BLOCKCHAIN has been the buzz word for quite some time now. Many of us have heard a lot about it in the form of a cryptocurrency named Bitcoin. In actual, this gave the world a better insight into the blockchain technology.
Over the course of recent years, Blockchain technology took the world by storm with its immense success in data exchange and management. Today, more and more industries are adopting blockchain to innovate the way they work. One such industry that is looking to adopt blockchain is the healthcare industry.
So in this post, we’re going to unpack how blockchain technology will disrupt the healthcare industry. But before deep diving into the topic first, let’s understand what actually blockchain is.
A distributed public ledger of information spread across multiple computers that are not owned by a single person. Sounds simple? But it has something that makes a difference – Blockchain doesn’t allow the retroactive alteration of information that is being stored in the blockchain network. Blockchain makes use of linked transactions that helps in storing and maintaining uniform information across the digital network.
Current healthcare system
An overwhelming of clinical, medical and patient information making it very difficult for healthcare organizations to collect, manage, and analyze data. Despite having different handy devices, accessing critical information is not as easy and quick in times of need. And still many healthcare facilities, depending on the traditional way to maintain all these records, which give rise to different questions related to cost, data accuracy and more.
Therefore, the healthcare system not only needs an advance solution but also need a smooth, transparent, easily operable and cost-efficient solution.
Blockchain to rescue
The use of blockchain can make a big difference in the healthcare industry in a number of ways. Below we’ve listed certain pain points in the healthcare industry and how blockchain enters to rescue it.
Most of the healthcare organizations spend more amount of time and money to manage all the vital information. With Blockchain one can easily and efficiently maintain the complete healthcare information. And it eliminates the need for intermediaries to exchange vital information thereby takes away the unnecessary administrative cost. It gives a clear picture of any patient in an accurate and timely manner.
It’s quite regular in many healthcare organizations to perform clinical trials to find the effect of a particular treatment. During this period, researches may run a series of tests to find and record the results. A simple trial includes a lot of data, which makes it difficult to track and exchange the data for approval. Blockchain eliminates all these hassles. It also offers greater transparency and accountability.
Another appealing benefit of blockchain is it can avoid the financial mishaps in healthcare organizations. Its distributed nature speeds up transaction processing and eliminates fraudulent acts.
In the traditional healthcare management system, the information transfer between different parties is a very sloppy process. With digital medical records in the blockchain technology can be utilized by any healthcare organization irrespective of the locations.
Traceability of drugs
The misuse of drugs and clinical prescriptions is a major issue faced by many healthcare organization. According to the health research organization, around 10 to 30% of drugs sold are fake. How we can avoid this? Blockchain
With one of the most valued features of blockchain, that is the unchangeable data in the network healthcare organization can easily keep track of the entire drug manufacturing process and avoid the fake or misuse of medical drugs
Over the last few years, healthcare industries have seen several data breaches across the world. But with the use of smart contracts in blockchain technology, the healthcare industries can allow and restrict the access of the information in the blockchain network.
So with many potential use cases, the blockchain technology has the ability to transform healthcare industries in a different landscape. What we have seen is just the initial part of blockchain in healthcare, there’s a lot more to come. Have any queries about blockchain implementation in healthcare, please leave your comments below or mail to us your queries.