Blockchain is one of the most trending topics in the world right now. Multiple studies have indicated that the implementation of blockchain technology can save money, improve efficiency, and grow all-around performance for diverse industries.
Blockchain in healthcare presents a significant prospect in creating secure, easily accessible, and trustworthy health information systems.
According to MarketsandMarkets research, the worldwide healthcare blockchain market will reach $829M by 2023 from $53.9M in 2018, at a CAGR of 72.8%.
Blockchain has already started to affect by restructuring the data management system that acts as the foundation for all healthcare services.
Before we move ahead with the advantages of Blockchain, let’s look at the technology and its potential.
What is Blockchain?
Blockchain is a decentralized distributed ledger of all the transactions across a peer-to-peer network. It records transactions using intricate algorithms and encryptions in a database made up of chained blocks. The new made-up block is chained to the previous block to make a chronological record.
Blockchain has no central authority, and transaction records are stored and distributed to all the participants involved. Its decentralized character makes the transactions secure, tamper-proof, irrevocable, and effortlessly accessible to everyone in the system.
Potential of Blockchain In The Field Of Healthcare
Blockchain for healthcare can resolve many issues like data security using patient information. The healthcare industry yields massive data such as laboratory test results, clinical trials, medical records, bills, remote monitoring, etc. These crucial data are stored in multiple separated databases.
Blockchain development services can utilize the data to enhance the quality of maintenance by facilitating the sharing of medical records, safeguarding sensitive data from cybercriminals, and providing patients more control over their data.
For example, a Blockchain development company can combine patients’ medical and prescription records from various websites and providers to develop a single, up-to-date history that doctors can access when treating a patient.
Advantages of Blockchain in the Healthcare Sector
1. Enhance Patient’s Electronic Health Records
Electronic health records are essential as they provide a comprehensive, authentic, and accessible history of every patient’s medical treatment. It records patient health information in a digital format that numerous healthcare providers store.
However, the health information system is not secure, and there are chances of the sensitive personal data held in EHRs being leaked. The healthcare provider that made the record maintains direct access to an individual’s EHRs data. These data are operated inconsistently by them.
Blockchain resolves these imperfections by connecting EHRs and sharing ownership of the records with the concerned parties with additional security and authentication features.
2. Improve Medical Research Procedure Using Blockchain
COVID-19 has drastically impacted the healthcare industry. The pandemic has also affected medical research procedures and clinical trials. Clinical trials are the basis for discovering new medicines, vaccines, treatments, and cures for life-threatening diseases.
The healthcare industry can use blockchain-based methods in medical research to improve the performance of clinical trials of new medicines. The built-in security of Blockchain gives assurance that the data cannot be changed or accessed by unauthorized entities.
Patients have full authority over their data and its distribution among healthcare providers and insurance companies. Blockchain provides robust security that safeguards participants’ intellectual property rights by averting their research from being leaked.
3. Tracking Drug Authenticity In Real-Time
Blockchain offers a reliable solution to ensure drug authenticity and traceability. It can store drug-related information at every stage of its lifecycle. Supervising and handling the movement of drugs and other medical stocks can be easily trackable in real-time. Enterprises can also recognize counterfeit medicines and expired medical products using blockchain app development services.
Medicine consumers will also assure the authenticity of bought products by scanning the QR code and scrutinizing the data about the manufacturer and other appropriate supply chain distributors. The implementation of blockchain technology will eliminate the distribution of fake drugs.
4. Boost Healthcare Cybersecurity
Healthcare service providers always remain a primary target of cybercriminals. According to the data gathered by Protenus, cyberattacks on hospitals grew during the COVID-19.
- 40+ Million patient records were stolen in 758 incidents in 2021. Among them, 8M records were leaked by insiders.
The built-in encryption and various security features of Blockchain can boost healthcare security. Decentralized storage decreases the harm that a single data breach can impose. Patients can easily unlock their health records and control their private information using cryptographic master keys. The global use of Blockchain must follow HIPAA needs when using decentralized storage.
5. Transparency in Updating Medical Supply Chain
We all have seen a shortage of essential medical equipment and medicine during the COVID-19 pandemic. It emphasized the vulnerability of healthcare providers and the need to update the medical supply chain.
A mobile app development company in India can develop robust, intuitive, and secured blockchain apps to manage supply chains in the following ways-
- Process planning
- Information flows
- Manage and update inventory
- Decrease operating cost
Blockchain technology can also forecast the demands of medical supplies and prevent fraud by incorporating all the related data production, distribution, and warehousing information in a single immutable record that is stored securely.
6. Payments Via Cryptocurrency
Several blockchain use cases are related to cryptocurrency payments in the healthcare industry. For example, Blockchain can help receive medical assistance and pays for them with cryptocurrency. Hospitals are also accepting donations using cryptocurrency.
Aveon Health is a Family Medicine & Diabetes Care medical group that acknowledges the benefits of using Bitcoin. People can send and receive Bitcoins electronically using wallet software for medical diagnosis and medicines.
Wrapping Up
Blockchain technology could change the healthcare industry from centralized, detached, and unarranged to decentralized and distributed global systems. The technology could immensely enhance healthcare facilities’ delivery and reduce organizational inefficiencies.
The worldwide implementation of blockchain technology in healthcare will provide patients with more authority over their data, enhance the accuracy and security of electronic health records, and make healthcare services more convenient.
A blockchain-based health information system has the opportunity to unlock several potentials. Mobile app developers can build healthcare apps to scale business efficiently and reduce intermediaries.
