27 Feb The Ultimate Guide on Blockchain in Healthcare Industry
Nowadays, the usage of technology is booming at a great pace. Each and every Industry wants to take advantage of those new technologies to grow up their business, such as mobile app development for the business. Besides this, today various emerging technologies are booming in the market such as AI, Machine Learning, IoT, and Blockchain etc. Among all of this Blockchain is a potential technology used in the banking and finance sector. Now, this technology is used by other sectors. Blockchain has an advantage for the Healthcare Industry.
Blockchain in Healthcare
According to one research, it is projected that global annual health is going to spend around US$8 trillion. On the other hand, there is a lot of dissatisfaction regarding the quality of services. And the high cost that people face in order to access them. That is also said that the Healthcare industry will be going to take maximum advantage of blockchain technology to enhance medical sector. Blockchain in healthcare real implementation is taking shape gradually. It is not ready to use until they have been proven to be reliable and safe enough.
However, the technology powering bitcoin may soon work to alleviate many of these pressures and provide both patients and healthcare institutes. With secure, seamless, and efficient ways of data sharing, processing claims, as well as enhancing medical research. Apart from this, let’s discuss some interesting ways by which medical Industry enhanced through Blockchain.
Ways to Evolve Blockchain Technology for Healthcare
1. Drug Development and Supply Chain Management
Currently, many pharmaceutical companies are developing drugs. And it is hard for the medical institute to manage all the authenticated documents of drug suppliers. Blockchain in healthcare could improve traceability and transparency in the supply chain. By providing both the big picture and minute details of every transaction of any pharmaceutical product. Blockchain technology already uses to optimize supply chain management by companies such as IBM and Walmart.
With supply data stored in a blockchain, patients could access real-time information about any drug from production to arrive at the retail pharmacy. Barcode labeling would enable other features into the system such as,
- Monitoring the stocks on medicines in polyclinics
- Records of medicines transferred to whom
Likewise, blockchain can transform the system from disconnected data segments owned by a single entity to the life history of any resources. Whether it’s a patient’s health record or a drug moving through the supply chain.
2. Medical Data Sharing and Management
Sometimes in diagnoses of disease, medical error is the third leading cause of death. It is because of the tremendous lack of transparency between medical institutions and the inability of hospital systems to safely and efficiently share data with one another.
By adopting Blockchain, it can securely provide ease to transfer of patient records among health systems both nationally and across borders. And boost the coordination of member health management, lower transaction cost, and risks, and even support medical tourism.
Even a single entity doesn’t control medical data stored on blockchains. Therefore, it can distribute among groups of individuals and organizations. Every transaction on the chain is time-stamp becoming a permanent record of the entire whole that can’t be altered afterward.
3. Blockchain for Medical Research
As of now, almost half of all clinical trials go unreported, and researchers often neglect to share their results, creating knowledge gaps for experts with putting patient safety in jeopardy.
However, by including blockchain in healthcare for new and innovative research initiatives it will be a part of the revolution in healthcare. Having a secure and centralized storehouse of clinical trials. And patient outcomes for new treatments could enhance patient care and results vastly. The unchangeable time-stamped blockchain records of clinical trials and outcomes could help reduce result switching, data snooping, and unethical reporting, lowering both fraud and error.
4. Case Management
Blockchains can also have a positive impact on patient case management. Once a patient consults a physician and a treatment plan devise, the treatment program can add to the blockchain leader as a part of the medical record of the patient.
Then, a smart contract can develope using all the elements of the patient’s case management. The contract specifies the framework of the patient’s treatment goals coupled with the rules. That defines within the smart contract to track and evaluate the patient’s progress. Once the patient’s file incorporates into the blockchain, it can provide chronological data about the delivery of care and the patient’s response.
Another layer of benefit can be found where a patient’s health information is cull from wearable monitoring devices and social media applications and then upload to the patient’s personal blockchain ledger. It is a smart contract can gauge the patient’s performance towards their health goals.
The great thing about the process is that anyone in the network can view the patients’ data. But only once the patient gives their consent thereby removing the need for centralized control and lowering the chance of PHI data theft.
Technology is a seed of new innovation. The establishment of Blockchain in healthcare can improve the dimension of Medical Industry in many ways. Blockchain can help to grow the medical sector and opens the door of well medical research and to manage medical data.