Blockchain technology has gained a lot of attention, mostly due to its role in cryptocurrencies like Bitcoin. However, blockchain has much wider applications than just cryptocurrencies. The healthcare system is rife with inefficiencies and vulnerabilities. Blockchain could be the solution to many of health care’s long-standing problems and shortcomings. Blockchain technology is essentially a transparent and secure way of passing information from A to B automated and safe. Health industry can benefit from blockchain in many ways, including:
Securing patient records
Patient records are amongst the most important data of any health organization. Still, they are also very sensitive and susceptible to cyberattacks, so it’s necessary to secure them with the best available means possible. Blockchain can help healthcare providers keep their patients’ records safe by protecting them against hackers. It’s not possible to access the database without a valid digital signature, so only authorized users can access it.
Patient records contain highly sensitive data, making them vulnerable to hackers. Using blockchain ensures that they remain completely secure, and none of your personal information gets leaked when sharing it with different departments.
Providing better security for electronic medical records
Electronic medical records (EMRs) allow patients’ records to be stored digitally instead of paper. Blockchain allows healthcare organizations to transfer electronic medical records securely between hospitals, clinics, and other care facilities. Some companies are already using blockchain to enable people to share their medical data via smartphones when visiting different healthcare. With blockchain being an encrypted system, it’s more secure than other storing EMRs online because unauthorized parties cannot access the data unless granted permission from the patient or doctor who owns them.
Drug supply chain
They can keep track of the product from manufacturing to distribution and decrease the risk of selling counterfeit drugs. The drug supply chain is plagued by counterfeit drugs estimated to cost pharmaceutical companies more than $200 billion a year and cause thousands of deaths. Currently, only some parts of the supply chain are visible to patients, but blockchain would allow them to track it from start to finish. There is also a possibility for smart contracts between drugmakers, distributors, and regulatory institutions.
Improvement in Medication Tracking
The pharmaceutical industry has been infamous for its lack of transparency and accountability regarding medication tracking. The high level of deception involved in manufacturing counterfeit drugs and the numerous cases of drug diversion have resulted in a total lack of trust in the pharmaceutical industry. Blockchain technology can track medication from its manufacturing source up to delivery at an individual’s doorstep. This way, drug consumers can be assured that they get genuine products from their suppliers.
Improved Payment Methods
The first thing which comes to mind when we talk about transfers and payments is cryptocurrency. One major problem facing healthcare today is the lack of payment efficiency among stakeholders involved in the industry. The first use case of blockchain in healthcare is to make payment methods better. There are several problems with current payment methods in this sector, including long processing times, high transaction fees, and a lack of a transparent system. Using cryptocurrencies like Bitcoin will make it easier to transfer funds while reducing processing time and transaction fees.