Blockchain is a buzzword now! Trading, investing, and swapping across the peaks in the Bitcoin graph has gained popularity because of the value it returned for each penny in a short period. Indeed, Blockchain can revolutionize healthcare across globally leading countries. For instance, the decentralizing aspect of Blockchain is one such technology which if deployed fully, can simplify significant risks related to data security and patient confidentiality.
This blog highlights how Blockchain and health care industries can tie together. In the first place, we answer why they should do so!
Understand The Relation of Blockchain & Health Care Industry
How can the health industry fully utilize Blockchain technology?
Blockchain is a decentralized system that stores information and is safe, secure, and hack-free. It remains the digital ledge and works with different blocks as a combination. Each block has specific information in the way data gets stored. Thus, Blockchain technology allows peer-to-peer communication.
That means, if one block’s data is changed or modified, this updates the information on each of the devices available locally to all the users. It is one factor that allows the change to record super-easily.
Effect of Blockchain on Healthcare industry
Blockchain is open, and since it is highly secure, it finds application in major healthcare technologies. There are various ways through which new technology can get improvised with reduced costs. Here, medical data and innovation can be combined with the latest updates of blockchain technology.
So, to have better access to healthcare, major proofreading technologies of healthcare can be innovated with the blockchain system. Here are the top 5 blockchain healthcare uses.
Maintain supply chain transparency
The medical goods should be authentic and check that blockchain-based systems are helpful. From the manufacturing point through each stage of the supply chain, there can be complete visibility and transparency with the blockchain system.
It can be the priority in the top-performing markets, especially medicine, because many counterfeit drugs cause tons of deaths every year! Also, if you talk about medical devices, which are not inviting the interest of wrong investors, they need transparency with a systematic approach to maintain their authenticity.
So, the key feature of Blockchain in healthcare is the use of compliance. It can ensure patient safety and offers streamlined enforcement to maintain the authenticity of the devices.
Electronic Health records of the patients
Every country’s healthcare facilities are struggling with data silos. That means patients and their healthcare providers do not have proper access to the patients’ complete medical history. What they receive is only based on the face-to-face conversation of the patient, with no evidence to make it trustworthy.
So, here there can be a Blockchain-based system to maintain the patients’ records. It can also link to the electronic media software to view the patient’s history. Since the blockchain system is highly secure, the healthcare system will be hack-free, fast, and safe for all medical practitioners.
Smartest contracts for insurance
There are companies now providing Blockchain-based systems with different players in the sector. For example, in healthcare, medical device manufacturers, insurers, wholesalers, and others are allowed to authenticate their identities. It helps provide a secure supply chain system wherein all details and tracking of the products are made transparent and possible for the organizations.
There can be shared digital contracts with the Blockchain system that act as a ledger. That means no player will have a different version of the agreements, and each of them will be synced effectively for the other local players. Similarly, smart contracts can manage and redeem insurance contracts for all patients. As the data gets digitized and accessible for concerned people, the insurance providers can also use this information to optimize costs and health outcomes further.
Apart from these, Blockchain can also be used for credential verification, which will be effective for the healthcare staff. It brings a sense of uniformity and accessibility for the workers and thus can work in teams systematically. Plus, it offers faster credentialing for healthcare organizations.
Blockchain systems provide IoT level security if your healthcare organization is hiring remotely. Indeed the decentralization aspect of Blockchain makes it the best to employ its benefits in significant domains of healthcare and medical facilities.