In recent years, Blockchain Technology has emerged as one of the revolutionary forces, disrupting industries across the world. Among other sectors undergoing transformative disruption, the healthcare sector stands out as a prominent beneficiary of this incredible technology. Several challenges are currently seen in the healthcare sector such as complicated data-sharing processes, uncertainties surrounding clinical trials, security, and patient health records. Each of these issues needs to be addressed with the help of blockchain in order to enhance the efficiency and effectiveness of healthcare delivery. To overcome such hurdles and usher in a new era of transparency and proficiency, organizations are turning to the blockchain development services of experienced companies.
After all, from streamlining medical records and increasing data security to encouraging research collaboration and revolutionizing the healthcare sector, blockchain can pave the way to a brighter future. According to reports, The global healthcare blockchain market was valued at USD 0.76 billion in 2022 and will reach USD 14.25 billion by 2032. In this blog, we will explore how blockchain is unlocking new possibilities in the healthcare industry and how you can utilize it to reshape traditional healthcare practices through a Blockchain development company.
What is Blockchain technology?
Before we delve into how blockchain is transforming the healthcare industry? let’s take a moment to understand this buzzworthy term in a nutshell. Fundamentally speaking, Blockchain an “emerging technology” is a decentralized digital ledger that records and verifies transactions across multiple computers. It functions on a peer-to-peer network, where each participant has a copy of the entire blockchain. Transactions are added in a block forming a chain in chronological order and creating permanent & unalterable data.
What makes Blockchain so famous are its features such as transparency, security, and immutability. Additionally, transactions in blockchain are verified through consensus among different participants making it difficult to manipulate the data. Once recorded, information cannot be undone providing a high level of integrity and trust.
Over the years, blockchain has grown its applications beyond cryptocurrencies. It can be used for various purposes including supply chain management, voting systems, smart contracts, and healthcare sectors. Businesses from different industries are joining hands with reliable blockchain development agency in the market to serve their customers more efficiently and effectively. COVID-19 has increased the need for the adoption of advanced technologies like Blockchain in the healthcare industry. Many countries’ healthcare facilities have embraced Blockchain, leading to improved resource distribution and operational management. As this technology will rise, it will surely bring game-changing modifications.
How Blockchain Helps in the healthcare industry
In the expansive realm of healthcare exists countless number of possibilities in which Blockchain can reshape the industry. Previously unimaginable possibilities are now attainable, all thanks to the decentralized and transparent nature of Blockchain. But what exactly are these transformative results? Before you hire blockchain developers, let us embark on a journey to uncover remarkable ways through which blockchain can unveil the world of endless opportunities in healthcare-
- Electronic health records
- Supply chain transparency
- Patient data management and sharing
- Drug traceability
- Cryptocurrency payments
- Blockchain in genomics
- IoT- enabled Monitoring
- Easy Insurance claim
1. Electronic health records
EHRs play a crucial role in the modern healthcare system, but they come with challenges. Data integrity and security are two majors of them that can be improved with the help of blockchain. The decentralized nature of Blockchain allows secure data sharing and removes the inconvenience of data exchange processes. This way even patients can have control over their health data, allowing permission of their health records to specific healthcare providers while maintaining privacy.
2. Supply chain transparency
Supply chain transparency is an important role in the healthcare industry that assists in maintaining the integrity and safety of medical products and services. By utilizing a Blockchain supply chain, the entire lifecycle of a product can be recorded right from start to end and linked together in a decentralized network. Recognizing this feature, companies are collaborating with experienced healthcare app developers to improve their supply chain. It can assist in enhancing trust, transparency, and delivery of top-quality and authentic medical products & services.
3. Patient data management and sharing
Due to the inability of limited transparency and data sharing, medical errors pose a significant threat to the healthcare industry. To eliminate the issue, Blockchain provides a promising solution by facilitating secure and seamless transfer of parties resulting in better coordination and reducing transaction costs and risks. The process can help in removing medical errors and facilitate smooth data sharing. By doing so, even patients can control and govern their records in a better way and share their records with healthcare providers.
