How is Blockchain Revamping the Healthcare Industry?

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Blockchain is gaining traction in the tech world as a technology that could change the whole economy. It is being seen as a force that can resolve existing issues of almost every business vertical and deliver a seamless and cost-effective experience, with healthcare no exception.

The technology, in the healthcare industry, is proving to hold the potential to mitigate the prevailing concerns, like growing silos related to data and barrier for sharing information, and the increase in number of ‘healthcare-centric’ data breach cases, like NewKirk Products, Medical Informatics Engineering, TRICARE, and Premera Blue Cross.

An outcome of which is that various healthcare service providers have started exploring the world of Blockchain and see how it fits into the traditional healthcare processes. A ripple effect of which is that the 55% of healthcare applications are predicted to adopt Blockchain for commercial deployment by 2025.

In the midst of this, if you are someone still confused about what exactly can Blockchain does in the healthcare domain, this article will be a good read for you.

Here, we will dive into the healthcare sector and explore different areas where Blockchain can be integrated.

But before that, let’s check for some already existing use cases of Blockchain in healthcare.

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5 Best Use Cases of Blockchain in Healthcare

Healthureum

Healthureum is the foremost blockchain implementation that you can take motivation from.

This platform is building a solution that integrates blockchain and smart contracts into healthcare’s vital services to deal with inflated costs, misusage of patient data, and enjoy services in terms of standardization and scalability.

FarmaTrust

FarmaTrust is also a blockchain-based platform that will bring considerable improvements in the healthcare domain.

The platform mainly focuses on the elimination of counterfeit drugs and enhancing efficiency in the supply chain process. It avails the opportunity to link digital systems to pharmaceuticals so that each medicine could be tracked in real-time.

It also creates an opportunity to build a wider network between pharmaceutical brands, suppliers, manufacturers, logistics and shipping companies, wholesalers, and distributors to streamline the whole process and deliver a genuine product.

Medicalchain

Medicalchain is another decentralized platform to consider for understanding the scope of blockchain in healthcare.

It aims to provide doctors, hospitals, pharmacists, and insurers a single platform to easily access and interact with patient data. And the best part, every interaction will be transparent, auditable, secure, and recorded as a transaction on a distributed ledger.

With this, patients will be able to have a full-fledged control over their records and take decisions like who can view the data, for what time interval, and more.

Solve.Care

Another use case of blockchain in healthcare is Solve.Care.

It is building a distributed and decentralized platform for administering healthcare and benefit programs. This will help in boosting communication in different circumstances and perform tasks at nearly 3% of the total spend.

Sythium Healthcare

Synthium Health avails a unique networking marketplace that facilitates both healthcare providers and suppliers with efficient, simple, and cost-effective exchanges that boost businesses.

It also employs the technology to improve its supply chain process, reach a wider audience, and deliver exceptional buyer experience across all touchpoints.

With this covered, let’s look into what are the different ways blockchain can be helpful in your healthcare arena. Something that you must be familiar with before hiring a mobile app development agency for incorporating Blockchain into your business processes.

Single Patient Record

With the characteristics of transparency and distributed ledger, Blockchain is making it possible to create a single patient record that can be viewed by all. An impact of this is that all the doctors and pharmacists can make a decision based upon the patients’ health history. And ultimately, deliver personalized services.

Interoperability

Another benefit of introducing Blockchain in Healthcare is that it enhances the interoperability level.

It enables different service providers to access the same data in a secure and standardized manner, which eventually cut down the hassle and cost associated with the process. Also, it improves the level of trust among them.

Streamlined Supply Chain

By introducing Smart Contracts, Blockchain is also helping in streamlining the supply chain.

The technology is assisting healthcare service providers and authority to remain familiar with every step of the process in real-time. And, this way, come up with a preventive measure, wherever required.

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Ease of Drug Traceability

Blockchain has also simplified the drug traceability process. Unlike the traditional process, it links a unique ID with each drug and store related information in blocks in real-time. This makes it easier to get access to information associated with any drug anytime and anywhere. And, this way, prevent the risk of consuming counterfeit products.

Higher Security

Above all, Blockchain technology is adding tints of security to the healthcare domain. The technology, with its immutability feature, is making it nearly impossible for anyone to access patient data without their acknowledgment.

Now, as you know what are the possible ways of integrating Blockchain into your healthcare system and what are the existing solutions, it is likely that you are planning to enter this domain.

Aren’t you?

If so, do not take a second thought.

The technology has a brighter future in the Healthcare sector. In fact, as per an IBM study, nearly 16% of healthcare executives have decided to introduce blockchain into their practices, while 56% are hoped to embrace the technology by the year 2020.

So, contact a reputed blockchain development company and discuss your healthcare organizations’ needs today itself.

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