Impact of Enterprise Blockchain in the Healthcare Market: 8 Real-World Applications
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on September 1st,2022

As one of the most innovative technologies emerging today, blockchain has extensive potential and problem-solving implications in the healthcare sector.

It plays an instrumental role in preventing fraudulent practices and deception in clinical trials, thereby ensuring better research outcomes. Preserving and exchanging student data, avoiding minute errors in medical records, facllatong system Interoperability, etc are other potential use-cases for blockchain in healthcare. 

This article intends to dive deep into the significance of blockchain technologies and their applications in the healthcare sector.

What Is a Medical Blockchain?

The use of blockchain technology for the benefit of the healthcare industry is called a medical blockchain.

Blockchain technology can be made use of to integrate medical data with a number of service providers. It is especially valuable for the integration of intermediaries since the above-mentioned is disseminated work. 

The implications of blockchain technology in the healthcare sector are varied. Blockchain opens up the scope for a global healthcare record that is protected in a digital space where medical personnel can access the information anywhere with patient consent.

The proper use of blockchain technology will greatly benefit government organizations that endorse pharmaceuticals thereby delivering better results for patients. This feat can be achieved by auditable tracking of datasets created by clinical scientists. Even minute mistakes can prove fatal in the medical sector, and blockchain can be used to combat this issue.

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Healthcare challenges that Blockchain Technology Solve

1. Fragmented Data

EMR fraudulent practices always emerge from the server where all medical data from different platforms are merged. It is very common for data to be compromised in systems where data from various sources culminate together.

Blockchain technology allows you to eliminate this problem by storing data in different nodes thus reducing the risk of the server getting compromised.

2. Timely Access of Data

The blockchain and healthcare mix that come in a package ensures the patients’ data and updates are shared and accessed in real time.

3. System Interoperability

Blockchain is a decentralized system across computer networks across boundaries. The need for data migration and the time consumption for the same is reduced with the use of blockchain technology when a healthcare organization seeks patient information from another practitioner or organization.

4. Data Security

Blockchain technology in recent times has become synonymous with security. As this technology is complete; decentralized, it is almost impossible to access patient data without authorization.

This way, there is versatility, accountability, interconnection, and authentication for data access. For a myriad of reasons, it is imperative for healthcare records to stay confidential. Blockchain technology is the answer for decentralized protection of sensitive medical data.

5. Patient Generated Data

With the advent of medical technology, patient healthcare records are not only the ones provided by the healthcare organization. There is also data that is generated directly by the patients, in cases of wearables and such.

Streamlining the consolidation of data from healthcare organizations and patient-generated data is very difficult in theory. However, blockchain technology is an effective answer to this data consolidation problem.

6. Cost Effectiveness

Consolidating data from and transferring the said data from one party to another is an expensive process. But with the use of blockchain technology, there are no intermediaries or third parties involved in this process. This will effectively cut expenses and make data transfer a cost-effective scenario.

7. Patient’s Medical Verification

Consider this scenario: you had a medical condition about ten years back. After the sickness relapsed, you stopped paying attention to any records you may have had from your first consultation. However, if you were to consult a new doctor now, they would need to see the previous reports from back then. You would have to find the old doctor and hope he has the necessary documents to ensure access to the reports—which is seldom possible in the real-world.

However, in the blockchain world, your current doctor and future doctors will have access to complete medical records from however long back you need.

8. Supply Chain Management

The healthcare industry is heavily reliant on the global supply chain for smooth movement of medical products and services. The scope of blockchain allows keeping perfect records of the demand and supply—which solves a range of potentially problematic issues in supply chain management.

Following are the various ways in which blockchain technology can help with supply chain management:

  • Make sure active ingredients used in the creation of a drug are according to set medical standards.
  • Healthcare organizations always face issues with counterfeit drugs and devices which could prove fatal. With blockchain technology, you can track the origin of the counterfeit drug and solve this problem.
  • Blockchain technology will make it easier for authorized personnel to track information related to the movement of pharmaceutical ingredients, products, devices, and more.
  • Recalling defective or subpar products and devices will also become easier.

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Conclusion

Blockchain technology is creating waves in all sectors and healthcare is not exempt from its potential advantages.

In the medical field, where even small mistakes could have potentially severe consequences, the scope of blockchain is huge. The technology can be used to improve performance, security and transparency in data storage and sharing. Preserving and exchanging patient data through various healthcare systems are made easier with blockchain.

Medical institutions can also gain helpful insights, enhance medical record analysis—and in the process, streamline healthcare operations for maximized efficiency.