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6 Applications of Blockchain in the Healthcare Sector

Ashesh Anand
Mar 26, 2022

Blockchain technology has the potential to improve health care by putting the patient at the center of the system and improving health data security, privacy, and interoperability. There's a valid explanation behind this. Simply said, blockchain can transform the healthcare industry.

Patients may be properly focused on at the heart of all operations once it is fully deployed, which will be completely revamped with improved security, privacy, and accessibility. This is one area where blockchain technology has the potential to improve things.

It is capable of a wide range of tasks, including secure encryption of patient data and the management of epidemics. In summary, blockchain can aid digital health by making it easier to securely communicate data across disparate healthcare systems with the patient agreement.

Also Read | Technologies Revolutionizing Healthcare in 2022

What is Blockchain and How Does it Work?

Blockchain is, at its heart, a distributed system for recording and maintaining transaction data. Blockchain is a distributed, immutable record of peer-to-peer transactions that are created from connected transaction blocks and kept in a digital ledger.

Blockchain uses well-established cryptographic techniques to allow each network participant to communicate (e.g., store, exchange, and view information) without the need for prior trust. There is no central authority in a blockchain system; instead, transaction records are maintained and dispersed among all network participants.

Interactions with the blockchain are visible to all parties and need network verification before information can be added, allowing for trustless collaboration between network participants while also keeping an immutable audit trail of all transactions.

Also Read | What is Blockchain Mining in 2022?

How does Blockchain affect Healthcare?

Blockchain in healthcare refers to the use of blockchain technology in the healthcare industry for a variety of purposes. Because more and more institutions are becoming aware of its benefits, it is already being adopted.

Blockchain technology has proven to be a reliable solution for a variety of issues in the healthcare industry, including data breaches and counterfeit drugs.

Health-care systems may use blockchain to securely store medical records and update patient data across different facilities and regions in real-time. This would allow healthcare facilities to devote more time and money to patient care and innovation rather than administration.

Watch this | Advantages of Blockchain Technology for Healthcare

Blockchain in Digital Health: Use Cases

Providing Accommodation in a Variety of Sectors

Blockchain can operate as a link across major healthcare industries such as hospitals, laboratories, and pharmacies, allowing data to be shared in a secure environment. Diagnostic records, previous treatments, current prescriptions, and insurance claims make up the majority of the shared data.

Improved Patient treatment that is Faster, Less Expensive and More Effective

Blockchain has the potential to build a single system for storing and retrieving health records in a secure and timely manner by authorized users. Innumerable mistakes can be avoided, faster diagnoses and interventions are possible, and care can be individualized to each patient by eliminating miscommunication between different healthcare personnel involved in caring for the same patient.

Genomic Data Protection

Genomic data theft has become a big issue as more companies deliver DNA sequencing to the individual. This can be avoided using blockchain, and it can even be used to create an online marketplace where scientists can acquire genomic data for research reasons. This could encourage secure selling while obviating the need for costly middlemen.

Insurance and Supply Chain Settlements using Smart Contracts

Many companies offer blockchain-based systems that allow pharmaceutical companies, medical device OEMs, wholesalers, insurers, and healthcare providers to authenticate their identities as organizations, log contract details, and track transactions of goods and services, as well as payment settlement details for those goods and services.

This type of environment goes beyond supply chain management to enable healthcare trading partners and insurance providers to operate on entirely digital and, in some circumstances, automated contract terms.

Instead of each player having their own version of contracts, they can significantly reduce disputes over payment chargeback claims for prescription medicines and other goods by having shared digital contracts between manufacturers, distributors, and healthcare organizations logged on a blockchain ledger.

Medical Data Security Assurance

Pharma corporations invest millions of dollars on drug research and development, but keeping their trade secrets hidden is possibly even more important. If such stores of valuable data were to be leaked to competitors, pharma companies may lose considerable market share in a relatively short amount of time.

Medical data is typically stored in an unreadable manner across remote servers and then dispersed into smaller bits via encryption, ensuring that no party may unilaterally decrypt, change, or transfer that information across various channels.

Improving Communication Between Providers and Patients

The use of blockchain technology may be a viable solution to this issue. Decentralized blockchain solutions are available. As a result, instead of being stored in a single database, the data is spread over several network nodes.

When information in one node is changed or updated, it is updated in all network nodes. It simplifies the process of immediately sharing updated information with any doctor or healthcare practitioner.

The information kept on a blockchain is legitimate, up-to-date, and timestamped, making it simple for providers to review and act on it, especially in the event of an emergency. It also aids clinicians in creating more individualized treatment programs and completing diagnoses more quickly.

While there are tremendous applications of Blockchain technology in health care, it is not yet fully mature or a panacea that can be used instantly. Before a healthcare blockchain can be embraced by companies across the country, a number of technical, organizational, and behavioral economics difficulties must be overcome.

Also Read | Internet of Bodies

Future of Blockchain in Healthcare

Blockchain technology aids in the resolution of some of the healthcare industry's most pressing issues. As a result, its breadth will only expand.

With the rise of technological tools to facilitate the sharing of patient information and improve healthcare procedures, the industry is seeking secure and transparent ways to conduct operations so that the systems are completely authentic and their patients are certain of it.

The usage of blockchain technology in the industry has already begun due to its decentralized structure and ability to create resilient and secure solutions. As time goes on, the number of applications will increase. It's also possible that it'll be used in conjunction with other technologies like Machine Learning and AI to improve medical care and healthcare blockchain solutions.

Also Read | How are Digital Technologies used in Clinical Trials?

Watch this | Ways How Blockchain Will Change Healthcare - The Medical Futurist

Bottom Line

The core of expansion and adaptability that blockchain technology enables is one of the most fascinating elements of the technology. Though it will encounter the same restrictions as of today's technology in its initial application, blockchain's open nature will stimulate and support industry-wide innovation for many years to come.

While several innovations employing blockchain in healthcare have yielded positive outcomes, research indicates that there are still challenges for doctors, clinicians, and other healthcare professionals to overcome before they can fully realize the technology's promise.

Blockchain services could be used to improve the administration of healthcare data with increased blockchain security and systems that promote synchronized transactions.

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6 Applications of Blockchain in the Healthcare Sector

What is Blockchain and How Does it Work?

How does Blockchain affect Healthcare?

Blockchain in Digital Health: Use Cases

Providing Accommodation in a Variety of Sectors

Improved Patient treatment that is Faster, Less Expensive and More Effective

Genomic Data Protection

Insurance and Supply Chain Settlements using Smart Contracts

Medical Data Security Assurance

Improving Communication Between Providers and Patients

Future of Blockchain in Healthcare

Bottom Line

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