How Blockchain Technology is Disrupting The Healthcare Industry

While blockchain is more often associated with Bitcoin and cryptocurrencies, the technology is been adopted in various aspects like data storage, protection, and health industries as well. 

Governments around the world see blockchain as a golden opportunity and are calling for the adoption of the tech in different industries. The global expenditure on blockchain solutions is anticipated to grow from 1.5 billion in 2018 to a predictable 15.9 billion by 2023.

In our last episode of how blockchain is changing the world, we talked about how blockchain will affect the automobile industry. Today, we’ll discuss how blockchain is disrupting the healthcare industry.

With supply and charity chains, the healthcare sector is among the most discussed use cases. Healthcare can be considered one of the most complex and baffling industries. In fact, the systems used for checking our health cases are outdated in terms of security, cost, and efficiency.

This is the reason why blockchain know-how is laid in practice by various medical companies. At present, many blockchain and healthcare companies are working on or have already released blockchain-based systems to enhance healthcare services for both patients and professionals.

Although there are also applications of innovative technologies like cloud computing in healthcare, let’s focus only on the use of blockchain technology in healthcare.

Use Cases for Blockchain Tech in Healthcare

So how is the blockchain technology disrupting the healthcare industry?

Blockchain improves access to medical record

Patient data management is one of the well-known healthcare use cases. We all know that medical records tend to be separated by health agencies, making it difficult to define a patient’s medical history without asking their previous care provider. This process can consume a sum amount of time and may turn up showing an error due to human mistake. 

For instance, MedRec, an Ethereum-based medical data management platform offers a clear and accessible opportunity for patients to view their medical history. MedRec was created to accumulate all of a patient’s medical data in a safe place, making it easier for doctors and patients to examine. 

It offers an upgraded medical record-keeping system

The recent phrOS released by the Digital Treasury Corporation (DTCO) and Taipei Medical University Hospital aims to increase honesty between medical establishments by keeping all of a patient’s medical-related info on a blockchain.

This includes images, videos, and numerous information stating a patient’s health condition. The information can be examined by doctors and patients with the help of a mobile application. It also surges the security of medical evidence by using the Decentralized Ledger Technology (DLT). 

Blockchain makes health records more manageable 

Sometimes, it might be difficult to manage electronic health records (EHR). Well, it can also be possible that one healthcare provider’s EHR may differ for the same patient from the other providers. 

This is where MTBC comes into the picture.  It intends to change that by using blockchain and Application Program Interfaces (API). The idea is to keep the control in the patient’s hands. Here, the patient will have the facility to consent the handover of records from one doctor to another. The blockchain API operates on the Hyperledger platform and is available in the market. 

Blockchain reduces cost

With the help of SimplyVital Health, you can cut down the cost factor. SimplyVital Health has two projects operating on blockchain technology. According to the CTO of SimplyVital Health, ConnectingCare uses financial forecasting and care coordination to help providers in bundled payments get a clear understanding of what happens to patients when they leave the hospital. It is available in the market; assisting healthcare providers to decide how much a patient’s care will cost them when accessed with more than one organization.

Controlling pharmaceuticals and clinical trials 

Multinational Internet of Things supply chain producer currently provides numerous blockchain platforms on their website. However, this company is very enthusiastic about expanding their uses for the pharmaceutical industry. In the present situation, the company is in talks with huge pharmaceutical suppliers about introducing a pilot program using its current range of products.

Blockchain end the use of counterfeit drugs

Research shows that out of every 1000, 10 people die each year because of counterfeit drugs. With the help of blockchain platforms like FarmaTrust, the number of such cases is expected to drop.

FarmaTrust’s blockchain system is divided into 4 sections. Track and Trace utilizing the blockchain to record the inventory wherever it is taken. In fact, Supply Chain Visibility tracks when a medicine has been altered in any possible manner. Regulatory Compliance aids pharmaceutical organizations by guaranteeing they are operating their work within standards established by the government. Last but not the least, the Consumer Confidence Application enables the customer to see the lifespan of their treatment.

Improves control & security of healthcare transactions 

Change Healthcare, one of the leading healthcare companies, introduces a wide range of products focused on data management in this sector. According to their statistics, 93% of the best U.S. health strategies are using their products or services. 

Their recent development streamlines revenue cycle and claims management. It aids health systems and hospitals to regulate claims and remittances, enhance the collection of patient disbursements, diminish denials and underpayments, and formulate regular revenue cycles and business operations efficiently.

Tracing medical authorizations 

Health-based blockchain development organization,  Hashed Health, intends to make credentials more transparent, flexible, and easily manageable. With the help of Professional Credentials Exchange, associates of the blockchain can authenticate the qualifications and trace records of numerous health experts. This simplifies the employing process and offers an unchangeable history of an expert’s career history.

Final thoughts

From generating and allocating immutable medical records to enhance transparency in the medical supply chain, blockchain technologies have significant promising use cases in the healthcare industry.

Agreed, that there are certain regulatory, logistical, and technical problems faced, yet with the help of sound implementation of these systems, it is likely to play a significant role in the future of medical transfer and data storage. 

If you have enjoyed reading this article and it has turned up to be useful to you, let us know. We’ll be glad to hear from you. 

Author
Varsha Solanki is a Digital Marketing Strategist at Space-O Canada, a Custom software development company. She has 3 years of experience in the Information Technology industry. She spends her time reading about new trends in Digital Marketing and the latest technologies.