Healthcare is one of the most prospective and complicated industries in terms of data flows and economy. The industry has experienced a significant paradigm shift with technological innovations from AI-driven health solutions to Smart Hospitals to Virtual reality.
These technology solutions have changed the narrative of the patient-doctor model by simplifying patient care. Among these modern solutions is one novel technology that has revolutionized healthcare by catalyzing disruptions and bringing security and peace to health institutions. Yes, we are talking about Blockchain in healthcare.
Let’s put it this way; the emerging connected technologies have created a new path for data trespassing. Security breaches and frauds have been on the rise. As per recent studies, more than a million patients suffer from compromised data records.
While malicious attacks are among the top reasons for healthcare data breaches, third-party errors and compliance failure also lead to major data loss. When lives are at stake, Blockchain brings its utmost security and authenticity trait to the healthcare segment rescuing health institutions from losing data.
However, security is only one of the many benefits Blockchain in healthcare offers to institutions and patients. Let’s take a detailed look at how Blockchain can be a game-changer for the healthcare sector. Let’s start with the very basics now.
What is Blockchain in Healthcare?
In technical terms, Blockchain is a digitized public ledger of cryptocurrency transactions stored as blocks of data. The technology is a continuously growing list of data records, called blocks, which are linked and secured through cryptography.
Blockchain is typically managed by a peer-to-peer network collectively following one protocol while validating new blocks.
The catch here is that once recorded, the data in any given block cannot be altered without the alteration of all subsequent blocks or permission of all allocated parties.
Blockchain, specifically in healthcare, is the most suitable technology for storing medical records, events, and other record management activities such as transaction processing, drug traceability, identity management, or documenting provenance.
As per a MarketWatch survey, the global Blockchain healthcare market size is projected to reach over $498.8 million by the end of 2022. This exhibits how more healthcare enterprises and providers are adapting to applications of Blockchain in their everyday operations. Speaking of which, let’s glance at some of the use cases of Blockchain in healthcare.
Popular use cases of Blockchain in Healthcare
In essence, Blockchain is expected to transform the healthcare ecosystem as a whole. It has streamlined the standard administrative procedure for hospitals and medical centers, increased the efficiency of healthcare insurance claim processing, and fostered better cooperation among health facilities and patients.
While these were the top advantages of using Blockchain in the healthcare system, let’s see how hospitals are putting the technology to use.
Smart contracts determine the conditions under which the information can be shared between parties. For instance, the data transferred can only be accessed by authorized personnel such as medical centers, personalized doctors, or individual researchers rather than the general public or third-party administrators.
When an individual raises a request to access the data, the blockchain smart contract automatically determines the user’s validity and defines the conditions. Under these conditions, the individual can use or alter the information.
Smart contracts have shifted the power from third parties to individual patients and health practitioners. This is why major healthcare institutions rely on healthcare app development company for secure blockchain solutions. Blockchain has also made medical records development and verification of vaccination papers easy for hospitals, saving a significant chunk of time and money.
Medical fraud control
Blockchain in healthcare can effectively prevent any deletion or alteration of information on off-chain electronic documents. Moreover, It can determine the validity of insurance contracts, verify contact information and confirm the truthfulness of any health claim.
This helps speed up the claiming process, and the patients, in turn, can be quoted at better rates. With the blockchain application, the billing cycles at healthcare institutions have increased at double efficiency.
Healthcare payment preauthorization
All the payments are secure and faster under decentralized distributed ledger technology. Blockchain can create a permanent record of transactions that cannot be changed or deleted. Moreover, If any changes are required, the system would need the authorization of all allocated members of that blockchain network.
Therefore, there is no chance of any record tampering, so any payment conducted is all the way safe and authorized under the Blockchain system.
Blockchain aligns the healthcare future with innovation.
One of the fascinating aspects of Blockchain in healthcare is the foundation of growth and modularity the technology offers. While many health institutions are looking for an experienced healthcare app development company to provide them with reliable blockchain solutions, it’s time for you to implement blockchain traits in your healthcare.