Impact of Blockchain Technology on the Healthcare Sector

Impact-of-Blockchain-Technology-on-the-Healthcare-Sector

These days healthcare data can be created, copied, and modified faster than ever before. And, if data is the fuel behind more efficiency, blockchain may be the vehicle to get us there. 

Today, the healthcare system is losing about $300 billion each year due to poor data integration. Blockchain would offer healthcare a safe and secure system to share data more efficiently. Isn’t it great, but what is blockchain? 

What is Blockchain Technology?

A blockchain is a technology in which data is packed in a secure way and can only access and modified by certain users. Once data is created, it’s then broadcasted and verified on a peer to peer network. After that, a block of information is formed. Only people with the correct key can access and change it. Every time the data is modified, a new data block is verified and added to the chain. If someone tries to tamper with the transaction or block in the chain, validation tools work together to confirm or reject the new data. This process ensures the blockchain remains a safe, secure, and trusted source. 

In the healthcare industry, the blockchain revolutionizes the way of analyzing, optimizing, verifying, and sharing data and information. Blockchain helps in accelerating R&D and provides a better opportunity to form a coordinated and organized healthcare system for both patients and doctors. This can help patients and providers have the information they need when they need it most. 

Healthcare Challenges That Blockchain Technology Solves

  • It prevents data breaches
  • Track medical history and records
  • Form a trustworthy database
  • It prevents fragmented data
  • Easy timely access of data
  • System Interoperability
  • Data security 
  • Cost-effectiveness
  • Eliminate the usage of fraud drug
  • Promote direct communication

Impact of Blockchain on Healthcare Industry

As discussed earlier, we saw that blockchain technology can play a vital role in the healthcare industry. From keeping track of health records to medicinal supply chains to eliminating centralized banks, blockchain technology stands out as one of the best ways to improvise this industry digitally.

Health Records

Electronic health records are very important in the healthcare system. However, we know that these records grow exponentially over a period of time and become more complex with every new entry in the system. Every hospital and every clinic stores data differently. This is why it is difficult for the healthcare system to collect, store and fetch this data. 

The goal of every healthcare is to provide patients authority over their health records and to provide a one-stop solution for physicians and patients to access their data, while inherently bringing data security into the field as well. 

Supply Chains

The pharma industry has the highest standard for product safety, stability, and security. Blockchain technology helps in monitoring products securely and transparently. With this, the chances of getting the wrong drug due to human errors and time delays are reduced. Blockchain technology also monitors cost, labor, waste in emission during the time of any product supply. This will help in verifying the authenticity of the product by monitoring it from the origin. 

Data Security

Another thing that most healthcare industries deal with is data security. Since there is a lot of data and different sections are working on the same data at a time, there is a need for data security. And for this, the best idea is to implement Blockchain technology in the healthcare industry. 

It ensures data security in the healthcare industry so that only certain people can access the data. 

Conclusion

Blockchain technology is becoming very popular. As it slowly grows, it seems that from a supply chain to banking, it is ready for disruption. And in healthcare especially, there is a huge opportunity for the blockchain revolution to lead the digital transformation.

So, are you ready to implement blockchain technology? Contact us at Genesisngn.com.

Genesis Team

Genesis Team

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We understand that digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. It’s also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure.

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