Technology is progressing at a substantial rate today and most industries are trying their best to implement the latest strategies and solutions the tech world has to offer. Blockchain is one of the emerging technology that is well known for creating innovative solutions in many sectors, including the healthcare industry. A blockchain network in healthcare is mainly used to maintain and exchange patient data through hospitals, physicians, and pharmaceutical firms. With the help of blockchain applications, it can correctly determine severe errors in the medical field. Blockchain technology is considered widely popular in medical institutions as it enables them to acquire insight and improve the analysis of medical records. Now, without any further ado, let’s move on and learn what is blockchain technology and what are the different applications of blockchain technology that helps in revitalizing the healthcare industry’s capabilities.
According to Investopedia, A blockchain is a distributed database that is shared among the nodes of a computer network. A blockchain, as a database, stores data electronically in the state of a digital format. Blockchains are famous for their critical role in cryptocurrency systems, for example, Bitcoin. It sustains a protected and decentralized record of transactions. The main objective of a blockchain is that it ensures the adherence and safety of a record of data and develops trust without the requirement for a trusted third party.
Although, there are some limitations and challenges that the healthcare industry usually faces, such as conventional data collection, data accessibility, and data privacy & security. To overcome these challenges, there are mainly three basic principles on which blockchain technology is based. They are- private key cryptography, distributed ledgers, and authentication.
When we take a look at the applications of blockchain, especially in the healthcare industry, there are quite a few. These applications help in reviving the healthcare industry’s capabilities on a much larger level.
Blockchain assists healthcare providers in creating the next-generation system coupling health data with immutable and decentralized qualities. Blockchain networks help in transmitting safe, real-time patient data for healthcare providers. This is also included for pharmacies, clinics, and insurance enterprises.
Another major application of blockchain is that it helps in securing supply chains across the healthcare industry. Transactions on blockchains are recorded in the form of a chronological order, where it can help supply chain vendors in the healthcare sector, such as pharma and MedTech enterprises track the route of raw materials from the source of the company to the consumer.
Blockchain technology facilitates patients to take control of their data. With the help of the latest technology, it has been made possible to record almost all the medical data of a patient. It also enables patients to maintain a complete audit trail of every doctor or payer that has credential access to their data.
Point-of-care tests are also called “medical diagnostic tests”. These types of tests are conducted at or near the site of patient care and support clinical decision-making by providing results in real-time. During the COVID-19 pandemic, the platform has resulted to be quite helpful as it has been capable of interpreting data as well as lab and diagnostic tests across systems.
Interoperability is one of the major issues that the healthcare sector usually faces and implementing blockchain technology can help solve that concern by the means of “smart contracts”, which are scripts that self-execute based on pre-determined rules.
Companies and industries today are trying to implement the latest tools and render their clients their advanced services such as AI services and integrated cloud services to stay one step ahead of their competitors. Blockchain technology improves data efficiency for healthcare industries as well as evades the fear of data manipulation in healthcare. Health records must be kept safe and confidential, for different purposes and blockchain helps to protect data and reduce threats.