The requirement of development becomes much higher when it comes to the field of healthcare. We need quality healthcare services backed up with the latest technology. Moreover, the healthcare system landscape is taking a shift towards a more patient-centric approach. The present healthcare framework is probably not efficient to handle information exchanges and requires certain changes. One of the biggest reason of the use of Blockchain Technology in the Healthcare System is the lack of central administrator. With the help of blockchain technology, cryptography will eliminate the need for a central administrator. Let us now see what is the current situation of the healthcare system.

Current Situation of the Healthcare System

When you focus on giving quality health care services you should ensure the patient’s health management is at a superior level at all times. That being said, the rules and regulations are making processes even more tedious and lengthy. This is why it is not easy to keep such processes intact and still provide effective patient care. The biggest problem that comes in the way of providing healthcare services is the gap between providers and payers. The dependency of middlemen in the supply chain makes it even worse.

The critical patient data and information are scattered across different systems which is why the data is not handily available in times of need. The existing healthcare system cannot perform smooth process management. Moreover, it is also inefficient for handling the exchange of information and requires certain major changes.

A good number of healthcare facilities are still dependent on outdated systems for keeping patient records. These systems keep local records of the patient data. This can make it difficult for the doctor to diagnose which is time-consuming for the doctor and tedious for the patients too. Due to this, the cost of maintaining a patient-oriented business increases considerably.

Now, that we know the problems that exist in the current healthcare system, let us see how blockchain technology will be useful in this field.

Use Of Blockchain Technology In Healthcare Systems

Blockchain can streamline medical records and enable their sharing in a secure way. Additionally, it offers access to security, scalability, and data privacy. Let us see how blockchain technology will help in healthcare.

Protection of Sensitive Medical Data Of Patients

When it comes to health management, the largest challenges faced to date are data security, shareability, and interoperability. With the help of advanced cryptography, medical records are added to the blockchain. With time the block becomes longer, requiring a consensus. The consensus prevents any breakage or breaches of the records.

Improved EHR(Electronic Health Record)

With the help of Blockchain, a singular patient-owned EHR system will be possible. The information, in turn, will transmit safely and securely to different financial institutions, and be accessed as soon as new data is added to it. The blockchain will not replace the EHR itself. It will act as an extra layer for additional functions and prove that records are complete and unmodified. Also, it will record patient consent when it comes to data sharing.

Costs and Safety

The adoption of blockchain will make sure the pharmaceutical companies do nor counterfeit drugs which is leads to death worldwide. In 2017, the WHO(World Health Organization) estimated that counterfeited drugs cause tens of thousands of deaths a year. Blockchain will have complete transparency which will help trace the drugs to the point of origin, helping to banish falsified medication. This will make it safer for patients and saving up to $43million a year for pharma companies.

Last month a Canadian Pharmacy Shoppers Drug Mart implemented blockchain in medical cannabis tracking. It is a pilot program to provide software to track medical cannabis from seed to final product. Similarly, pharma giant Boehringer Ingelheim has launched a blockchain based healthcare network. It aims to raise awareness about diabetes.

Smart Contracts

With the help of smart contracts, a medical professional can spot a mistake in their records. They will be able to make a correction, which will then accepted or rejected as a smart contract. It can also revolutionize the complicated prescription drug supply market. It will help cut out middlemen, thus considerably cutting costs for consumers.

Health-Related Cryptocurrencies

There are some cryptocurrencies that are developed particularly for health-related reasons. These cryptos offer health-based incentives. Sweatcoins, Sobercoin, clinicoin are some of the health-related cryptocurrencies. These are the cryptos that help the user win incentives in return for doing some exercises or getting rid of drugs. People can also trade these cryptos which can be used to get help in their recovery.

After Thought

The usage of Blockchain depends on a major factor i.e if it gets accepted in the healthcare ecosystem. Though people are skeptical regarding the technology’s integration it is still popular in the healthcare sector.

Blockchain has been capable of creating a surge in the healthcare industry by storm over the past year. Many solutions are in process to adopt the technology. With vast potential use cases and possibilities, blockchain will disrupt the healthcare landscape for good.