Blockchain has emerged as a modern buzzword in the world of technology. The emergence of Bitcoin and other cryptocurrencies has definitely allowed blockchain to get a spotlight.

Moreover, experts agree that blockchain is not a trend because it’s not just about cryptocurrency, it intends to be a lot more than that.

What is Blockchain?

Blockchain is a decentralized, distributed & public digital ledger, which is used to store records in several computers, each of the records involved can not be modified retroactively without changing all subsequent blocks.

What are the main factors that make blockchain so important to healthcare? Let’s take a look at the factors one by one.

1. Decentralized system

As previously discussed, the blockchain has a decentralized system that makes it hack-proof and stops any single copy of the data from being compromised.

All the equipment in the hospital can be made to operate on these decentralized systems. It will eliminate all man-made and even natural disasters which, in effect, provide simple and effective security.

These systems save the power & it will be used by researchers to make complex calculations to identify remedies, medications, and treatments for various diseases and disorders.

2. Single data source

We already know that in blockchain, all transactions are stored and added to the chain only after having been confirmed by the majority of participants.

Therefore, the data reported cannot be modified, which is proof of 100 % accuracy and security.

Researchers may use this property to research a large amount of secret information from a particular group of people.

It supports clinical studies that are used for the advancement of precision medicine for successful treatment.

3. 24*7 monitoring & access to data

Blockchain for healthcare can be used to store and update valuable patient data such as blood pressure and sugar levels in real-time with the aid of IoT and wearable’s.

This helps doctors track patients 24 * 7 who are at high risk and notify & warn their parents & relatives in the case of an emergency.

4. Cost-effectiveness

Blockchain technology eliminates all third party and mediator systems from the equation that are normally involved in collecting and transmitting data.

The failure of this system results in the high cost-effectiveness of the healthcare sector.

5. Consistent rules through a smart contract

A smart contract is nothing but a software protocol that digitally verifies, promotes, and enforces the negotiation process. In healthcare, it helps to create a standardized rule-based process for different organizations to access patient data. Many blockchain development companies are building blockchain healthcare applications based on this principle.

Application of blockchain technology in healthcare

We have already seen the key factors of the Blockchain in healthcare, now let’s see how it transforms the healthcare sector.

1. Supply chain management

The current supply chain besides health care is both unclear and out-of-pocket. First, drugs are manufactured in manufacturing centers. They will be transferred to wholesale distributors. The wholesale distributors later sell it to the retail companies, who lastly sell it to the customers.

Adding to the troubles, there is a major threat to the legitimacy of drugs as low-standard and counterfeit drugs can enter the cycle with ease.

Blockchain health care immutability can solve several issues in one go.

Check the ingredients of the drugs:

Blockchain allows producers to keep track of all the ingredients used in the drug. This means that all the ingredients used are under medical norms.

Blockchain provides traceability of counterfeit medicines:

With the use of blockchain technology, healthcare and pharma organizations can get control of counterfeit medicines. This facilitates the traceability of all these drugs and helps to identify the origins of the counterfeit.

2. Integrity of medical records

The consistency of all medical records can be verified by using blockchain. It’s because every time a medical record is produced, it can be stored in a blockchain that provides the absolute proof that the record in blockchain can not be modified.

This would be a big bonus because the credibility of the medical record is important to both the medical and from the legal point of view.

3. Treatment regimen

For medical research purposes, Blockchain is the effective technology. Scientists can accurately research the effects of any specific treatment on a large fraction of the patient population through validated access to patient data.

This type of research offers significant results which further results in enhanced treatment methodology for certain sections of the patient population.

4. Settlement of claims

Time spent on claims settlements is one of the issues that is affecting the healthcare sector. Smart contracts in blockchain describe the terms and conditions of the contract between the payer and the provider.

This will effect when a claim is made. The receipt of the claims is followed in real-time and the invoice is eventually forwarded to the supplier.

5. Change in the business model

We can create new business models when blockchain is integrated into healthcare operations.

Let’s have a look at some of the instances of how blockchain transforms the stakeholder business model.

Pharma companies:

These companies with blockchain technology will be able to gather data in real-time, allowing them to deliver a wide range of medicinal goods and therapies that are precisely tailored to patients.

Healthcare professionals: 

All healthcare professionals, whether doctors or nurses, can easily access the patient’s condition-related data.

Also, with real-time data obtained through wearables, professionals can monitor the current stage of the patient along with alerting them in case of any emergency.

6. Single patient identification

The mismatch and duplication of medical records in health care are not that rare. Also, the complex structure of various EHRs makes the job harder as it introduces new ways to exploit the simplest of data.

However, with blockchain, all the data is hashed to a ledger. While looking for addresses, you will find multiple addresses and keys; however, all of them will have a single patient identification.

Conclusion

Blockchain is a relatively new technology in its ongoing phase. Its massive popularity in the form of Bitcoin raised the bar of expectations.

Throughout the coming years, we will see Blockchain transforming the healthcare industry and that will accelerate the healthcare mobile app development using blockchain technology.

Finally, one thing is clear that Blockchain can make the healthcare industry quicker and more secure than ever before.

Author Bio:  

Vinay Varma is a technical writer of Blockchain Development Company. He has written on various topics including mobile app development and other technologies related topics .He always wants to gain and share her knowledge with the people who want to learn new things in latest app technologies.