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Blockchain technology for healthcare has emerged as one of the leading topics when it comes to the future of this sector considering that it has the capability of developing a very specific ecosystem or a network that would increase security, privacy and the interoperability of patient data.
The technology that would be used in creating a network can help healthcare services providers to offer a new model for HIE (Health Information Exchanges), where electronic medical records can be presented or offered to patients, physicians, medical experts, medical students, institutions, pharmacies and many more, in a secure and efficient way.
While that’s just an overview on how blockchain solutions or technology can bring change in the current healthcare sector, this type of technology has a lot more to offer, and in this blog, we will be listing down and would be talking about how this technology can change and could help the current healthcare sector, which is pretty messy and prone to data leaks.
What Is Blockchain Technology ?
Blockchain is basically a type of shared database that is different from a typical or traditional database. With this type of technology, all data is stored in blocks, which are linked together via cryptography. Every single time new data is added into a network made with Blockchain Technology, it is entered into a new block and once that block is filled with data, it gets chained with other blocks, which makes all the data chained together in a chronological order.
Also, different types of information or data can be stored on a blockchain. The most common use for Blockchain Technology up to this date has been as a ledger for transactions.
There are other uses for blockchain too, which includes Bitcoins, where it is used in a decentralized way. With that, no individual or a group of people have control over it, instead all users collectively retain control.
Lastly, decentralized blockchains are immutable, meaning that the data or information that’s entered on each block becomes irreversible. For cryptocurrencies like Bitcoin, this technology is used to permanently record transactions and make them available to anyone.
How Would Blockchain Be Used In The Healthcare Sector ?
Blockchain is currently considered as an emerging technology that could potentially bring massive change in the current healthcare sector, where a secure, stable and efficient network could be created that would preserve, hold, and exchange patient data amongst physicians, medical experts, insurance companies, hospitals, laboratories and pharmacies. Not only that, but with a secure network, medical institutions and students can have access to more medical data that would help them analyze and give accurate insights on their medical records.
Once properly implemented in the field, a network created with Blockchain Technology could also help out in identifying errors in the medical field, which could further improve performance, security, efficiency, and transparency in the health care system
Healthcare Companies Are Currently Interested In This Technology
Right now, companies across the globe that are in the healthcare sector are interested in using this technology to do tasks like:
- Verify credentials of patients
- Tracking costs
- Tracking payments of patients
- Tracking organs
- Tracking transplants
- Sharing medical records within a network
- Keep track of the pharmaceutical supply chain
- Share information amongst physicians
It is expected that useful applications that are made with the Blockchain Technology will be widely used in the healthcare sector within the next 5 years.
The main reason why everyone is pushing for this technology is so patients and medical experts across the globe can control their records, data, medical information, reputation, identity and many other things.
Benefits Of Using Blockchain Technology In Healthcare
Here are some of the many benefits that the blockchain technology will be bringing in healthcare once implemented properly:
Blockchain For Healthcare Organizations
Once implemented in healthcare organizations, this technology could help out in the entire decision making process on how to treat patients. This is possible thanks to how several doctors could simultaneously look over real data despite the fact that they are not sitting at one place. It could also be used to prohibit data tampering and can speed up medical credentialing.
Blockchain For Patients
When it comes to how it could benefit patients, this type of technology can empower patients as it would help them get ownership over their medical data, it can help in offering control where healthcare providers can be prohibited patient data without getting permission, can allow patients to participate in research without worrying about how their data is being used, and lastly it can help them collect and secure data that’s related to them.
Blockchain For Pharmaceutical Companies
This type of technology could also be used in pharmaceutical companies, where it could help them out in the recruitment process of participants for clinical trials, help them support the entire documentation process while keeping it auditable throughout clinical trials, and can help them spot, and identify fake or counterfeit drugs.
