The initial years of the 21st century have seen some massive inventions that impacted the whole world. Be it the internet, computer, or the new sensation ‘Blockchain’, which is considered one of the greatest inventions of this modern era, taking the world by storm by its revolutionary work in data management. Many industries are leveraging the benefits of this great technology, and the healthcare industry is no exception. Today, the healthcare industry is switching towards a patient-centric approach. Due to the increasing number of patients and ailments, it’s difficult to manage and collect the information for every patient. Although managing data and records have taken a great leap from paper to digital, the problem of sharing data between the systems still persists. This is where Blockchain technology comes into play and makes things more simplified. Image source: https://bit.ly/2QjxOYQ Blockchain has widespread implications for the stakeholders present in the healthcare industry. In the healthcare system, a huge amount of data scatters around multiple computers. In order to use the information in a systematic way, all systems need to be checked which takes a lot of time to go through. Today’s healthcare system is not able to handle all the data. Hence, Blockchain is the best solution for all data management problems in the healthcare industry. With technological innovations continuing to find a place in the healthcare industry, health data security is the topmost priority for organizations of all sizes. Blockchain technology organizes the data so transactions can be verified and recorded through the consensus of all parties involved. In this blog post, we will unpack some key applications of Blockchain and how it can revolutionize the healthcare industry in the coming future. So, without further ado, let’s get started. Applications of Blockchain in Healthcare 1. Patient Health Information (PHI) Storage: The primary challenge of the healthcare system nowadays is to manage the voluminous health data like health records, payment invoices, medical insurance claims, etc. on a daily basis. As the quantity is increasing day by day, medical organizations are finding it difficult to store and protect the health information of patients. With strong encryption techniques and decentralization methods, Blockchain technology can be utilized for maintaining health records as it provides security and transparency. It also helps medical organizations to ensure regulatory compliance and verify PHI integrity. 2. Medical Fraud detection: Supply chain management is a major issue which needs to be taken care of in all sectors, however, it has greater importance in healthcare due to its increasing complexity. By introducing higher data transparency & improved product traceability, Blockchain prevents fraudulent attacks and provide a safe & secure platform to eliminate the duplicate or erroneous records. 3. Pharmaceutical research: Executing the healthcare operations of a pharmaceutical company takes a lot of time and resources. Due to the increasing costs of healthcare and to innovate faster on new medical treatments, it’s necessary for multiple pharmaceutical companies to find an approach to collaborate competitively. The usage of Blockchain based solutions can enable a technological platform to facilitate the transfer of trusted information among multiple parties. It can also provide a mechanism to share trial and clinical data competitively. Sometimes, it’s difficult for pharmaceutical companies to outsource their clinical research projects. In this scenario, Blockchain can provide proper outcome validation and data integrity. 4. Fake drugs detection: Counterfeit drugs is one of the major issues in the healthcare industry in recent years. The shortage of proper tracking mechanism creates ample of weak links in the supply chain, because of which these drugs can be infused in the supply chain. Blockchain provides a perfectly fitted solution which helps you maintain the supply chain information in a tamper-proof system accessible to multiple parties. 5. Billing claims management: Billing fraud has become quite a serious issue in the healthcare industry. The current processes in the field are finding it difficult to detect the occurrences of fraud. Blockchain in healthcare can go miles towards improving billing auditability and security, while also promoting payment processing and billing efficiency. Also, it provides a solution of direct links between bearers (one who clears the claim) and patients (one who makes the claim), as there is trust inbuilt. Have a look at the list of companies and initiatives that use Blockchain based solutions for billing and claim management. 6. Telemedicine: It is another area in medical care that can benefit from Blockchain technology. Blockchain-based telemedicine platform can ensure traceability & transparency, validate professional identity & data integrity, and provide incentive metrics to the healthcare professionals. Successful advancement of such platform can create a global healthcare marketplace in the future by balancing the global supply and demand for healthcare resources Image source: https://bit.ly/2K2fY8h To sum up, we can say that Blockchain technology has the potential to solve several problems plaguing the healthcare industry today. As a trusted mediator, it can enable novel healthcare solutions; and as an incentive machine, it can enable novel business models that can prove to be extremely useful for healthcare stakeholders like patients and providers. The way the internet revolutionized healthcare and introduced telemedicine, Blockchain technology likewise has got the potential to take medical science to the next level in the future.
According to a study by IBM, around 16 percent of healthcare executives are determined about their plans to implement a Blockchain solution in their work this year, while around 56 percent expected to adopt Blockchain by the year 2020. The promising future of Blockchain in healthcare has a much wider horizon, and this horizon is approaching faster than most people realize. With so many potential use cases and possibilities, Blockchain is sure to disrupt the healthcare landscape for good. If you are looking for someone who could provide a wide variety of custom Blockchain development services for your business, then contact us. We provide an inclusive range of custom Blockchain development services and enterprise-grade implementation solutions for leading Blockchain platforms, protocols, and permissioned ledgers, including Hyperledger, Ripple, Corda, and Ethereum. You can drop us a line at [email protected] or call us at 1-703-537-5009.
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About AuthorKiara Robbins is a Content creator at Top leading Mobile App development company having offices in USA & India. We develop Mobile Applications such as Android Apps , iOS Apps and Web Applications for clients across the globe. Archives
January 2021
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