It cannot be denied that a significant amount of GDP in many countries around the world is spent on healthcare. Despite this, hospitalization costs continue to rise and the number of data breaches is also increasing in the public and private sectors.
Blockchain technology can be very useful in reducing costs, strengthening data security, digitizing transaction processes and streamlining the way information is shared between healthcare providers and patients.
Below are five realistic benefits of Blockchain technology in the healthcare sector
Information about patients’ health must be better protected
There are many benefits to using blockchain technology in healthcare, including simplifying the approval and security of patient data. Blockchain Technology has a wide range of applications including logistics, IoT, Money Transfer, Media and even online casino gaming companies such as casino online NetBet. In addition, a decentralized, peer-to-peer network can be critical in reducing data breaches by securing patient medical files. Ideally, there cannot be a single point of failure in a system that stores critical information: a system that provides access to critical health information.
There is another benefit to this system – healthcare professionals, doctors and patients – as they can easily access the data without worrying about the information being tampered with. In addition, by automatically time-stamping each exchange of data, doctors can keep track of the information they send, keep track of their client’s health status, and take immediate action in the event of an emergency.
Healthcare providers can exchange information seamlessly
Blockchain technology can act as a safety net for organizations that need to share information securely from an organizational perspective. Since distributed ledger technology is decentralized, it can be used to exchange all kinds of documents and medical images so that it will ultimately be possible for different parties to come to an agreement, make a correct diagnosis, or better address clinical trials due to its decentralized nature.
In order to facilitate better supply chain management, it is important to have traceability without security considerations. In addition to preventing counterfeit drug incidents, blockchain technology is also useful in preventing medical records from being forged or duplicated. Several studies have shown that medical insurance companies are more likely to back up their policies, store them safely and prevent data theft or audits than other industries.
Authenticity and transparency in the supply chain
In healthcare, there has always been a concern about the authenticity of medicine. As a result of concerns about transparency across the supply chain, trust can be broken between providers and facilities, manufacturers and healthcare practices, ultimately causing great harm to patients’ health. By tracking goods along each step of the supply chain, a blockchain-based system can help mitigate such risks by reducing the associated risks.
Image source: Blockchain
Better medical insurance and smart contracts for settlement
On the blockchain, companies connect multiple healthcare stakeholders, such as insurance companies, pharmaceutical companies, wholesalers and healthcare providers, to authenticate them, track every transaction they make and sign smart contracts where services and goods are delivered. This type of environment allows healthcare professionals and trading partners to embrace digitization, automate tasks and result in an exceptional experience for their patients in terms of user experience. In addition, as a result of digital contracts between suppliers, manufacturers and distributors, closed on a decentralized ledger such as the blockchain, all parties can access the exact copies of each agreement without the possibility for them to make changes after they are signed. .
Use of IoT technology for remote monitoring of devices
In the digital health sector, remote monitoring is one of the most influential trends. When doctors monitor patients’ vital signs, they can gain valuable information about their overall health, allowing them to be more proactive when treating the patient and make a more appropriate diagnosis. But in the digital health sector, one of the biggest challenges is the uncertainty of IoT technology. It is difficult to ensure that patient data is fully protected, and people’s lives can be put at risk in an emergency.
The use of blockchain cryptography can be one of the best methods to ensure the security of IoT devices. It is important to remember that since the technology only uses one unique hash function, it cannot be changed once the information is recorded. A further advantage of IoT is that it is easy to connect devices without requiring any centralized server. There is no doubt that blockchain technology can make a huge difference in healthcare. When it comes to adopting the system, there is still great uncertainty about the topic among healthcare organisations.
