Electronic Health Reporter

Blockchain technology has been heavily involved in many industries and healthcare services have benefited a lot from it, too. According to GMInsights, the blockchain technology market in healthcare reached more than $280 million in 2020. 

In this article, we will see how blockchain can effectively support healthcare technologies and how it can help with data storage.

Benefits of blockchain

But which are the benefits of using blockchain in healthcare? Well, some of the benefits of blockchain are the classic ones. Let’s see which they are.

Security

Blockchain, the technology behind cryptocurrencies like Bitcoin and Ethereum, is now used by many industries in their operations, including supply chain management and financial services. This digital ledger can make all kinds of processes more efficient. For example, it replaces traditional bank transactions with safe peer-to-peer money transfers.

Transparency of data

Blockchain technology is a transparent, distributed ledger that can efficiently record transactions between two parties. Each participant within the system sees only their own specific transactions — information about other users’ activity remains hidden from them to protect privacy. Blockchain technology means businesses don’t have to worry about double accounting or tampering of data, because all records are entered in real time and cannot be altered by anyone on the network.

Faster speeds

No matter the industry, blockchain can help business-to-business transactions become more efficient. Paperwork and physical documentation are time-consuming and prone to error, which is where blockchain really shines — it reduces the need for third parties, streamlines transactions, and eliminates errors which can cost lives in the healthcare industry.

Automation

Enabling customers to complete transactions online without having to interact with a customer service agent can increase sales, reduce customer frustration and make your e-commerce site more efficient. With smart contract technology, pharmacies and hospitals can get rid of the time-consuming aspects of paper contracts and ensure that terms are followed through on both sides.

Why do people use blockchain in healthcare?

Many people associate blockchain with the cryptocurrency market. While people can buy XRP and still enjoy a flawless crypto experience, blockchain has many benefits it can offer to the healthcare industry.

Supply chain transparency

Across healthcare, authenticity verification can be a significant challenge. A blockchain system is necessary — tracking items from point-of-origin to the end-stage of the supply chain while providing customers with complete visibility and transparency.

The primary challenges in the healthcare industry include ensuring the origin of goods to guarantee authenticity, so transparency is imperative to ensure patient quality.

Traceability of drugs

Blockchain technology enables you to track every drug to its very roots, and ensure that it’s exactly what it says it is. Every link in the chain of drugs is traceable when the data has been set encrypted into the blockchain. With blockchain technology, there will be no need for customers across any board — from healthcare professionals to patients and regulators — to verify a drug’s authenticity before being administered.

Keep a proper electronic medical record

Health care providers are bound by strict rules while handling patients’ private information. It’s not just one healthcare database, but many. That makes the process of managing patient data tough, if not impossible. Blockchain technology can ease this burden for them by providing a single platform for storing and accessing all relevant health information in real time. This ensures that the procedure is quick and secure without compromising on the privacy of patients.

Personal health records

Healthcare systems throughout the world are struggling to take complete care of patients. Blockchain technology provides a way to create a secure platform for different medical information, including diagnoses, treatment plans, and outcomes. When that data is available across all departments in a hospital, doctors can create more complete patient profiles and maintain better communication with one another. The more teams that have access to this data, the better doctors can treat their patients.

Summary

Blockchain is everywhere. From the financial and educational industries, to healthcare, it shows people how useful it can be. And especially for establishing a good practice with data management where proper data storing for patients is not just a luxury. It’s rather a necessity.