Blockchain For Insurance Companies
Lastly, Blockchain Solutions could be used by insurance companies too, particularly in the obtaining process for information and in the confirmation process. It could also help insurers to manage agreements with the help of smart contracts, and lastly this technology can help insurance companies to save money by simply getting rid of intermediaries.
5 Blockchain Use Cases In Healthcare
Here are some of the most possible uses for the blockchain technology in the current healthcare sector:
Transparency For Medical Supply Chain
The best thing about Blockchain is that it allows customers or individuals that have access to a certain network to track products, information and other data that’s present in that specific network. This means that they can take a look at all stages of products or data without having to worry about if it was altered or not.
This technology will basically allow you to track the manufacturing and shipping of medical supplies, which can help you have assurance that the items that you received or are being shipped to you are legitimate or are not counterfeit.
As soon as a ledger is created for a certain drug, the point of origin will be recorded, and every manipulation or change in the block is going to be documented. It can also help record the entire costs for shipping medical supplies and could help track how much waste was created throughout the entire manufacturing and transportation of the medical supplies.
Manageable Medical Trials
Another use case scenario for the blockchain technology in the healthcare sector is to make medical trials more manageable.
With proper implementation of this technology, clinical trials can become more transparent, which could help medical experts and researchers working on them to identify studies with all the necessary guidelines. Not only that, but this can help researchers to stamp and securely store their clinical trial documents.
Blockchain Technology could also help in recording project proposals, surveys, research design, blood tests, scans, consent forms, documentation, and other information that are vital during medical trials.
Better Security
Medical data is sensitive and the thing with traditional networks is that they are prone to data leaks, which is why it is necessary to have a system that is capable of keeping it safe and away from the wrong hands.
With blockchain technology being implemented in the current healthcare sector, the way how critical information is viewed and stored will significantly change.
Once a record would be created, that certain record on a block would not be altered and is going to be properly encrypted, which means that fraud, unauthorized activity would be prevented, and no alters can be made.
Also, privacy issues can also be tackled with blockchain as anonymizing personal data and using permissions to prevent access can be focused. Patient related information or basically any data can be stored across a network of computers rather than one server, which can make it extremely difficult for hackers to view what’s present in the network.
Smart Contracts
The thing is, contract related disputes and honor contract terms are a huge issues in almost every single industry out there, and there is a research out there that suggests 10 percent of insurance claims are disrupted when it comes to the medical sector, and around 17 percent of claims are denied because of informations like incomplete medical information, duplicate claims, wrong registration process and may more.
All those problems that we listed above could be solved by smart contracts.
Before we talk about how, let’s talk about what they are. Basically, smart contracts are computer programs that are intended to get automatically executed once conditions are met.
The thing is, smart contracts are going to allow patients, insurers, and medical device manufacturers along with other actors in the healthcare sector to authenticate information on the network and document all clauses that are present on contracts. These are then carried out automatically and will stay visible amongst all parties that are involved.
Right now, there are companies that are creating softwares that allow providers and payers to participate in secure contracting arrangements, and in finding a common ground in case a dispute is made.
Faster And More Efficient Medical Credentialing
Verifying medical credentials is one of the most important things to do in the healthcare sector before someone is hired.
Verifying credentials like training, skills, licenses in the medical field, education and other certificates is a process that takes a lot of time and can be pretty complex. Usually, this process is done through phone calls and emails, which can take months to complete.
Right now, around $2 billion USD is spent on a yearly basis in order to maintain a comprehensive healthcare provider database, but with the implementation of the blockchain technology, a faster, affordable, and reliable substitute can be made. That solution would not rely on human references, but instead on the data that’s present on networks, which can reduce a huge waiting time and the money that would be spent to verify credentials.
Conclusion
Almost every sector that involves a lot of money, data, and verification needs to have a technology that would help them out in saving money, could keep the data safe, and can help out in the entire verification process. With how companies are investing in this technology right now, it is likely that very reliable solutions would be created to help the healthcare sector in almost every single aspect!
