There’s a lot of buzz going around blockchain nowadays. Undoubtedly, blockchain is one of the popular trends worldwide. Blockchain in healthcare industry is becoming complex, with many stakeholders involved, including doctors, insurance companies, hospitals, the government, etc.
The blockchain technology in healthcare streamlines communication between different parties and at the same time enhances the patient’s experience.
Big players such as Google, Microsoft, and IBM are spending bucks and investing their hours doing blockchain research for healthcare. It’s not just about hype; there is something significant about this technology.
So, in this blog, we will explore the need for blockchain in healthcare and its underlying benefits.
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Need for Blockchain in Healthcare
Incorporating blockchain in healthcare is more than a necessity now because there is no central administrator.
Because the database is tangible and all the content is stored in the system’s physical memory, anyone has the right to access the system, which often corrupts the data.
The most prominent use case for blockchain in healthcare is electronic healthcare records management.
With blockchain technology, it becomes easy for healthcare professionals to store and manage electronic healthcare records. Blockchain creates a decentralized system for sharing patient data across different providers and, at the same time, streamlines patient records.
Moreover, multi-national organizations such as Google, Deloitte, Visa, etc. are investing in blockchain technology because blockchain is the next-generation technology that will bring massive changes to the world.
Even pharmaceutical companies such as Amgen, Pfizer, and Sanofi leverage blockchain technology to track and authenticate health-related products.
Research studies indicate that there has been seen an increasing number of information leaks and data breaches in the healthcare sector, so there comes the need for an efficient healthcare data management system to deal with such issues. Thus, blockchain technology is a must.
According to a report from Grand view research, global blockchain technology in the healthcare sector is projected to compound at an annual growth rate of 68.40% during 2023-2030.
There is a need for blockchain technology in the healthcare sector because of the following reasons-
1. Supply chain integrity
Blockchain technology in healthcare acts as goldmine in pharmaceutical supply chain because it provides effective results by bringing improved traceability and transparency.
Every minute detail of the supply chain is recorded, and at the same time, patients can access real-time information on the blockchain.
Thus, blockchain transforms the healthcare system by creating a decentralized network that can monitor patient health records or drug moving across the supply chain.
2. Access to patient medical health records
Unorganized and ineffective healthcare data management can pose patient lives at risk. Medical blunders happen because of poorly coordinated treatment which contribute to the death of patients.
Moreover, hospitals need to be made aware of a patient’s medical history as they do not have access to critical data records of patients. So, there comes the need for a blockchain that provides a comprehensive view of patient records.
3. Robust data security
Blockchain technology in the healthcare industry is a distributed database that provides secure and transparent healthcare data management. With the advent of cryptocurrency, blockchain facilitates customer data’s security and privacy.
Each blockchain block comprises a hash, making it impossible for someone to tamper with or hack a patient’s data.
Breaching healthcare data always becomes the top priority for cybercriminals. Medical data breaches are not only expensive but can lead to reputational damage.
That’s why hospitals and health care centers intend to store patients’ sensitive information along with other health care records on smart contracts. Research studies indicate that more than 176 million patient health records were breached during 2009-2017.
Most Importantly, hackers are interested in stealing patients’ bank details and credit card information. Undoubtedly, blockchain (a tamper-proof and incorruptible solution) is an effective way to secure patients’ data.
2. Brings transparency in supply chain management
As you already know, drugs and medicines are never made in hospitals; instead, they are developed by pharmaceutical companies and labs worldwide. With the conventional system, verifying the origin of medical goods becomes impossible.
In that case, blockchain provides a decentralized tracking platform to verify the authenticity of medical devices and pharmaceutical products. Now, customers can get complete visibility and transparency of the goods they buy as the entire medical chain has become transparent.
Additionally, transparency in the supply chain is vital because there has been seen increasing number of cases where fake prescription medicines are causing tens and thousands of deaths.
3. Drug traceability
Drug traceability refers to tracking drugs across the supply chain ranging from manufacturers to patients. Every data is stored on the blockchain, and every block in the blockchain consists of a hash value which assures there is no data tampering.
The movement of drugs from one party to another are visible in real time. Thus, blockchain-based systems in healthcare allow regulators to identify counterfeit products.
For Instance – Companies, including Walmart and IBM, collaborate to pilot blockchain solutions for tracking pharmaceutical drugs.
4. Cryptocurrency payments
Cryptocurrency payments are one of the emerging trends in healthcare. Although, there are healthcare providers who have started accepting crypto payments.
For Instance – Aveon Healthcare, the technology-centered health group, uses Bitcoin virtual currency wherein users can send and receive bitcoins electronically with wallet software.
Furthermore, blockchain-based healthcare solutions provide multi-fold benefits to healthcare professionals, such as sending invoices easily, managing payments, improving patient experience, etc.
5. Single longitudinal patient records
Blockchain comprises a chain of blocks where the record of every patient is stored on the blockchain ledger. Using AI and ML, various records such as disease history, lab results, treatment fees, etc., help doctors forecast the diseases when the patient visits the hospital next time.
Furthermore, Hospitals can use these precompiled patient records to offer discounts to those customers who have visited in the past.
Now, you understand that blockchain technology is a blessing in healthcare as it offers multi-fold advantages to hospitals and healthcare professionals, such as facilitating trustless communication, reducing complexity, enabling drug traceability, and bringing transparency across the supply chain.
So, if you are ready to embrace this change with our best-in-class decentralized solutions, then our blockchain app development experts are there to make your business more efficient, secure, and scalable.