How Blockchain Technology Works in the Healthcare Industry?
- By Manisha Sharma
In this article, we are going to explore the possibilities blockchain technologies offer for the healthcare industry and the blockchain's impact on the healthcare industry. The Healthcare industry is one of the most prominent industries of modern society. It has several challenges as well related to tracking patient records, the authenticity of the drugs, accessibility of the history of a disease, etc.
Blockchain is transforming these aspects in one way or another in other sectors. Similarly, it can be implemented here as well. Let us explore some of the key aspects related to the implementation of blockchain technology in the healthcare sector and its impact on the medical industry.
What is BlockChain Technology?
Technology where sensitive or important data is distributed over several different nodes in a network, thereby increasing the reliability and authenticity of that data is called Blockchain. Blockchain solutions are capable of safely storing data electronically. Because of its reliability, it is being employed extensively in cryptocurrencies like Ethereum, Bitcoin, etc. With blockchain applications, one can easily see the records of the transactions that have happened in the past.
In Blockchain the sensitive information is stored in blocks with specific storage capacity. When a block gets completely filled, it is attached to the blocks filled in the past. It is like joining the latest blocks of data with older ones with the help of chains. One can easily track back when a block was filled in a timeline with the help of blockchain solutions.
We can store all kinds of data on blockchains, but the most frequently stored data is the transaction records of cryptocurrencies. Decentralized blockchain technology is one of the most reliable technologies related to data storage. Blockchain applications in the healthcare sector are immense.
How blockchain solutions are transforming the healthcare industry?
There is no industry or sector which is not trying to utilize blockchain applications in its operations. Blockchain solutions are based on a very promising technology that has revolutionized the world since its inception. The Healthcare industry is trying its best to implement blockchain and make several aspects more secure and reliable. The Healthcare sector is one of the fastest evolving sectors. It always tries to implement the latest technologies like blockchain solutions to make operations and procedures more reliable and user-friendly.
One of the most frequently exercised operations in the healthcare industry is the exchange of patient information and history between several companies. Blockchain applications are making the process more reliable, transparent, and secure thereby reducing the costs of maintaining costly servers. In the healthcare sector, it has always been a challenge to protect patient data. Blockchain technology is eliminating such concerns by providing a highly trustworthy environment to the users, patients, and doctors. The impact of blockchain on the healthcare industry is quite significant.
Another more serious concern in the healthcare industry is to establish a system where the authenticity of the drugs can be recorded during several stages of transactions and transportation. Also, drug manufacturing companies face a serious challenge of protecting their drugs from being smuggled into the black market. By relying on blockchain applications in tracking drugs during transportation, one can easily authenticate whether the drug is original or not. The Blockchain impact on medical industry is also helping in finding the smuggled drugs by tracing its transaction back to the original manufacturers.
In the healthcare industry, the prescription process needs a significant up-gradation. A patient's entire medical history related to a specific issue can be stored on the blockchain. This will help the doctor in accessing the complete history of the disease and thereby make the prescription process richer. One can easily trace back the causes of an ailment and how it has been tackled in the past by different doctors.
Blockchain technology is also revolutionizing the healthcare industry by making the forgery of medical records difficult. By implementing blockchain in all aspects of the healthcare industry the forging of false and illegal medical documents can be reduced significantly. It replaces a multi-level, complex, and time-consuming authentication process with a swift, secure and transparent one.
With the unmatchable success of blockchain applications in other sectors, the professionals in the healthcare industry are optimistic about it being implemented. Its acceptance rate is rising substantially even though its implementation is in the initial phase.
Blockchain has a lot to offer to the health care sector. It is changing industries to a very large extent. With blockchain, the medical industry can become more transparent, user-friendly, and reliable. There is a significant level of ambiguity lingering in the health sector that makes operations and processes complex and time-consuming. With blockchain, all such ambiguity can be minimized. Blockchain can help in authenticating the origin of drugs and medicines. It can help doctors easily access the medical history of a patient, It has the potential to eliminate forgery in the medical sector.