BLOCKCHAIN a new buzzword in the tech world that arises as not only a technology but starts as a movement which redefines the different industries with security, collaboration and clarity. One of among them is the healthcare industry, which is now using Blockchain solutions to enhance their patient care, data provenance and offers efficiency in healthcare services.
Blockchain solutions have completely rebuilt the healthcare businesses and improves their work quality with the help of digital transformation. It has changed the way of storing clinical information as well as communication with healthcare partners, patients and payers. Blockchain applications are offering vital benefits to the healthcare sector but to relish the advantages of this tech, accurate planning and implementation are required.
One of the significant examples of using Blockchain solution in the healthcare industry is MiPasa- the blockchain applications used during the Covid-19 outbreak. It is a communication system that quickly detects Corona carriers and contaminated zones. It helps health institutions like Hospitals and state authorities by providing them with essential information.
Scope of Blockchain Technology in the Healthcare Sector
Blockchain Technology has extensive scope in the healthcare sector. If we take a look at its stats, then we find out it is an immense technology that helps this sector to a great extent.
According to reports, blockchain technology in healthcare was reached $34.47 million, is now witness a sudden increase till the year 2024. Experts say that it will touch a revenue total of $1415.59 million, with a CAGR of 70.45%.
So, how Blockchain technology can be beneficial for the healthcare industry?
Blockchain solutions assist in protecting patient’s data and improve the overall healthcare experience. To know more about this in detail let’s see some of the advantages of it in healthcare-
Security of Medical Data
In the healthcare industry, keeping medical data safe and secure is one of the most critical things. According to a report, between the years 2009-2017 around 176 million of patient’s medical data was leaked, which becomes a significant concern for the healthcare sector. Blockchain solutions emerged as a vital solution for the industry that keeps a reliable, decentralized and crystal-clear data of patients.
It becomes a most trustable security application that supports for securing the codes and protect the sensitive medical data. It also enables patients and healthcare professionals to share their information quickly and securely.
Collecting the patient’s medical information individually can definitely frustrate the medical expert, and it leads to errors in data. According to surveys, a minute error in medical data or miscommunication would cost a massive loss of approximately USD11 billion a year. Therefore, Blockchain solutions help in saving the cost by organizing medical records.
Blockchain-based solutions offer ease to these specialists in maintaining patients record efficiently. Blockchain creates a separate ecosystem in which one can store the data referred by the pharmacies, hospitals or doctors. As a result, they will get the ease of diagnosing their patients rapidly and also provide personalized care.
Medical Drugs Safety and Supply Chain Management
How many of us know about every medication or drug? Are you sure that certain medicine is helpful for that particular treatment? Or is it supplied from a legal supplier? These are specific questions which usually becomes a point of concern. The medical supply chain is one of the significant factors on which the entire healthcare industry depends. And why not it acts as a bridge between the medical labs and the pharmacies.
Blockchain technology plays a vital role in medical supply chain management; it includes full transparency in the purchasing and shipping processes of drugs. It creates an individual ledger for the medicines and maintains the data at every step. It also keeps a check on the data handler and the labour costs. This solution assists in minimizing waste discharges.
Other Advantages of the Blockchain in Healthcare industry
So, above we discuss the vital benefits of Blockchain technology in the medical sector, but the list is not finishing yet. It offers other significant advantages too, let’s have a look-
1. Blockchain solutions are reliable and traceable so the patients can quickly forward their medical information to anyone without any hesitation and second thought of privacy breach and data stealing.
2. The medical records that uploaded by the healthcare professionals or patients are entirely secure.
3. The patients have adequate control over their medical documents, like how their data is utilized or shared with other hospitals or health institutions. The person who wants to access the data can quickly get it from the Blockchain.
4. Blockchain solutions in healthcare sectors also introduced a reward mechanism for the patients. For example, if patients follow a strict diet plan or medication plan for staying fit and healthy, then in return, they will receive a token. They will later use these tokens for other medical assistance.
Blockchain is still a new and surprising technology that is going in its introductory level. It is a massive box of treasure in the face of bitcoins, and ultimately it raised the bar of expectations of everyone. In the coming years, we will surely witness the use of this technology on a significant level in various sectors, including healthcare as well. It leads to a rise in healthcare app development solutions.
Although the execution of this technology in the healthcare business is not as easy as it looks; it takes a lot of efforts for facing challenges. But one thing is for sure that Blockchain will make healthcare sector fast and secure than ever.