When people hear blockchain technology, they immediately think of cryptocurrencies. But blockchain is much more than only cryptocurrencies. It has the potential to disrupt all fields of life, including healthcare. If blockchain technology is implemented methodically, it can solve severe looming problems that the world has been experiencing for a long.
Let’s first see what blockchain is and how it works.
Blockchain is a chain of records that store data and information. It is a tamper-proof and decentralized digital ledger, hence, providing full control to the user and eliminating governmental or third-party dominance. Blockchain consists of three elements: distributed network, a shared ledger, and digital transactions that drive the technology. Some of the essential features of blockchain technology are:
- Better Security
- Transparency and Authenticity
- No Single Point of Failure
- High Transaction Speed
- Free of Intermediaries
All of these features are the reason for the popularity of blockchain technology.
Now the healthcare industry is looking for ways to take full advantage of blockchain in creating a better ecosystem. Professionals and institutions are already capitalizing on the technology, and early solutions show that this integration can not only reduce costs and increase the availability of authentic information but can also streamline medical records and provide secure and fast access to data. It can also create a secure payment method by using cryptocurrencies. You will only need an electronic wallet such as Dogecoin Wallet to store crypto; therefore, you can pay for anything quickly.
How can Blockchain be used in healthcare?
We have seen numerous applications of blockchain in financial, governance and business sectors. Here are a few of the many ways blockchain can be used in healthcare.
- Storage and Data Accessibility:
It is no secret that the medical industry and organizations have always struggled with patients’ records and data. Since the records are very sensitive and a single slip-up can cost a lot, blockchain can solve this issue once and for all. With its advanced level of security for access and storage of data, it’s nearly impossible to go wrong. As a result, different medical sectors will access, store and share data securely and will be able to collaborate effectively, improving the opportunities and experiences for patients.
- Analysis and Data Collection:
Using a data-driven, scalable, and patient-centric blockchain-based system will prove helpful in collecting sensitive data to train machine learning software. Data collection and analysis can be challenging, but blockchain technology can make it easier, faster, and more secure.
Blockchain is theft and fraud-proof. Once implemented, this technology can exterminate the risks of data loss, hacking, embezzlement, and any other possible damage to the data.
- Health Supply Chain Management:
Blockchain allows for less expensive, reliable, authentic, and easier to manage the process by providing practical solutions to streamline supply chain operations. Major healthcare industries are already investigating blockchain technology in order to have more control over supply chain management.
What are the significant Benefits of Using Blockchain in Healthcare?
Now that we have substantial knowledge of the applications of blockchain in the health sector, here are a few essential benefits that it will provide.
1. Perennial Patient Records:
Since blockchain is made up of a chain of blocks, the records of a patient’s disease will be added to the blocks. It will be possible to foresee the disease depending on the patient’s next visit using records such as disease history, lab test results, treatment costs, etc. By examining these precompiled records, hospitals might use them to provide better service to the patients. Additionally, it will assist in mastering patient indices, ensuring that records are meticulously streamlined, and avoiding sensitive errors.
2. Drug Tracking:
Since blockchain makes it possible to trace every medicine back to its source, it provides a reliable way to ensure drug validity. Blockchain may be used to store information about medicine at every stage of its lifespan. Every block holding pharmacological information will have a hash connected to another block and an unchangeable timestamp.
Even the transportation of the drug from one party to another may be tracked in real-time, and all authorized parties will be able to see the transactions on the Blockchain.
3. Cryptocurrency Payments:
Surgeries, medical tests, and medications can be costly. It will be possible to pay through cryptocurrency because of blockchain technology. For example, at Aveon Health, patients can receive treatment and pay using Bitcoin without worrying about cash.
4. Remote monitoring:
Once uploaded to the blockchain, electronic medical records can be viewed and shared instantly throughout the world. Patients or medical professionals may study them from the comfort of their own homes. Thanks to blockchain technology, this method is secure and almost free from cyber-attacks.
This article explored the possible ways blockchain can revolutionize the healthcare industry. Blockchain technology is not limited only to these applications; people are still researching it to bring the best of it.
Blockchain technology is at its early stage while the healthcare industry is working hard to discover and implement it.