A detailed guide to understanding how blockchain is used in healthcare industry. Know the advantages and use cases of blockchain in healthcare sector.
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Several decades of inefficiency, funding cuts, failed reforms, and over-centralization have weakened the healthcare system. The Covid-19 pandemic, in particular, has increased demand for one of the fast-growing technologies called the blockchain. In recent days, it has gained a foothold in various industries and sectors, including healthcare. Healthcare is a highly regulated industry that includes hospital systems, healthcare providers, patient care, insurance, and legal issues. The biggest challenge for all industries and sectors is to find a balance between applying modern technical solutions and protecting information assets from tampering.
Simply put, blockchain is a system for recording information and data that cannot be altered or falsified because it is all stored in a distributed and decentralized ledger. Like many other sectors, healthcare maintains a ledger to keep its information and patient data safe and secure. Since most medical devices run on unsupported operating systems, healthcare organizations are vulnerable to cyberattacks and hacking. Therefore, Blockchain has saved healthcare by revolutionizing the way medical data is stored.
Health systems can securely store medical data on the Blockchain, synchronizing medical data across multiple facilities and locations in real-time. There is an ever-growing list of ordered "blocks" in the database, each of which is timestamped and linked to the previous one. Instead of a centralized system, the blockchain brings a radical innovation because it is immutable since a node in the network cannot validate a data transmission if it transmits a piece of information twice on the same day to two different parties. In this way, it prevents patients' medical data from being dispersed.
Since blockchains are tamper-proof and provide efficient security, several companies have started using them by offering consulting branches in healthcare organizations to improve their business. It has become necessary to overcome the problems that have plagued health care as it offers the following benefits.
Transactions and data transfers on the blockchain are encrypted end-to-end. They only become valid when all members of the network confirm the request. Since everyone can see and validate a transaction, it does not mean they can access all the information of the parties involved. Only the transaction ID is visible to everyone, which they can use to approve the request.
By using blockchain in healthcare, healthcare teams can focus more on patient care instead of managing and storing information. It also allows patients to check their medical status and plan their diet accordingly.
By giving patients access to their medical records, they can ensure that the information stored about them is accurate and correct. The ability to be accurate provides insurers with the ability to create and manage smart contracts.
Blockchain has already set foot on the ground of healthcare by maintaining hand-in-hand confidentiality, reducing complexity, enabling trustless collaboration, and building procure and immutable details.
Collecting patient health records and managing them securely is a tedious job that is difficult for the medical team as it requires a lot of time and effort. Thanks to the unhackable nature of blockchain, this is now simple and easy. Each new record entered into the chain, be it a medical prescription or a diagnostic result, is encrypted into a unique hash that can only be decrypted by the owner of the data
Blockchain can track and monitor vaccines and medicines until they are delivered. Unique barcodes for each product prevent third parties from accessing and hacking it. To verify the authenticity of a medicine, the encrypted barcodes must be scanned. It also ensures that the drugs are produced in compliance with the standards and regulations governing the manufacturing process
Processing health insurance claims without violating privacy laws when sharing patient data carry certain risks. But with encrypted patient records on a blockchain, healthcare providers and insurers can access medical data without compromising patient confidentiality. Even if they are granted access, it is impossible to modify the medical data without creating an audit trail because it is encrypted with unique cryptographic signatures
Remote patient monitoring (RPM) helps patients to be monitored by doctors at their place of residence. It has proven its effectiveness for short-term illnesses and common diseases. IoT data collected through remote monitoring devices are vulnerable to hackers because it is collected and processed centrally. But the combination of IoT and blockchain is a perfect solution to create an innovative RPM system.
The technology's decentralized nature allows healthcare teams to share the same information quickly and securely. It helps credential medical personnel and manages important data such as qualifications, medical license, residency, National Provider Identifier number, and employee ID. Medical staff credentialing helps build patient trust in your organization.
Maticz is an industry-leading blockchain solution development company. We have in-depth knowledge and years of experience in the blockchain industry and are able to develop effective blockchain solutions for your healthcare organization. Our experts are capable of handling any kind of complexity in Blockchain development projects. Before planning a project, our team of professionals conducts market research and implements unique strategies until we get a satisfactory final product
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