Blockchain technology today has evolved beyond cryptocurrencies. The growing applications of this technology have diverse implications within the healthcare industry. Integrating blockchain technology can help in connecting several siloed systems and generating insights for better value assessments. Looking at the big picture, blockchain in healthcare implemented at the national level can facilitate the recording of medical records electronically, improve efficiencies and support improved health outcomes.
What is Blockchain Technology?
Fundamentally, blockchain can be understood as a distributed recording system that can store transaction records. It is a shared, immutable P2P transaction ledger made up of blocks of data linked together. Blockchain uses established methods of cryptography that allows every participant within a network to engage by storing, exchanging and viewing data without any past interactions between parties. Within a blockchain network, you won’t find a single central authority. Instead, the records of transactions are distributed and stored across every participating link in the network. Any interaction with the blockchain is visible to every participant and requires network verification before any data can be added. This enables collaboration without requiring trust between the participants in a network and records an immutable audited trail of every interaction.
Applications of Blockchain in Healthcare:
There is plenty of scope for blockchain technology when it comes to advancing the healthcare industry. Let’s understand some of its most useful applications in the present and near future.
Supply chain management:
The supply chain in the healthcare ecosystem today is neither secure nor drawn-out. First, medicines are made in various manufacturing centres. After manufacturing, they are transferred to whole distributors. These wholesalers then send these medicines to retail outlets and pharmacies from where customers finally purchase them. There is also a threat regarding the medicines’ authenticity because counterfeit or substandard medicines can enter the distribution network very easily.
Blockchain as an immutable network can resolve several problems together.
- It can check the ingredients of medicines in circulation. Blockchain helps manufacturers track all the ingredients used in any drug. This ensures the dosage and ingredients per medicine adhere to regulatory standards.
- Blockchain allows easy tracing of counterfeit goods. Healthcare and pharmaceutical companies can use this technology to eliminate counterfeit medicines that might have entered the supply chain network. This also helps identify the source from where these counterfeits originate.
The Integrity of Medical Records:
Blockchain can help healthcare companies ensure that medical records remain secure, un-tampered and accurate. Whenever medical records are produced, they can be stored within a link in the blockchain network. This will act as proof of the medical diagnosis at all times which cannot be changed or altered. Ensuring the integrity of a patient’s medical records is a huge step up both medically as well as legally. It is one of the most anticipated benefits of blockchain in healthcare and pharmaceuticals.
Treatment Regimen:
Blockchain also has several applications and benefits in the domain of medical research. With authorised access to patients’ medical records, researchers can ascertain how a treatment affects large sections of the given population of patients. This helps in providing better outcomes through new procedures and modification of existing ones.
Identification of Patients:
The duplication of data and mismatching of health records and patients is quite common in the world of healthcare. It gets tougher with the various schema in different EHRs because it adds new possibilities of manipulation of even simple data.
By using blockchain technology, all the data is added to a digital ledger. While this will mean a larger volume of data will lie in the same network, every link will contain information related to a single patient. This removes the possibility of data mismatching and duplication.
Claim Settlement:
One of the greatest areas of improvement in the healthcare industry is the time taken while settling insurance claims. Blockchain smart contracts will help define the exact conditions of any contract between the insurer and the insured. This gets enforced as soon as someone submits a claim. This is followed by real-time claim processing and settlement of payments with the provider.
Changing Business Models:
Blockchain technology can potentially create various new models of business once integrated with healthcare operations. Some examples are as follows:
- Pharma companies: When you use a blockchain platform, it allows pharmaceutical companies to gather data in real-time. This allows them to provide a wide range of treatments and medical products that can be personalised for patients.
- Pharmacies: Blockchain technology can simplify operations for pharmacies by allowing easy data storage and access. Using this data, they can seamlessly guide patients regarding their medications.
- Healthcare professionals: Every doctor and nurse can access patient data and medical records more easily by using blockchain technology. Additionally, they can get real-time data updates through smart wearables and applications. This also keeps them informed in case an emergency comes up.
A blockchain app development company can bring you closer to integrating blockchain technology within your business operations. With the right guidance and technical expertise, you can future proof your business and drive higher profitability.
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