How the Healthcare Industry Can Benefit from Blockchain
There is little room for error, hacking, or fraudulent use of the data recorded using blockchain technology. The blockchain is essentially a distributed digital ledger of all the transactions made across the entire network of computers.
Blockchain is not a business model or a software platform; rather, it’s a novel technique for recording digital transactions. Many applications, from social media sites to instant messaging programs to games to file-sharing websites to voting portals to prediction markets to online stores, can be built using blockchain technology. This is why some people have started calling it “The Internet 3.0” because of its similarities to the internet.
Get to know about various Blockchain Development Services for healthcare and their importance.
Importance of Blockchain
Blockchain is most commonly associated with digital currencies, but its value extends far beyond that. In modern times, decentralization has altered not only how businesses and individuals maintain their ledgers and conduct business with one another. It’s also emerging as a major “equalizer” of 21st-century society.
1) Democratizes Access to Finance
The role of banks in the transfer of funds is shifting as a result of blockchain technology. In the real world, people from less developed countries and economically disadvantaged populations often lack the resources necessary to fulfill banking requirements. In order to get a loan from a bank, you usually need to show your passport, proof of income, and other financial documents. This makes it difficult for many micro and small business owners who lack such documentation to secure the financing necessary to expand their operations.
2) No Intermediaries are Required
Each and every trade is recorded instantly in a decentralized ledger, bypassing the need to go through any intermediary or select group for approval. Typical sources of corruption and error in highly regulated settings are rendered moot by this simple framework.
Information is stored and processed in a distributed network of computers where it cannot be altered or erased. Blockchain makes it extremely difficult to commit fraud or conceal illegal activity by maintaining a public record of all transactions. The widespread adoption of blockchain technology has led many to hope that the global economy can be more open and accountable.
4) Less Cost Required
The two main contributors to business expenses are red tape and intermediaries. Fortunately, blockchain technology does away with both of these factors, leading to lower overall costs compared to traditional manual processing.
5) Increases Time Efficiency
Blockchain-entered transactions typically complete in a matter of minutes. Unlike banks, where several people have to sign off on a deal before it can be finalized, this doesn’t require unanimous consent. Banks, stock exchanges, and other intermediary platforms can only handle so many trades per day because they are staffed by regular people.
6) Digital Freedom
Blockchain is reshaping the power and influence of major tech firms online. Web 3.0, the version of the World Wide Web that doesn’t require external services like Google, Netflix, YouTube, Facebook, and others, is built on top of the decentralized platform.
Ways Blockchain is transforming the Healthcare Sector
In the healthcare sector, blockchain technology can improve efficiency, transparency, and safety in many ways.
1) Data Security
In healthcare blockchains, instead of patient information being stored on a single server, it is distributed across many nodes. Because of this, it is much more challenging for hackers to access or alter medical records. Further, blockchain enables anonymous data sharing between healthcare providers without compromising patient confidentiality.
2) 24/7 Data Monitoring
When it comes to the administration and enhancement of electronic health records, constant data monitoring is an absolute necessity in the healthcare industry. There are a lot of people’s lives on the line every day, and making a mistake can have catastrophic results.
Everything about a patient’s health, from their blood pressure readings to their doctors’ prescriptions, must be constantly tracked and accessed. However, there are many reasons why the current healthcare infrastructure cannot provide this level of data availability, including but not limited to interoperability problems, data breaches, and so on.
Blockchain technology can help with this. The decentralized nature of this technology allows for increased efficiency in the administration of electronic health records and increased availability of data around the clock. Furthermore, blockchain can aid in the resolution of interoperability issues by providing a standardized platform for the exchange of data between various healthcare organizations.
3) Improved Clinical Trials
The duration and complexity of a clinical trial are two of the main reasons why so many people get involved. The results of clinical trials may suffer from inefficiency and delays brought on by these factors. The difficulty in sharing information stems in part from the fact that clinical trial data is often stored in separate silos.
To alleviate these issues, blockchain technology could be implemented to store and manage clinical trial data in a more trustworthy and transparent manner. Incorporating blockchain technology into clinical trials would allow for transparent data tracking and eliminate human error.
4) Improved Drug Safety
The healthcare industry faces a significant challenge in the form of adverse drug reactions. Because of them, thousands of people are injured or killed every year. Furthermore, it is estimated that treating adverse drug reactions costs billions of dollars yearly.
Using a blockchain-based database, the origin of pharmaceuticals can be traced at any point in the distribution process.
5) Smart Contracts
The healthcare industry could benefit from using smart contracts in blockchain technology. They could be implemented in a variety of contexts, such as the instant processing of insurance claims, the verification of benefits eligibility, and the scheduling of appointments.
6) Billing Management
The filing and processing of the medical claim related to the patient’s diagnosis, medications, and treatments fall under the purview of claims and billing management. Multiple cases of fraud and theft have resulted from breaches involving patients’ medical records.
Blockchain’s ability to transparently record and store medical data in an open digital ledger makes it ideal for eradicating such occurrences, as all participants in the blockchain are immediately made aware of any changes made to the data.
Blockchain has tremendous potential to revolutionize the healthcare sector, and as the technology develops, countless other applications will emerge. However, there are still many open questions regarding privacy and operational concerns.