How blockchain can transform the healthcare sector

The healthcare industry is grappling with several challenges, including data sharing procedures, ambiguity about clinical trials and medical research, complex billing systems and patient compliance.

These challenges put pressure on healthcare stakeholders to provide high quality care while controlling costs. However, blockchain technology can potentially transform and revolutionize the sector and address these challenges.

How beneficial would it be to have access to the patient’s health history while maintaining security and confidentiality? Wouldn’t that be valuable to patients and doctors?

What is blockchain?

Blockchain technology is a decentralized and secure database that can validate past events. It has several enhancements that make it unique from traditional data warehouses.

For example, it is decentralized – meaning that no single entity controls the flow of information – and everyone on the network has access to the same information.

Furthermore, it is consensus-based, which means that everyone in the network must agree on the information that is added to the ledger.

Another important feature of blockchain technology is that it is “add-only”. Once information is added to the blockchain, it cannot be changed, ensuring that new information does not conflict with what is already on the blockchain. Anyone on the network can access and replicate the data stored there, increasing transparency and accountability.

Blockchain can effectively control who can access data stored in the shared ledger, making it incredibly secure and hack-proof.

Healthcare professionals require secure and efficient access to a patient’s complete medical history, and blockchain can deliver just that.

Data sharing and administration

In the healthcare sector, medical errors are a leading cause of mortality. Unfortunately, the need for more transparency between medical institutions and the inability of hospital systems to share data safely and effectively is a significant contributor to the problem.

However, by securely transferring patient records between health systems, blockchain can improve the coordination of member health management, reduce transaction costs and risks, and even support medical tourism.

Blockchain has revolutionized the healthcare industry by improving the sharing and coordination of medical data, ultimately leading to better patient care. The technology allows patients to have full control over their medical records, allowing them to share their data securely and efficiently with any healthcare provider they choose. This streamlined process can help reduce medical errors and improve patient outcomes.

Supply chain integrity

Blockchain can be particularly effective in improving traceability and transparency in the pharmaceutical supply chain. With blockchain, every transaction of any pharmaceutical product can be recorded, providing both the big picture and minute details of the supply chain. Patients could potentially access real-time information by storing supply data in a blockchain.

In addition, barcode labeling can be used to enable other functions, including monitoring the availability of medical records. This level of transparency and traceability can help prevent counterfeit medicines and improve patient outcomes.

Furthermore, blockchain can transform the system from disconnected segments of data owned by a single entity to the life history of any resource, whether it is a patient’s health record or a drug moving through the supply chain.

Medical research

In the healthcare sector, having a secure and centralized repository of clinical trials and patient results for new treatments can significantly improve patient care. With blockchain, the immutable time-stamped records of clinical trials and outcomes can help reduce results swapping, data snooping, unethical reporting and reduce fraud and errors.

The benefits of blockchain extend beyond improving the accuracy and reliability of clinical trial data. Blockchains can mobilize new and innovative research initiatives by sharing patient results more broadly with patient consent. This level of collaboration between participants and researchers can drive fresh and innovative research initiatives, ultimately leading to better patient outcomes.

The Scope and Prospects of the Indian Healthcare Sector

Several blockchain healthcare companies have already adopted this technology, marking the journey towards decentralisation. As more healthcare organizations recognize the benefits of blockchain, we can expect to see widespread use in the future.

The most important benefit of blockchain in healthcare is its ability to store and update patient data securely and efficiently. Blockchain can simplify the retrieval and transfer of data by eliminating the need for third-party intermediaries, leading to the development of consistent, rules-based processes for different organizations to access patient data, and improving the quality of patient care.

In summary, the potential for blockchain technology in healthcare is great, with many applications that can simplify and streamline processes while improving patient outcomes. As more healthcare organizations adopt blockchain technology, we can expect greater industry innovation, collaboration and transformation.