How Will Blockchain Impact Healthcare?

The evolution of technology is making certain positive changes in our lives. In the last decade, technology has improved the financial system, education system, and healthcare system.

Computers and the internet become essential elements in these fields. But latest inventions like AI have increased the need for improvements in automation systems to eliminate their limitations. One such sensational discovery that is ameliorating the tech world is Blockchain. 

The financial system has been revolutionized by blockchain, and that is why cryptocurrency is the first word that comes into our minds when we hear about this technology.

The rise in bitcoin has made blockchain a well-known name around the world. However, blockchain is not limited to cryptocurrencies. It has the tendency to do more than being a financial ledger. 

In recent years, the healthcare sector has shown a need for innovation to provide secure and stable health facilities. Now, healthcare providers are more patient-centric and leave no stone to provide apt health services at low prices.

Blockchain has emerged as the discovery needed by health service providers. It has begun its impact on the healthcare sector by making the system more accessible, reliable, and cost-efficient.

Blockchain and Its Features

A blockchain is a database of peer-to-peer transactions saved in the form of blocks that are securely linked together. This system is designed to record the transactions and securely keep them so that no one can alter the information.

Data is stored in the form of blocks, and after verification of the transaction, other blocks of information are added and form a chain.

If there is any manipulation in the blockchain, then another block will be created with the data about the alteration made. In this way, the alterations can be tracked down to the source after verification.

It is used in a business network to share information accountable within the circle.

Features of Blockchain in the Healthcare Sector

1. Decentralized - It is the main feature of blockchain. The data is saved in this decentralized network in the form of blocks. The network is transparent, and all the members have the same copy of the data. Any change in the data can be rejected if the majority refuses the alteration.

2. Secure data - As the blockchain is a decentralized network, any change in the data can be prohibited by the other members. So there is no chance of data manipulation and data will be secured. 

3. Self-Correction - If there is any alteration in any of the blocks, then the cross-check with other blocks will take place and results in eradicating the error.

4. Distributed Ledger - In this system, independent computers record and share the transactions. It also synchronizes the data in respective electronic ledgers.

5. Different from the Regular Database - Other databases use tables to store data, but it uses blocks that are chained together. The documentation process using blockchain is easy and impartial. 

Blockchain comes with various features in finance and healthcare services. Well here, we will discuss the characteristics of blockchain in healthcare.

Keeping medical records, electronic data management, protection of healthcare data, etc., are some important sectors where blockchain is a boon.

How Blockchain can be Useful in Healthcare?

Blockchain is an emerging solution for the abnormalities in healthcare, including logistics and keeping the medical records of the patients.

Recently, this technology has become an important part of the financial sector. Now, it is expanding to other sectors like science and logistics, which are essential parts of the medical industry. Here are some of
the sections where Blockchain will be the best option.

1. Electronic Health Record Systems

The health record of a patient is essential for them and needs to be protected. Blockchain can help in providing complete access to their medical records.

The patients can share full or partial information with their respective doctors. They can set the time for the visibility of their records to others.

This system will also be beneficial for insurers as they can connect directly with the patients without the involvement of a third party.

In this way, a patient-oriented EHR will be developed, which is in demand in the medical industry. 

2. Cryptocurrency Usage in Hospitals

Cryptocurrency is used widely by people in limited locations. But the cryptocurrency ownership and usage are increasing rapidly.

Patients who want to make payments with cryptocurrency can make it through wallet software. Few healthcare centers in the world offer this facility to their patients; Aveon Health is one such example.

3. Transparent Supply Chain

The healthcare industry is facing difficulty in ensuring the authentic and appropriate supply of medicines.

The blockchain-based system will provide the facility to track the medical package at every stage, including dispatched time from the origin to reaching the destination.

It will ensure the credibility of medicines. Also, Blockchain connected with AI will ensure the perfect optimization of the supply chain.

4. Safety and Transparency

Cyberattacks in hospitals have become common nowadays. The security of patients’ data is essential for medical centers. The blockchain-based
system can ensure the security of the data.

Cryptographic keys will be used to give complete access to the patients so that they hold the key to unlock their records. In this way, the data will be secured from the data breach.

5. Reduces Needless Expenses

The healthcare center's main motive is to provide efficient and reliable services at a low cost to the patients. The blockchain can reduce the unnecessary expenses patients and the healthcare industry spend.

By using this technology, the hospitals will be secured from the problems like report completion, system failure, and theft.

There is no need to create new records repeatedly as all the records will be securely kept in the blockchain system. It will not only save money but also the time of doctors and patients.

6. Enhanced Clinical Trials

The clinical trials and research will become easy. The researcher can share the results of clinical trials with other researchers by securing the privacy of the trial participants.

This system will help the researcher to secure the results. Moreover, it will help in preventing the publication of questionable trial documents.

7. Maintaining Financial Statements

Financial statements are crucial for both hospitals and patients. The hospitals need to keep an accurate record of the finances. While the patients must make payment for all the medical services they have undergone.

The Blockchain application will securely store the records of transactions. Also, patients can make payments in advance rather than standing in a waiting line. 

Last Words

Blockchain is the future of the internet we are using today. Security breaches can not be neglected and need a secure solution like blockchain.

Patients will be most benefited from blockchain-based healthcare systems. They can access their data securely and will spend less money on healthcare services.

Various companies have developed applications for healthcare providers based on their needs. ProCredEx, EncrypGen, Coral health, and GuardTime are some companies taking the blockchain in medical services to the next level.