4. Drug traceability
Undoubtedly, counterfeit drugs are one of the huge problems in the healthcare industry. According to a survey, The WHO has predicted that around 1% of medicines available in developed countries are likely to be counterfeit. Moreover, in some countries, it can be around 50%. By reaping the benefits of Blockchain in healthcare IT solutions, the complete supply chain of drugs can be traced starting from the manufacturer to the end consumers can be recorded transparently and securely. This enables a complete and transparent record of the drug’s journey including its source, production processes, shipping, expiration dates as well as preservation condition. As a business, you can take guidance from a Mobile application development company in the USA to increase authenticity and transparency resulting in improved healthcare industry solutions.
5. Cryptocurrency payments
Currently, the healthcare industry commonly relies on third-party services such as banks for completing the micro-payments which has some drawbacks. Slow processing of payment, openness to hacking, lack of transparency, and high fees are some of them. These issues can be eliminated with the assistance of cryptocurrency token-based payment. It removes the need for intermediaries in payment transactions and ensures safe, fast, and improved payment processes. To leverage cryptocurrency payment, a business can partner with a reliable blockchain development company that can enable seamless, secure, and safe transactions while maintaining patient confidentiality.
6. Blockchain in genomics
One of the major challenges in genomics is data sharing which can be improved with the help of Blockchain technology. With its decentralized and immutable nature, blockchain can provide a transparent and tamper-proof system for storing and sharing genomic data. Businesses can overcome such issues with the help of mobile app developers for hire and revolutionize the healthcare field by enhancing data security, privacy, and collaboration.
Cybersecurity in healthcare poses several issues that can compromise the confidentiality, integrity, and availability of sensitive patient data. One of the major encounters is the growing cleverness of cyber-attacks aiming healthcare organizations. Hackers are constantly evolving their tactics, exploiting loopholes in healthcare systems, and applications. Blockchain can be used to further the integrity and authenticity of software downloads, ensuring that legitimate versions are installed. Overall, Blockchain poses huge benefits resulting in protecting patient data and reinforcing the trustworthiness of the healthcare ecosystem. To safeguard their system, businesses are opting for Blockchain technology with the assistance of the best healthcare app development company to utilize robust security protocols and end-to-end encryption, eradicating the risk of medical data breaches.
8. IoT- enabled Monitoring
To monitor patients remotely, IoT is of great use. It involves the use of connected devices to transfer patient health records to a particular healthcare provider. This technology can help in monitoring the patient’s vital signs, symptoms, and overall health status. But, the data of IoT devices are vulnerable to attacks and breaches. Blockchain can be utilized to prevent any complications and store data safely. It will enable health providers to deliver more customized and proactive care while empowering patients to manage their health from the comfort of their homes.
9. Easy Insurance claim
For rapid insurance claims, the Implementation of smart contracts with insurance services is a viable option. By automating claim verification and settlement, Blockchain can streamline insurance claims in healthcare, blockchain brings transparency and reduces fraud and the requirement of paperwork. By registering smart contracts on the blockchain, insurance terms become easily accessible and transparent minimizing disputes. This will bring more transparency and easy access to information online regarding drug reimbursement and health insurance coverage. This will bring enhancement in the speed of claim processing, improves accuracy, and augment the overall insurance experience for healthcare participants.
Blockchain technology has so much potential in the healthcare industry and we have only seen the tip. It is no doubt that as blockchain will evolve more in the future, we will be able to see more changes. In order to be on top, businesses must adopt such technology as soon as possible and consider getting Blockchain technology in their existing or new tech solutions. In order to embrace Blockchain and see transformative changes in business, you can take assistance. As more organizations recognize the benefits of Blockchain, widespread adoption is expected in the future.
Blockchain offers various sole advantages in healthcare, including reduced complexity, trusted collaboration, and sharing of secure and immutable patient information. If you are ready to embrace this transformative change and implement top-notch ideas for your business, you can take assistance. To enjoy the benefits, make sure to partner with a top healthcare app development company to see transformative changes in your business and enjoy the advantages provided by the Blockchain.
Rohan Singh is a Chief Executive Officer at SemiDot Infotech, Top rated multi-award-winning Android App development company providing a full suite of services and solutions to small, medium, and big enterprises, product companies & new-age start-ups.
He has extensive experience working for multinational companies and knows what it takes to take a company to the next level. He has a master’s degree in computer science. Rohan finds covering the tech world to be an exciting and engaging experience as each day brings new and groundbreaking technologies to explore and write about.