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Blockchain in Healthcare – Opportunities, Benefits

3 Mins read

We witness functional technologies every single day and the real-world use cases they introduce to bring more ease to our lives. Blockchain is similarly an emerging technology that has proven benefits for multiple industries. This blog post will look at how enterprise blockchain software can streamline the healthcare industry with its various application scenarios.

How is Blockchain Reshaping the Healthcare Sector?

A blockchain-fueled information exchange system for healthcare can bring more transparency and security. Blockchain reduces the ultimate cost of intermediate parties and authorities. It follows a seamless flow of information management and validation to avoid any friction. 

The Healthcare industry is ready to invest in blockchain enterprise solutions to bring the true value of interoperability in regular operations. It has the potential to automate internal operations in various medical vertices. From maintaining medical records to initiating transactions and managing information to ensure controlled access, blockchain technology has revamped the entire medical industry’s infrastructure.

Blockchain acts as a decentralized ledger that is free from the involvement of any third party.  It is accurate and secure and eliminates the possibility of mimicking or manipulating the data stored on it. 

Opportunities

Being transparent and secure means that blockchain can be applied to multiple use cases in the medical industry, leading to reduced costs and new ways for patients to access health services. The largest enterprise blockchain companies are offering end-to-end blockchain solutions for the healthcare industry. They focus on various factors such as keeping advancement and innovation at the forefront and seamlessly automating industrial operations.

Companies pioneering blockchain-based solutions have the full-fledged architecture to transform the medical industry. Below are the ultimate factors that could be achieved using blockchain. 

  • Security, availability, and transparency
  • Authentication of all the participants of the network 
  • Consistent and unaltered representation of data 
  • Controlled access to electronic healthcare information

Current technologies do not fully offer these requirements and lead to serious medical situations for patients. This is where blockchain comes to play as an ever-evolving technology – now is the time for its adoption!

Benefits

Enterprise blockchain for healthcare offers various benefits. Herein we discuss the major ones.

  • Security – Medical data stored within blocks cannot be manipulated or breached
  • Traceability – It is easy to track the inventory, especially for pharmaceuticals and drugs
  • Supply Chain Management – It offers supply chain transparency for the administration and healthcare professionals to track data and goods
  • Medical Records Management – Patients can access their medical history which can also be shared with doctors or relatives
  • Rewards – Patients could win rewards for following the accurate diet chart as per the doctor’s prescription
  • Crypto Payments – Transactions could be made in an easy and secure manner
  • Fraud-free Insurance Claims – Patients could receive medical insurance claims without any fraud

Use-Cases

Here are the most prominent use cases of blockchain in the healthcare industry. 

Transparent supply chain

Blockchain in healthcare allows users to track the products at each stage of the supply chain. The admin can monitor and manage the operations with a high level of transparency during manufacturing, distribution, and shipping.

Electronic medical records

Medical institutions used to employ traditional methods for the management of patient data. Blockchain allows organizations to view patient records comprehensively, eliminating cumbersome paper-based record management. Patients can view, update and share their data with other parties, doctors, or relatives. To Know more about click here.

Insurance claims 

Insurers can use blockchain-based systems to verify the claims with patients without the involvement of third-party, banks, or authorities.

read more: http://www.tecwic.com/

Clinical tests management 

Blockchain makes clinical tests more manageable and secure and verifies them through time stamps. Clinical trials include surveys, blood tests, project proposals, research design and architecture, patient insurance documents, etc. Blockchain protects these records and allows participants to access them securely.

High-level security

Blockchain offers first-class security with its strong cryptography techniques. Encryption is a way to secure the data using hash functions that any unauthorized entity could not access. Another use case is to support wearable medical devices that work with IoT to transfer health-related data in real time and protect it from tempering.

To conclude, blockchain technology is at the forefront of reshaping medical institutions. Enterprise blockchain service providers offer a full suite of blockchain services from research and development to post-development support. Automate the operations in your healthcare organization with blockchain-based secure solutions.

 

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I am a professional writer and blogger. I’m researching and writing about innovation, Blockchain, technology, business, and the latest Blockchain marketing trends.
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