How Blockchain technology can transform the Healthcare sector | Blockchain Healthcare

A healthy nation is a priority for any country especially when a pandemic situation arises and challenges the whole world. Blockchain technology has the power to transform the basic Healthcare systems to advance Healthcare. It helps to enhance the privacy, security and interoperability of health data.

1. Patient care

The format task of the Healthcare industry is to protect the patient. Blockchain helps to create a single stored patient data with constant updates. These patients’ records are most secured and immutable as they can’t be changed by anyone. These health records are authorized by the respective patient’s healthcare professionals. It removes miscommunication among various doctors and healthcare patients while treating the same patient. Moreover, it enables faster diagnosis as the past health records are easily available and accessible.

2. Interoperable health records

Blockchain allows interoperating the health records data with one another. There are various departments of health care departments, every department has the access to check the records and assign treatment accordingly.

While some confidential information of health records like radiographic or other images can be stored in private encrypted links.

3. Diagnosing diseases

Blockchain technology can help to identify real-time diseases. Moreover, it can assist in patterns of diseases, their origin and their transition factors. This can be a great help and it makes the tasks easy to manage for healthcare professionals. Even the government could benefit from this kind of technology. Government can identify the disease transmitted factors and abolish them immediately without further spread.

4. Easy Health insurance claim

Blockchain technology can prove a blessing to insurance companies. It can help in many ways. For identifying the details of policyholders, their claim status, premium details etc. Information can be easily managed with this technology. Besides, at the time of claim, the patient will be able to verify details fast and easily. Due to blockchain technology chances of fraud in the insurance industry can be revoked. As blockchain technology holds the records with premium security.

5. Accurate Identity

Blockchain technology easily clarifies the identity of any individuals, patients, healthcare professionals and other valuable supporters who are actively participating in the Healthcare industry. Blockchain is playing a crucial role in identification management. Besides, it also helps in getting patients consent for specific treatment. So, there won’t be any delay in paperwork and another necessary document submission at the time of hospitalization.

6. Supply chain management of Pharma

Blockchain technology is extremely useful for the supply chain management of Pharma products and drugs.

• Drug Identification

A unique product identifier for quick identification of the details. It helps in the right identity of the drug with its contents. We can get this information without any delay.

• Drug Tracing

Manufacturers, distributors, dispensers can easily trace the information using a distributed ledger system.

• Drug Verification

Verification of drugs with authentic contents and details are extremely important. Now any individual can find the authenticity of the drug without having much medical knowledge.

7. Solve the artificial scarcity of drugs

Sometimes, due to immense price hikes or other reasons, there is an artificial scarcity of drugs created. But thanks to blockchain technology as it is the most transparent and furnishes all the records of the ledger. So, misplacing specific drugs to generate price hikes or other fraud motives can be easily identified.

8. Upfront Payment

One more reason to cherish this technology as it states the upfront payment and transaction records are visible to all. So, the transparency in receiving the payment and delivering the payment is maintained throughout the contract. So, all the channel partners of pharmaceutical drugs will be able to receive the right worth without any intermediary. Moreover, blockchain technology accepts payments in cryptocurrencies. Cryptocurrencies are the most secured form of payment. Government can reduce black money transactions with blockchain technology.

9. Solve the Trust concerns

Trust issues exist in the supply of pharma drugs and products. So the legitimacy of suppliers, products, drugs, expired drugs, quality control, protection of intellectual property can easily be managed through a transparent ledger system. Besides, selling illegal drugs, fake drugs, counterfeit drugs, are easily identified. As the buyer and seller records are visible to everyone from anywhere.

These are the ways where blockchain can fill the gap of inconvenience and time decay. Still, blockchain isn’t mature enough to implement everywhere in Healthcare. It requires some R&D to Evolve, nurture and develop for appropriate implementation. It is not required to fully adopt the technology but somewhere it can truly help and diminish the workload and transparency issues. Healthcare professionals should focus on where they can apply this tech to their establishment. They should focus on how blockchain can help patients, healthcare workers and professionals. A Blockchain can mitigate various health risks. It can prove a boon to the healthcare industry.

If you want more guidance on how you can implement blockchain in your healthcare organization then contact us.

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