One of the biggest healthcare trends over the past few years has been blockchain. It was hailed as the revolutionary technology that will make healthcare better — faster, safer, and more efficient. Companies around the world are implementing blockchain to boost their operations and improve patient experience. Blockchain use cases in healthcare are becoming more and more available nowadays.
But how innovative is blockchain, and how can it help build a sustainable healthcare industry?
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Blockchain And Healthcare – A Myth Or A Reality
Can blockchain and healthcare work in tandem? It turns out they can. Blockchain is slowly but surely paving its way into the healthcare industry, with many startups aiming to disrupt this massive market with new technologies. As a result, blockchain in the medical field is no longer a myth – it’s rather making its way to the top.
The Future Is Already Here
While many associated blockchains with crypto and volatile trading, the future of the technology seemed bleak. However, more and more blockchain opportunities for health care and on the rise, and this article sheds light on the process of creating a product.
Blockchain Use In Healthcare:
- Data security -blockchain consists of verified data placed across a computer network, preventing cyberattacks and tampering with records. A blockchain database can only be updated by consensus between multiple participants in the system, giving each participant a unique copy of the entire database that can only be changed if all copies are updated across the board.
- Traceability – one of the main blockchain applications in medicine is traceability. Blockchain can help businesses be confident in the legitimacy of their supply chain. It can also protect companies and customers against fraud since the records are difficult to falsify.
- Supply chain – blockchain technology in the healthcare industry helps pharma companies and hospitals detect counterfeit drugs and false receipts. By achieving this, all parties involved will benefit from the additional layer of security. Patients will be able to buy authentic medicine, distributors will optimize their supply chain, and hospitals will become more compliant with all their regulatory burdens.
- Payments – whether we talk about the blockchain healthcare market or any financial institution, the security of payments comes to the forefront. Blockchain uses smart contracts that are based on the “If” statement and exclude the middleman. If party A receives/delivers a service or goods, they will pay/collect money automatically.
- Мedical verification and improved hiring process – Like medical records, blockchain technology can also be used to track the experience of medical professionals. One of the main benefits of the technology is its ability to provide transparency for any data registered on a blockchain, which can come in handy when trying to streamline the hiring process for healthcare
- Electronic healthcare system – Healthcare organizations worldwide are having an extremely difficult time accessing and analyzing patient data. It is due to various reasons, including that most medical records are still maintained on paper or in proprietary systems. Blockchain applications in medicine revolve around digital medical records and significantly improve patients’ experience.
According to a Johns Hopkins study, medical errors are now the third leading death cause in the US. The digitization of healthcare records will profoundly impact the health market by fueling more advanced analytics. Personalized medicine is a promising field, but it will never materialize without enough high-quality data. Electronic health records and clinical trials could easily be combined, which would improve patient outcomes. Isn’t that what all doctors are fighting for?
Healthcare Innovation – It Is Time To Embrace The Future
The future of blockchain in healthcare is inevitable. Blockchain is a hot topic in the healthcare industry and for a good reason. It can provide solutions to some of the most pressing issues in today’s world — using the technology to fight diseases is a great way to leverage its most valuable uses. While it may still seem like a vague concept to some people, there are many ways blockchain can be leveraged in healthcare — from tracking vaccines to encrypting medical records.
Blockchain uses cases in healthcare appear every day. The Healthcare industry has been one of the early adopters of blockchain, and it is likely that in the not-too-distant future, technology will have a dramatic impact on our daily lives. If you would like to learn more about this technology in healthcare, check blockchain applications in healthcare article on Topflightapps.
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