Blockchain technologies have grown to attract much interest not only from the Tech industry but also from the other industries as well as the general public. Today, the use of Blockchain is far beyond cryptocurrency and financial transactions. The technology now has largely been associated with several industries including manufacturing, healthcare, and entertainment.
The Healthcare sector is gradually adopting blockchain to leverage its benefits of decentralization, enhanced security & privacy as well as recording/tracking patient’s medical health records while putting them at the center of the ecosystem.
As per a market survey,” Blockchain Technology in Healthcare Market size was valued over USD 48.1 million in 2018 and is expected to witness 65.0% CAGR from 2019 to 2025.”
Countries like Australia and the UK have already started to experiment with Blockchain technology and are well managing medical records and transactions among patients, healthcare providers, and insurance companies.
In this article, we have listed the advantages of blockchain showcasing how the technology is proving to be revolutionary for the healthcare sector.
Advantages of Blockchain in Healthcare
Blockchain represents a great promise for healthcare providers. The industry is increasing its standard of care through Blockchain app development inpatient data management, drug distribution/prescription, clinical research & trials, etc. The technology can be used in long runs for electronic medical records (EMR) and would achieve better health outcomes for patients improving efficiencies in healthcare delivery. The technology promises:
- Increased medical data integrity and provenance
- Unrivaled security for healthcare systems and medical data.
- Transparency & easy sharing of medical information across multiple platforms.
Implementation of Blockchain in the Healthcare Industry
Below, we are listing out some applications of Blockchain in the healthcare sector. Continue reading to know how Blockchain is revolutionizing the Healthcare Industry.
Patient-centric electronic health records
Healthcare systems are seen struggling with the problem of medical data recording, tracking & sharing. Here, Blockchain plays a revolutionary role and allows health providers to create a platform that can integrate data from multiple centers and allow easy and most secure tracking of patient information.
It further allows patients to store, control, record and access their personal information anywhere anytime.
In addition to this, Blockchain allows a seamless platform for storing Annotations, certifications, exam results as well as a registry of medical prescriptions. The system can also ensure the monitoring of patient treatments, reminders as well as payments.
Applying blockchain technology helps healthcare facilities in-
- Accessing and managing patient’s health records anywhere anytime
- Easy sharing of data with any healthcare professional securely;
- Keeping track of patient’s medical background/history
- Allow you to control your data access
- Check your latest medical prescriptions and more
Here is a brief detail about Blockchain Technology for Better Electronic Health Records
Medical Data Security
Do you have any idea how precious your medical data is? You will be astonished to know that it is worth more than your credit card number. This data is sold at high prices in the black market. According to a report by Protenus Breach Barometer, about 140 million patient health records were hacked between 2015 and 2016.
Thus, securing medical data is an utmost priority for any healthcare facility to avoid its misuse.
Here also Blockchain plays an integral role. The technology has the potential to keep private information safe and secure while still being accessible anywhere. The technology helps healthcare facilities in-
- Safely communicating via certified & private messaging between medical devices and service providers
- Helping you keep proof of ownership of medical records
- Managing authenticity for anti-counterfeiting techniques
Drug Supply Traceability & Authenticity
Statistics from the Health Research Funding Organization (HRFO), indicate that over 15% of drugs sold in developing countries are counterfeit. Due to this, pharmaceutical companies are losing about $200 billion annually.
Blockchain offers tracking possibilities and ensures drug authenticity allowing users to verify the authenticity of medicines, as well as expiry dates and other important information before purchase or consumption.
Securing Clinical Trials & Research Data
With the involvement of several institutions, clinical trials and research and development activities have been very challenging. There have been instances of theft & misuse of intellectual property.
Blockchain avoids this by allowing users to authenticate any document and ensuring proof of authenticity. This allows researchers to share statistics, test results, and quality reports without fear of losing their intellectual property.
Direct Healthcare Service Payment
Blockchain technology has been used extensively for financial transactions, with the most famous use case being Bitcoin, and this model is successfully being implemented in the healthcare sector too.
Undoubtedly, Blockchain Technology is shifting the healthcare sector for the better. The technology has the potential to revamp the industry by securely medical records and offering an automated environment where doctors and authorized staff can easily access them.
While blockchain has not been universally adopted, its use in the healthcare sector is only going to broaden going into the future and we, at QSS, are desperate to be a part of it.