How Blockchain will affect Healthcare industry?
Whenever there is a start of some business, the major concern there is the security issue. No business should be started before considering security factors. Or it could be said that security is the major point of attention for any business to stay active for the long term.
So, what should be done in order to make your business super secure?
Well, in this age of various thrilling technologies, how could one forget that this issue of security and safety could also be handled with one of the latest technologies.
Yes! Here we are going to talk about the Blockchain which is indeed a very famous word that is existing among the people.
You also might have heard about this in concern to a digital currency like Bitcoin. But it does not have its limited use for the payment method. It is serving in other fields also. Various industries are making use of this technology. Let’s throw light on the fact of how Blockchain will affect the healthcare industry?
What actually Blockchain is?
It is an amazing technology that introduces itself in terms of security and helps to manage data records. This technology is so much safe and secure that no data can be changed or edit until it reaches the right hand. As this technology is made with amazing security features, Various organizations have started adopting it in order to maintain financial data.
Let’s have a look at how the use of Block chain technology is increasing with the passage of time. According to the data from the Silicon Republic, block chain startups raised $1.4 billion in 2016 and $1 million in 2017.
What are the Advantages of Blockchain in Healthcare Industry?
Well, it is fine that various sectors including financial have made use of this technology accordingly. But what is the impact of Block chain in the Health sector?
In this article, we will discuss the advantages of Blockchain in Healthcare in present and future.
Health is something that should be properly managed and cannot be taken for granted. And in hospitals, it is usually seen that the medical documents of the patients or other medical records are not properly managed and placed. So due to this, important patient’s data and information could not be found on proper time and place when it is needed.
So this improper handling of medical data needs to be changed in order to enhance the care of the patient. The adoption of Blockchain has already begun in the medical sector. But still, there are certain improvements left in the medical industry which should be taken into consideration.
Let’s follow the various highlights through which we may that what are the areas of the healthcare sector over which the Blockchain technology is leaving its effect:
Organize Patient Records
All patient records including disease registries, lab test results, and other data that is related to the patient’s health and treatment can be managed through the blockchain super secure ledger.
One of the reasons why the health care industry is showing its interest in blockchain is that it helps in data transparency.
With the use of this technology, you can record each and every detail of the data. It is kept in consideration that the blockchain network should coincide with each other before making any transaction. So in this way, it could be said that it is the most secure way of sending and managing data.
Supply chain management
Blockchain also helps in the proper management of the supply orders. The contracts of healthcare sectors that are based on Blockchain are properly ordered, tracked and delivered.
Replacing traditional models of healthcare
Blockchain technology is trying to modify the entire system of the healthcare sector. As it is known that the management of patient’s documents are not properly handled and are misplaced. Now with the help of the smart facility of the blockchain, it is resolved to access the whole electronic data.
Now, the activities which used to take time, such as delivering the medicine to the right person on time has also been resolved with the help of Blockchain technology. It is easy to track the status of the drug and medicine. So it can be said that it transforming and streamlining the Healthcare sector.
Making the Healthcare Industry be aware of security issues
Security is indeed the major issue that everyone needs to know. Everyone wants to work and manage it in a safe and secure environment. And if we do not bring security issues into light in the healthcare sector, then it becomes more difficult for everyone.
The Blockchain is cryptographically secured, so it is safe to store and manage patient data in this. Because healthcare is one of those sectors that need maximum security attention.
Traceability of drugs
Another major issue is the traceability of drugs along with fake drugs. It usually happens as there are some developing countries who are making fake drugs, so this results in the loss of the billions. According to a Health Research Funding Organization (HRFO), report, almost 10 to 30 percent of drugs in developing countries is not original. While the U.S. healthcare industry alone bears a loss of approximately $200 billion annually due to these issues.
This dealing in fake drugs also results in a huge amount of death rates. So in order to stop this happening, the main feature of Blockchain technology like drug traceability will help to make a difference between the real drugs and the fake drugs.
Single patient identification
In the healthcare sector, there usually raises an issue of duplication of patient’s data and this is very common. This is very difficult to make this job simple.
But with the coming of Blockchain technology, you can store, manage and segregate the entire data to a ledger as this technology is made with security features.
The integrity of medical records
The integrity of all medical records is a must. It should always be taken into consideration and this could be easily done with the implementation of Blockchain technology.
Well, this would be done in the way as whenever the medical record is created, it should be kept in the blockchain ledger for the valid proof as the record which is kept in the Blockchain ledger could not be changed.
This will become one of the most crucial points of the medical records as the decency of the medical records is a must.
Hence, you have seen how Blockchain in impacting healthcare and different sectors day by day. Blockchain is basically a feature-packed technology including security features. Moreover, security is a major concern which the healthcare industry is facing or taking steps to improve it.
As it is seen, how crucial a role this technology is playing, This is the main reason why the service by Blockchain development company is increasing day by day.