blockchain technology | future of blockchain | healthcare industry
Blockchain – In Healthcare Industry
Healthcare data can be created, copied and modified
faster than ever before. And if data is the fuel behind more efficient care,
blockchain may be the vehicle to get us there.
As a report by many practitioners, from 2005 to 2019,
the total number of individuals affected by the healthcare data breaches and
other issues was 249.09 million. Out of these, 157.40 million individuals were
affected in last five years alone.
What is Blockchain: -
The Blockchain is basically a system of
recording information in a way that makes if difficult or impossible to change,
hack or cheat the system.
It is essentially a digital record book of
transactions that is duplicated and distributed across the entire network of
computer system on blockchain.
Blockchain is an
intricate system used to package the data in a way that can be trusted
completely, it can only be modified by certain users. Once data is created,
it’s broadcast and verified on a peer-to-peer network and then a block of
information is formed. Only people with the correct key can access and change
it. And every time the data is modified, a new block is verified and added to
the chain. If someone tries to tamper with transaction or block in a chain,
permissioned members and validation tools work
together to confirm or reject the new data. This process ensures the blockchain
remains a safe, secure and trusted source.
Future of Blockchain in Healthcare: -
In healthcare industry, the blockchain can optimize the real data through vast connectivity, providing a new way of sharing, analyzing and verifying information. Some possible applications and positive impact of blockchain in healthcare industry are as follows:
·
Decentralization -
The blockchain has a decentralized system which makes it hackproof and prevents
every single copy of data from tampering. This can eliminate all man-made and
even natural disasters ensuring foolproof security. Moreover, the power saved
by these researchers can be used to find cures, drugs and treatment of various
diseases and disorders.
·
24*7 monitoring of data –
Blockchain for healthcare can be used for sorting and updating useful patient
data like blood pressure and sugar level in real-time with the help of IoT.
This assist the doctors to monitor patients 24*7 which are prone to high risk
and to inform & alert the doctors in case of an emergency.
·
Integrity of medical records –
Blockchain can be used to ensure the integrity of all medical records. It’s
because whenever a medical record is produced, it can be stored in the
blockchain which will provide its absolute proof as the record in blockchain
can’t be changed.
·
Supply chain management – The
current healthcare supply chain in both insecure and drawn-out. First, the
drugs are manufactured at the industries. Then, they are transferred to the
wholesale distributors. In this process, there can be a major threat to the
authenticity of the drugs. But the blockchain can solve these issues at one go.
Blockchain can assist the manufacturers to keep a track of all the ingredients
used in a drug. It ensures that all the ingredients used are as per medical
standards.
·
Treatment Regimen –
Blockchain can also prove to be handy for medical research purposes. The
researchers via validated access to the patient’s data can effectively study
the impact of any specific treatment over a massive fraction of patient’s
population.
·
Cost effectiveness –
Blockchain technology completely eliminates the third party and mediator
systems out of equation that is usually involved in fetching and transferring
data. The absence of this system results in achieving great cost-effectiveness
in healthcare system.
·
Settlement of claims –Time
consumed for settlement of claim is one of the things that makes the process
complex in healthcare industry. Smart contracts in blockchain defines the terms
and conditions of contract between the prayer and the provider. It comes into
effect when a claim is submitted. It is followed by processing of the claim in
real-time and at the last payment is transmitted to the provider.
· The potential of blockchain for healthcare industry highly depends on the acceptance of new technology within the healthcare ecosystem in order to create technical infrastructure.
Though there are certain concerns and speculations regarding Blockchain’s integration with current health care systems and its cultural adoption. But the technology is still popular in healthcare sector.
In coming years, we may see a blockchain disrupting the healthcare industry and there will be boost in the healthcare app development using blockchain technology.
However, there might be some serious challenges blockchain can
face like any other advancement faces. But one thing is for sure that
blockchain will take healthcare sector to another level of heights.
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