The healthcare industry’s history is about implementing technological breakthroughs designed to improve patient outcomes and broaden access to online healthcare services. One of the most popular innovations is the blockchain in healthcare industry. This amazing technology serves as a foundation for all healthcare services.
Blockchain technology is a distributed ledger system that records the database transactions made up of “Blocks” of data that are ‘Chained” together. While the users can store different types of data using chained blockchain, the transaction is the most common form for maintaining financial records and product inventories.
As per the blockchain development services experts, there is a lot that this amazing technology can bring to the healthcare industry. Well, there is no need to scratch your head anymore!
Here is an article showcasing the importance of blockchain technology in the healthcare industry. So, without delaying further, let’s move on to discover the role and perks one by one.
Role of Blockchain in the Healthcare
Healthcare blockchain applications need not operate differently from blockchain when we compare it with other industries. A blockchain is a public ledger of transactions kept online because these transactions are immutable and cannot be modified at any cost.
The absence of centralized authority is crucial. No participant in the blockchain is required to already know another participant. For instance, even if the insurer had never dealt with the hospital before, it may access a patient’s medical records that were kept in the hospital’s EMR system.
The fundamental prerequisite is that the blockchain network must verify the insurer and hospital first. So, this is all about the role of blockchain in healthcare industry that businesses should play before investing in blockchain development.
Benefits of Blockchain in Healthcare
Like any other modern technology, blockchain has its own set of advantages. So, businesses planning to build blockchain-based healthcare apps should be well-versed in the following benefits.
Blockchain Benefits for Healthcare Sector
- Improved medical credentials
- Enhance decision-making as the app enables real-time data tracking
- Transform the medical record of patients to a decentralized system
Blockchain Benefits for Patients
- Gather crucial information from wearables securely
- Enable patients to assume strong ownership of the medical data
- Monetize data without any third-party involvement
Blockchain Benefits for Insurance
- Unlock amazing opportunities for insurers to manage agreements and draft using smart contracts
- Fasten the confirmation obtaining process
- Reduced costs by eliminating intermediaries
Blockchain Benefits for Pharmaceutics
- Faster recruitment for clinical trials
- Enable spotting counterfeit drugs
- Supports auditable documentation of clinical trials with its records
So, these are the different benefits that blockchain technology can bring to the palate and allow business owners to experience amazing perks.
Real-world Use Cases of Blockchain in Healthcare Industry
One of the most crucial ways blockchain benefit medicine is by reducing costs and mitigating risks. Using blockchain technology, users of a particular network are strongly protected, resulting in fewer data breaches.
Additionally, blockchain technology speeds up and automates different processes, saving both patients and healthcare providers money. So, let’s examine the real-world use cases signifying how blockchain proves helpful and advantageous for healthcare app development.
1. High-Security Standards for Data Encryption
There are ample applications for blockchain technology in healthcare. So, it would be a little challenging to develop one use case that is more compelling than preventing data breaches. Users of healthcare networks are more afraid of that than nearly anything else.
Today’s users simply want their credit card information or social security number to remain private. Additionally, if something concerns the users, they would wish to keep it private. In that case, blockchain technology comes handy.
2. Drug Supply Chain Management
As per the National Crime Prevention Council, approximately 10% of the medications in the world’s supply chain are fake. Some estimates place the annual market value of these fake drugs at much to $200 billion.
But, this activity can be prevented while incorporating blockchain into the system as all its transactions are timestamped and immutable. The process follows that all the fraudulent drugs are easy to identify and prevent. So, better supply chain management is one of the amazing use cases for incorporating blockchain during healthcare website development.
3. Improved Healthcare Transactions Control
Everyone is concerned about transaction security, whether a healthcare professional or a patient. So, while adding blockchain technology, businesses can apply different encryption methods, such as transparent database encryption, to ensure patient data safety and privacy.
Healthcare sectors send hundreds of transaction requests daily for patient remittances and claims, which is where fraudsters can take advantage. While seeking blockchain development services, business professionals can improve the healthcare transactions control facility and build patient trust.
4. Better Medical Paperwork Management
Another major area where blockchain technology proves to be useful is the improved handling of medical documents. The paperwork that healthcare facilities’ patients and physicians must complete can be decreased.
Every time a digital system can replace a paper-based one, it benefits storage, lowers expenses and time spent on repetitive chores, and even avoids medical burnout. It is one of the major reasons that pushes businesses for blockchain-based healthcare app development. It becomes simpler to track insurance transactions so that nothing is lost.
5. Strong Integration with IoT Wearables
The ability of blockchain development to work with wearable IoT devices is its most impressive feature. The technology enables both patients and doctors to effectively monitor medical records.
Blockchain can offer a simple authentication process and a safe platform for integrating data from wearables like activity, health, or fitness trackers. The doctors and patients have access, making it easier to track changes or ensure patients’ progress. What else is required rather than keeping your patients happy and satisfied?
There is a long list if we talk about the use cases of blockchain in healthcare industry. But, the five real-world use cases mentioned above are the major ones. Now that you are well-versed in using blockchain in the healthcare sector, it is time to implement it. Right? Now, you might be wondering how to do it. Well, don’t panic and refer to the succeeding section.
Best Way to Implement Blockchain in Healthcare
Before using blockchain in healthcare, businesses should know that due to this technology, healthcare organizations have a comprehensive strategy and streamline their internal processes. So, do not take this technology for granted and focus on healthcare app development.
By building a single patient database, healthcare professionals can integrate blockchain technologies into healthcare. To put it in another way, the invention works well with EHRs. Healthcare institutions transition to a distributed blockchain ledger as they incorporate electronic medical records.
Healthcare providers may also think about developing blockchain-based telemedicine solutions. Such mobile app development processes guarantee a seamless exchange of information between patients and doctors while providing a strong level of security.
After referring to the huge potential of blockchain in healthcare, it seems obvious that this technology has a great future ahead. So, healthcare businesses aiming for long-term profit and engagement can adopt blockchain-integrated healthcare systems.
So, if you are up for it, all you can do is hire dedicated blockchain developers, share your business requirements, and get started immediately. The experts will help you develop a perfect healthcare adhering to your business needs and demands.