Future of Blockchain in Healthcare

Did you know? More than 6.1 million patients individual medical data have been theft since from the beginning of 2018, according to the data by Healthcareinfosecurity.

This is really shocking and scaring. Right??? We all may think that how this valuable data is being stolen or hacked by somebody else? How this problem can be solved by the healthcare industry? In this blog, we can explain to you all of this.

The blockchain solution is highly disruptive and provides a tremendous opportunity to overcome the challenges that exist in various industry sectors. While healthcare had a huge impact on adopting blockchain technology, most of the health-care already in the process of adopting blockchain to provide secure and integrated care to the patients.

This can be great news for all the people out there. Before getting into the blog, let’s have a look at the video below made by blockgeeks.

Use cases/applications of Blockchain in Healthcare

Supply chains - The pharmaceutical companies, manufacturing industries, distributors, suppliers, including every part of the healthcare supply chain could get benefited from the blockchain.

Each time when the company undergoes a transaction with another company, the complete transaction would be recorded and validated on the blockchain. This makes it simple to make transactions and allow the buyer/receiver to validate their transactions.

Drug verification - The blockchain has the ability to verify the credibility of drugs/medicines from the pharmaceutical at the time of distribution. This credibility of drugs involves the medicines expiry date, handling conditions, and several other vital conditions to enhance patient safety.

Reimbursement/ Repayment - The shared blockchain ledger creates a trusted relationship between all recipients by recording transactions and contracts publicly. This can help the payers, patients, and others to exchange data and to verify their insurance coverage without any hassle.

Control the Access - The blockchain contains the Electronic Health Records(EHR) data, whereas the smartcontracts will define and provides access rules to ERH content. This ensures that only an authorized person can access the ERH data.

How blockchain is secured?

Security :

Theft, security breaches and tampering of healthcare data is the major concern by most of the healthcare organizations because the loss of patient data may lead to severe legal implications. Thus the blockchain technology makes it difficult to tamper with healthcare data, as it requires validation from each node present in the blockchain. The blockchain framework can be built by the certified blockchain developers.

Universal access

Blockchain ensures managing access of patient data that present at each and every node and makes it available for the authorized entities those who had the right to access provided by smart contracts.

Integrity

The blockchain implementation replaces the multiple details of a single patient data with a single source of up-to-date information of the patient. Thus the patient is the owner of controlling and accessing data to PHI information.

Maintenance cost

The typical healthcare system involves various operations but lacking to perform recovery mechanisms like backup storage services, and in ensuring up-to-date pieces of information. To overcome such situations blockchain technology is enforced, in which the data is distributed across the network and there are no chances of single point failure. This makes the transaction volume to get reduced and therefore minimizes the burden on the healthcare industry.

Get blockchain solutions for Healthcare.

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