This is a perfectly logical reaction given that the technology hasn't yet expanded much beyond the realm of financial products, at least not in terms of public perception.

Change is necessary, however, in light of the current state of affairs in the healthcare sector, particularly as regards medical records. And possibly at its core, is blockchain.

The difference between EMR and EHR

Although quite similar, there is a distinction to be made between EHR (Electronic Health Records) and EMR (Electronic Medical Records). Data from various sources and throughout time is collected in an EHR to create an overall picture of a patient's health. Whereas EMRs?are analogous to a patient's chart, and each visit to the doctor and processes?typically results in the creation of a new EMR.

The issue with EHR and EMRs today

In recent decades, healthcare workers have been strained by modern medical systems' complexity and shortcomings. It can be difficult to strike a balance between protecting patients' privacy and making medical information easily accessible to healthcare practitioners.

The healthcare providers are operating far too many separate systems, and these systems are unable to communicate with one another. When many healthcare providers or doctors are engaged, a digital or even printed copy of medical records must be obtained.

Even though EHRs?have enhanced safety in some areas, they also create new hazards that are systemic in nature. EHR suppliers have also?been prosecuted for distributing non-functioning devices to hospitals and accused of fraud.?

Source: DevTeam.SpaceTM

So, how can blockchain technology offer a solution to this problem when other systems have already failed?

Interoperability

Using blockchain technology, popularized by cryptocurrencies like Bitcoin, medical records could be more detailed and?better protected. Blockchain uses Smart Contracts to ensure that data is uploaded to the chain in a uniform format for all participants, which eliminates most of these issues.

Data's indestructibility

According to a recent piece in Fortune, hackers aren't interested in your credit card, but rather?in your medical records. This demonstrates exactly how important our medical records are.

A blockchain can only be added to or changed, not deleted. Transactions or records can be cryptographically secured and time-stamped with blockchain. This enhances confidence in both the system and the records, taking privacy and security issues to a whole new level in the process.

Power to the patients

Rather than a one-size-fits-all approach, a blockchain-based EMR system is being developed that may be much more reliable, safe, and accessible than today's EHRs. If correctly implemented, blockchain-based EMR systems of the future could provide people even greater control over their health care decisions.

This is in stark contrast to the existing system, in which medical records are fragmented, out-of-date, and untrustworthy, and the patient has absolutely no control over who can access them – if they are even accessible at all.

This innovative technique has the potential to save many more lives and return control to the people by keeping data on a blockchain that is secure, unchangeable, easily accessible, and updated in real time.

Final words

The future of blockchain technology is bright in a variety of important fields, one of which being healthcare. As the use of blockchain technology expands into more and more industries, new job opportunities are also opening up. In the current job market, technical developers are in high demand.

You can learn more about blockchain-related job possibilities