Blockchain has shown tremendous success in the field of banking and finance. It would not be wrong to say these industries have been the trailblazers in adopting blockchain.
When we talk about healthcare, the future of the industry is highly dependent on the efficient data processing and sharing that can solve the current problems of medical analysis and assessment for better quality care. Blockchain, as a secure public ledger, is precisely what the healthcare industry needs today.
It is believed that by 2020, 1-in-5 healthcare organizations will adopt blockchain beyond pilot projects and use it for business operations. Blockchain in the healthcare industry is considered to have endless possibilities and even more benefits.
Let’s explore the areas that can be benefited from the adoption of blockchain technology in the healthcare industry.
Blockchain technology can help improve the entire lifecycle of a patient’s EMR (an electronic medical record). Effective in preventing any data breach, the technology will help in making ERM system flawless, robust and secured tracking every health record transaction.
Blockchain’s way of keeping and maintaining the data makes it impossible to manipulate the data. Thus, increasing the transparency of the data. This feature can be used to track the origin of the drug and access data required to combat counterfeit drug sales.
Blockchain increases transparency and accountability of the clinical trial by finding the right patients for medical trail faster by curating all the similar trails and access patient data from
various sources from one place.
IoT enables medical equipment and devices are generating patient-related data that has enormous potential when tracked and analysed correctly. Blockchain can help in interconnecting this vital information with health records that can be accessed by both providers and patients.
The data integrity of blockchain can be used for better consent management. Instead of using traditional signatures of patient and family for consent, electronic consent sent using apps or other devices can be stored in the blockchain safely that can be referred at any point.
Digitally storing, verifying and enforcing negotiation, smart contract will eliminate the repetitive process saving both time and money and bringing complete transparency to all parties, including payers and providers.
Currently, this process in a mess. With patient medical data stored at different silos, the patients need to carry their medical history in physical format when the doctors refer the patient to a physician. Blockchain has the potential to solve this issue.
Micropayment help in small transactions eliminating the need for third-party payment services. The payment happens instantly, can be automated and easily divided among a group of service providers keeping the transaction transparent and can be viewed in almost real-time.
Since the USA healthcare industry is regulated by a complex regulatory network, the adoption of blockchain technology can help solve a lot of complexities through transparency, accountability and security.
With Blockchain’s ability to create an unbroken chain of data entries from the point of origin to transaction completion, and secure that data through cryptography, offers a “huge advantage for privacy,” that is more efficient.