How blockchain Technology Revolutionizing the Healthcare Industry

Blockchain in heathcare industryBlockchain in heathcare industry

Blockchain has been admired by all the tech-savvy enthusiasts, and its useful implications can be traced in almost all the industries. Those who are IT-intensive, find it a great heaven for making their work processes efficient. There are areas in the healthcare sector as well, which if, synchronized with blockchain technology in healthcare can yield greater productivity and transparency. It is to be noted as well, that with the estimated growth rate of 61.5%, blockchain is expected to capture market size equivalent to $2.3billion by the year 2021.

  • Counterfeit drugs can be identified with the verification of all the transactions and record of product information that takes place between the patient and pharmacist, wholesaler and manufacturer.
  • Sharing of healthcare record and procedures can be precisely updated, improved and validated.
  • Certain pre-defined procedures can be feed into the system to allow particular situation or data to be accessed by patients. It is smart contract mechanism.
  • The process of allegedly changing the records of trials in the clinical domain can be diffused.
  • With shared network and collaboration, patients can be reached and guided very effectively by authentic medical resource persons. They can also share their insight to come up with the specialized decision.
  • Medical research which is subject to confidentiality and breach can be stored and accessed, through blockchain technology.
  • Interoperability; Health record would be dynamic enough to facilitate other data seeking systems as well, or acquire their services.
  • Technology will be used to keep an updated version of Electronic health records. Transparency of records can be ascertained in a way that everything (DATA) on the blockchain has a unique pattern for every record stored, which can ensure if the data is altered or not. The pattern has restricted access, therefore, only those users with a grant of access can acquire information. With the shared network (distributed network) everyone in the chain i.e. part of this particular chain by any mean can update the record accordingly; they are subject to update the record with reference to their responsibility. So it will omit the phenomenon of duplicate data entry.

As it is obvious that, every industry has loopholes and bottlenecks, which often demand certain breakthroughs that can revive the entire system, with better means of conducting operations. In the healthcare, there are some underlying factors which need a revival of technology and in this case, blockchain technology in healthcare can prove to be very helpful.

  • The health sector can benefit at large if it has access to whole population data, requesting, fetching, utilizing a chunk of it is a troublesome procedure.
  • Patients can’t easily access their data with ease and have to follow unnecessary rules.
  • In industry everyone has adopted certain standards which are inconsistent with others, therefore, it creates a great hurdle while sharing data with other systems or utilizing their services.
  • Data is vulnerable to be hacked; it demands system that ensures its privacy.
  • Illicit use of any information is another threat which needs timely attention.
  • Interaction and involvement of patients in proposing better solutions, and as a helping hand to facilitate and improve processes.

The industry has yet to exercise blockchain technology and the still, it is the debate subject across industries, many have launched pilot project just to determine the potentials. Still, in the market their exist certain elements that are impeding the adaptation of this technology, like; the technology is still being analyzed and yet not adopted by industry in true spirit. It demands infrastructure maturity which is also lacking. Initially, inculcation of every new project or technology requires investment, so do Blockchain. With access to data to many stakeholders, it can also pose a threat of breach. Also, the capability of the interface (computer or laptop), to process the data or transaction which can be hefty.

About the Author

Sandra
I am working as Editor in Chief for Financeninvestments.com. Writing on Financial Topics is my passion. You can find me on , Seeking Alpha Instablogs or join our Facebook Community, s. FNI is a great Community for financial bloggers and writers. Get everything you wanted to know about your finance and investment related matters such as mutual funds, banking, retirement, economics and much more.

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