Blockchain technology is the biggest buzzword in the healthcare sector around the world. And that too for good reasons. The technology is uniquely suited and also holds great potential to transform the healthcare sector. The potential of blockchain in healthcare helps in enhancing data privacy, transparency and security.
But how exactly does blockchain technology do it?
Blockchain technology is mainly used to keep track of the transactional as a digital ledger and store the information using a distributed system. As records are stored in a decentralized way, the blockchain solves many issues within the traditional healthcare system. The implementation of blockchain in healthcare adds transparency, trust, privacy, and accessibility within the system.
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But, first, let’s start with the basics.
A blockchain is a digital ledger that records data using distributed ledger technology (DLT). In this record-keeping method, the information is stored in the ledger of connected “blocks” that make it impossible to hack, forge or manipulate the information stored.
In blockchain technology, computers are connected through peer-to-peer nodes and will be stored in identical blocks. In this way, if anyone tries to access or manipulate the data stored, the system generates a block, and it is easy to identify the change. Change of information stored is next to impossible as data is stored using a decentralized approach. This makes it easy to compare the information on every connected device within the network.
In the health sector, it is crucial to integrate technologies that eliminate the dependency on intermediaries and allow for better health management. Blockchain technology creates a decentralized ecosystem that makes the entire process transparent and secure for everyone. The information is secured in chronological order and can be accessed by any one part of the architecture.
Blockchain technology brings more security, transparency, and decentralization to the healthcare ecosystem. It brings data to one place that allows everyone to access the information, and changes made by one person are visible to all.
Blockchain technology actively solves many challenges that the healthcare sector is facing today. And in the years to come, it is expected that blockchain will increase in the healthcare industry.
Blockchain technology is actively used in the healthcare industry due to its decentralized and transparent nature. From integrating medical data to creating a secured ecosystem for data transfer, this technology proves a valuable addition to the healthcare system. Let’s look at the benefits of blockchain technology in the healthcare system.
Fragmented data is one of the biggest reasons for data theft. The data comes from different platforms in the medical sector and is stored in a commonplace. A single loophole within the blockchain system compromises the valuable data stored. However, the healthcare sector won’t have to worry about data theft or hacking with blockchain technology. The data is stored in the central server, thus eliminating the risk of data storage in the central server.
As you already know, in blockchain technology, the data is stored decentralized and not in a commonplace. This ensures that the data within the system is easily accessible by anyone in real-time. In blockchain technology, the information is stored in chronological order and can only be accessed by someone who is part of the system. Any changes to the information are visible to anyone who is part of the system.
Blockchain plays an important role in eliminating data silos that exist within the health sector. Earlier, when a health organization sought information about a patient from another health organization, they usually had to wait for a day or two to get this data. With blockchain, all the information is stored in decentralized form and can be accessed in minutes with a computer and an active internet connection.
Blockchain is the same technology behind popular cryptocurrencies like Bitcoin, Ethereum, etc. The secured nature of this technology is one of the biggest reasons this technology is used for cryptocurrency and other software solutions. The information within the system is stored in a decentralized way, and impossible to hack or manipulate the information stored. In addition to this, patient information will only be accessible to anyone only after getting the patient's approval or approval by the system to interact with the patient's data.
With the implementation of blockchain in the healthcare sector, organizations can save a huge amount of money. Blockchain helps in streamlining the business process and eliminates the third parties involved. All these advantages of blockchain technology in the healthcare sector make it an affordable option in the long run.
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With the advancement of blockchain technology, it’s now easier for the healthcare sector to adopt them without any deep first-hand expertise. Most blockchain-based technology solutions are now offered as software as a service. This is why it is now relatively easy for the healthcare sector to leverage blockchain technology and offer better services.
Let’s have a look at the top five use cases of Blockchain Technology in the Health Sector:
Ensuring transparency in the supply chain is one of the major challenges in the healthcare sector. Customers and healthcare workers need to track the origin of a medical good to ensure its authenticity. Blockchain technology proved beneficial in addressing the challenges faced by the health sector.
