Blockchain in Healthcare: 5 Ways Blockchain can Revolutionize Healthcare Industry

The blockchain is making headlines every day. From the Prime Minister of India to the Nigerian government to the boy sitting in the corner of the office, everyone is talking about Blockchain technology. Everyone is discussing how technology has ditched the idea of staying in the background of Bitcoin and cryptocurrency and has gained the limelight in the market – which is actually commendable.

The Blockchain technology, in the present time, has entered every business vertical, or at least left a hint to hold the potential to revamp every business vertical – with Healthcare no exception.

Blockchain in Healthcare – Are you surprised by this phrase? Wondering how can Blockchain revolutionize the established Healthcare domain, helping the patients and doctors to enjoy better health and care services? If so, this article will be a good read for you.

Here, we will discuss the possible applications of Blockchain technology in Healthcare along with some real-life examples.

But before, let me share this truth:-

Despite this upsurging popularity, many people are still tight-lipped when asked about what is Blockchain technology and how it works. If you too fall into this group, don’t feel bad. Rather, check this digestible guide to Blockchain technology.

Now, as you might have an idea of Blockchain technology, let’s jump directly to the applications of Blockchain in Healthcare arena.

Applications of Blockchain Technology in Healthcare Industry

The Blockchain technology can be a game changer in the Healthcare arena, with numerous possibilities, including:-

  1. Seamless Medical Data Sharing

Blockchain in Healthcare will bring a major difference in the terms of medical data sharing. The technology, with the characteristics of distributed ledger and decentralization, will cater to the needs of health data security, integrity, and interoperability. It will make it easier for the healthcare institutes and patients to exchange medical data securely and effectively through a common architecture.

In other words, the information will be accessible by all universally; implying seamless data access in real-time and an escape from the inconsistency of the data and lack of compatibility among popular healthcare data exchange systems.

A relevant example of this application of Blockchain in Healthcare is Prescrypt. It is a blockchain-based prototype that provides the patients with 100% authorization on their medical records; empowering them to grant and revoke access to their data.

  1. Ease of Human Population Data Analysis

As discussed earlier, the Blockchain will enable storing the health records of all the citizens of a nation in a single entity. This will make it easier for one to gather and analyze data and come up with the required human population insights. One need not visit different places, collaborate the data, and review.

  1. Secured Pharmaceutical Supply chain

The supply chain is yet another major area of Healthcare sector where Blockchain can play a significant role. As you might know, the drugs are developed at the manufacturing centres from where they are distributed to wholesale distributors and then to the retailers and pharmacies, to reach the patients ultimately.

In this long process, there’s a major risk of counterfeiting, which can be eradicated via Blockchain. The Blockchain technology can verify the integrity of the drugs being supplied by introducing the concepts of Smart Contracts, Proof of Work, and Transfer of Assets.

Want to hear more about these concepts? Discuss with a reputed Blockchain development company today.

  1. Real-Time Bill and Payment Tracking

Blockchain will also bring an impact in the payment and transaction process, making the healthcare institutes turn towards Blockchain development companies. Besides providing the healthcare institutes with cryptocurrencies, the technology will test and track every billings and payment papers – making it tougher for people to submit forged claims or compromised medical records.

Also, the technology will make the insurance agreements and payments within the approach, eventually lessening the risk of fraud and misery to the patients.

Consent in Clinical Trials

Just like that in the care of medical records, the Blockchain technology can also be employed to determine the consent in the clinical trials. The technology can empower the healthcare institutes to store their legal papers and certifications on the Blockchain, which can not be altered. In this way, the technology can be helpful in maintaining the integrity of the information associated with the clinical trials.

The blockchain is in its nascent stage. However, with the pace Blockchain is entering into the healthcare domain and proving to be the solution for the prevalent challenges, it is for sure that Blockchain will be the future of the healthcare industry. A clear indication of this is the IBM’s report that reveals that nearly 16% of the healthcare executives have decided to introduce Blockchain into their work by the next year, while around 56% of healthcare executives are predicted to embrace Blockchain solutions by the year 2020.

So, are you prepared for the same? Have you planned to introduce Blockchain into your healthcare processes? If not, it’s the right time to look forward to investing in Blockchain development. Hire a reputed Blockchain development company and discuss your business model to look for where and how the Blockchain technology could make a difference in your business, and enhance your ROI.