3 potential use cases of blockchain technology in the healthcare sector
Blockchains can provide permanent and temperate storage of medical records. Users simply update the system with their latest records and forget about it.
Over the past few years, blockchain technology has disrupted several different industries. Take governance and legal areas for example; blockchain technology has been used to revolutionize voting and the storage of property deeds. Today, several countries are also exploring the potential of CBDCs, which are blockchain-based versions of fiat currency. Now, another sector that can greatly benefit from the integration of blockchain systems is the healthcare sector. Join us to find out how.
Journal management made easy
A well-maintained medical history can be very helpful for accurate diagnoses and treatment of health problems. If you have a detailed record of blood tests and other medical reports, a doctor will be in a better position to treat you. However, saving these records can be a bit difficult. Most people have a new medical record for each trip to the doctor/hospital. Sometimes these files get misplaced or individual reports from these files disappear.
This can paint an incomplete picture when presented to a doctor during a medical emergency. As such, a 2016 study by Johns Hopkins University found that the third most common cause of death in the United States was medical errors, including errors of omission in patient records. This is where blockchain systems can help.
Blockchains can provide permanent and temperate storage of medical records. Users simply update the system with their latest records and forget about it. You don’t have to keep physical files or worry about misplacing documents. Once entered into the blockchain, these details will be available when you need them.
Cracking down on counterfeit medicines
Counterfeit medicines are a real problem today. Medicines that are in short supply are a target for bad actors. They make counterfeit medicine to meet the market demand. But with blockchain technology, users can easily trace medicines from the manufacturing unit to the point of sale. This transparency should help reduce the chances of receiving counterfeit medicines. Patients can simply scan a barcode or QR code to verify the legitimacy of the drugs they are purchasing.
Health insurance
Blockchain technology can greatly improve the efficiency of health insurance processes. For starters, recording plan details will be much easier, safer and more transparent. A copy of the policy along with its renewal and claim history can be stored on the blockchain without risk of loss or tampering.
In addition, the use of smart contracts can make processes even more efficient. They will allow automation of important processes such as renewal and claims. Smart contracts are self-executing agreements. If the terms of the agreement are met, the smart contract will perform a predetermined action.
For example, smart contracts can be programmed to issue a renewed policy after receiving the premium payment. Or they can be used to automatically and quickly disburse claim payments when all paperwork is found to be in order. This can speed up several procedures and also reduce human dependence on these critical tasks.
Conclusion
Blockchain technology can greatly improve the efficiency of the healthcare sector. As such, several heavyweights of the medical sector have either already implemented blockchain systems in their operations or are planning to do so in the future. Therefore, in the future we can see greater use of blockchain technology in health and medical services.