Blockchain in healthcare supply chain enable anyone to verify the authenticity of medicines, expiry date, and other important information before buying. Blockchain technology is helping the health sector to counter tens of thousands of deaths annually due to counterfeit medical supplies.
Data silos is one of the most common problems in the healthcare system worldwide. In the US alone, incomplete medical records and histories is the third leading cause of death. Now, existing medical records are linked with blockchain-based software solutions to ensure that patients’ records are easily available.
With blockchain technology, valuable patient records are translated into unique hash functions. The information stored in the blockchain can only be accessed by the person who owns the data. Doctors, insurance people, and health workers can only access the patients' information after their consent.
The Healthcare sector is a network of pharma companies, insurers, medical wholesalers, retailers, and healthcare providers. Thus, settlement of supply chain and insurance claims can become a hectic process. With blockchain-based smart contracts between distributors, healthcare, and manufacturers, settling disputes is now easier. Digitization of data makes it easily accessible to everyone and optimizes health outcomes and estimated costs.
In addition to tracking the origin of medical goods, blockchain technology is actively used in tracking medical professionals. The healthcare sector is leveraging blockchain technology from streamlining the hiring process to verifying their login credentials.
With blockchain technology, it is now easy for health workers to monitor patients remotely. This allows health workers to adopt more proactive and preventive care for patients. Technologies like 5G allows patients to connect with doctors with their IoT devices from the comfort of their homes. However, there is a rise in demand to create a secure and private network with this. With blockchain technology, health organizations provide secure networks to protect users' valuable information.
However, it is worth noting that the IoT security in healthcare is still in the nascent stages, and it is still not evident that this is the best tool to use. But, without a doubt, digital health companies need to provide secure access to users and adopt a comprehensive end-to-end security strategy.
Blockchain integrated software solutions are helping the healthcare industry to carry out tasks such as
In addition to this, IoT devices like smartwatches and smart bands will play a major role in getting useful patient data (pulse, pressure, temperature, etc.). These health records will allow doctors and health workers to track patients' health status 24*7. This ensures an accurate diagnosis of diseases and swift handling of major health issues.
Integrating these IoT devices with blockchain technology will revolutionize the healthcare industry. All the information will be stored in a decentralized manner and available to better analyze a patient's health condition. In short, blockchain is reviving the healthcare industry by breaking the data silos and opening a new world of opportunities for the healthcare sector.
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Ready to adopt the trending healthcare blockchain business ideas? You can refer to Suffescom, a trustworthy and reliable app development company dealing with blockchain development services to scale your healthcare business.
Healthcare, as mentioned earlier, app solutions are just a feather in our cap that boosts our development capabilities. Planning to enter the healthcare sector, our blockchain app development experts can handle all your development needs. We have listed down a few reasons to choose us as your blockchain healthcare app development partner.
Our development team at Suffescom Solution has the right blockchain expertise to develop and launch your healthcare application. Leverage our expertise in enterprise blockchain development and build healthcare app solutions with top-notch features in a given time frame.
To ensure that your blockchain project idea is secure with us, we sign NDAs agreements. With this, we offer peace of mind to our clients that their idea remains safe while we work on them.
With time your blockchain-based healthcare app needs maintenance and technical support to solve technical glitches or bugs. For this very reason, we offer our maintenance and support to ensure you don’t have to worry about anything while our software engineers monitor your application 24*7.
To meet our client’s specific expectations, we follow an agile development process and build solutions as per their standards. Our solutions are 100 percent customization that allow our customers to launch a healthcare app to meet their specific business goals.
Planning to launch a healthcare application or change your organization by working with trending healthcare app ideas. Then, contact our Blockchain Healthcare App Development experts at Suffescom Solutions and discuss your idea today!!
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