It is common knowledge to most people that blockchain technology has found many applications in the financial sector. What many still don’t know is how the technology is being used to enhance operations in the healthcare industry. As more healthcare industry executives embrace the blockchain, you can expect to see the emergence of more ways to incorporate the tech in existing healthcare processes.
We are at the initial stages of these evolving applications of the blockchain in healthcare, but few people doubt the far-reaching implications of this move in the entire industry. Blockchain technology is set to transform how the healthcare industry operates. It will see the patient become the center of the entire healthcare industry ecosystem; will increase privacy, security and interoperability of all healthcare data.
According toa recent survey conducted by IBM, 16% of executives from the healthcare sector who participated in the survey said they already have solid plans towards implementing commercial healthcare solutions based on blockchain technology while 56% plan to have made similar plans by 2020. This kind of surveys and studies clearly show that the blockchain is set to disrupt the healthcare sector in ways that we are only beginning to comprehend.
For the majority of stakeholders in healthcare, the greatest potential of blockchain technology in healthcare lies in the automation of tasks. This way, caregivers can concentrate on building better and more robust relationships with the patients. Industry watchers predict that in the next decade, technology in the healthcare sector will converge via, among other technologies, blockchain, artificial intelligence and autonomous monitoring devices.
Here are four ways that blockchain will transform the healthcare industry:
Blockchain provides a way to store medical records safely and securely all the while maintaining the privacy of the patient. The ability to store this information on a distributed ledger using advanced algorithms make blockchain a game changer in healthcare. Medical records are extremely valuable in the treatment process. They give insights into the condition of a patient, show the past diagnosis and treatments and how the patient’s condition has improved or deteriorated over time. By enhancing the security of these medical records, all stakeholders can enjoy renewed confidence in the accuracy of the records without worrying about falling victim to the incessant data breaches that have dogged the industry for some time now.
Storing medical research data on distributed ledgers through the blockchain will transform how medical research is conducted. Through blockchain technology, physicians, doctors, researchers and other stakeholders will have access to the latest research, allowing them to make better healthcare decisions.
One of the greatest challenge in healthcare research is the inability to readily find information on latest research and clinical trials of certain new medications. These non-optimal practices can a failure in publishing relevant medical results and fraudulent research. Blockchains are by design immutable. This means they can be used to record the latest clinical trials and all other related data which other researchers can scrutinize and verify.
Moreover, availing information about the latest research findings will help medical professionals from across the globe better understand patient illnesses, make diagnosis and treat their patients with utmost confidence. These professionals will also have access to an incredible amount of data that they can search through to better understand the changes taking place in the industry and their impact on the quality of the healthcare services they provide.
Imagine you are in Switzerland on vacation and the skin condition you’ve been dealing with for some time begins to trouble you. Incorporating the blockchain will make it possible for you to walk into any hospital in Switzerland and be treated in line with your past medical history. The doctors there will have access to your medical historical medical data from your doctors back home. Consequently, they will be able to make better judgments regarding your skin condition and how best to treat it. Additionally, this quick access to medical records will also be quite cheap, thanks to blockchain technology.
Have you ever wondered how healthcare organizations track drugs and other similar controlled substances all through the supply chain? Believe it or not, these drug companies use a long paper trail and various databases. This makes the process hard to track, inconveniencing at times and unquestionably messy. Blockchain provides the perfect alternative.
Using the technology, every drug is tagged with a unique number. Then, they add a hash of the number plus other relevant information to the blockchain. Pharmacists and retailers do the same. Therefore, the drug reaches a patient with a clear and easily verifiable trail. Consequently, it becomes increasingly easy for law enforcement agencies and regulators to track these controlled substances and identify those in the supply chain that may be abusing the system.
Perhaps more than at any other time in the past, the blockchain is all set to bring noteworthy transformation to the healthcare industry. Just as it has been revolutionizing for cryptocurrencies, blockchain technology will change the way of doing business for all healthcare organizations. Looking into the future, there is hope that an industry that has for ages been held captive by legacy technology systems that are expensive and inefficient will finally be free to make available new healthcare solutions centered on the patient.
