The Future of Healing: Blockchain in Healthcare Industry

Quite contrary to popular belief, the application of blockchain technology is not only limited to cryptocurrencies. Although blockchain was created as a medium for cryptocurrency transfer and storage in 2009, BC has evolved from its initial form. 

Currently, blockchain in Healthcare  industry is a prime example of the varied application of blockchain. Alongside, blockchain technology is strategically employed in the sectors of finance, supply chain management, warehousing, finance, media, and cyber security. 

In the near future, blockchain will hold the primary ground for security, data management, and transparent transactions. 

In this blog, let’s cover in detail about blockchain technology in healthcare. 

What is blockchain healthcare?

As mentioned above, one of the chief applications of blockchain is in healthcare. With decentralized technology, interoperability, immutability, and transparency, the impact of blockchain on healthcare is quite significant. 

Some of the most prominent and famous blockchain healthcare companies are: 

1. Akiri-Foster City, California 
2. BurstIQ-Denver, Colorado 
3. Medicalchain-London, England 
4. Gaurdtime-Lausanne, Switzerland
5. Avaneer Health-Chicago, Illinois 
6. Coral Heath, New York 
7. Patient-Atlanta-Georgia 
8. Block Pharma, Paris, France 

Why do we need blockchain in healthcare?

Blockchain Technology in healthcare industry addresses multiple concerns that pose a threat to patient security. Additionally, blockchain in healthcare aids in the seamless storage of billions of  data with transparency, immutability, and top-grade security. 

When it comes to blockchain in medical industry, privacy and security are the chief concerns. Blockchain, empowered by cryptography, and the system of a publicly shared ledger ensure security in the storage and exchange of information and patient data between multiple stakeholders, like diagnostic laboratories, physicians, pharmacy firms, and hospitals.

BC not only strengthens security but also improves efficiency, performance, and transparency in the healthcare field. 

Employing blockchain technology in the healthcare industry increases and solidifies the happenings of healthcare study programs, which can make a difference. 

In a nutshell, blockchain technology addresses the issues of security, data privacy, exchange, and interoperability in the realm of healthcare. 

Various Capabilities of Blockchain Technology 

Blockchain solutions for healthcare are innovative and divergent, including 

1. Patient data exchange is essentially made safe, secure, and accessible by blockchain through cryptography. 
2. Managing the drug supply chain is greatly aided by the immutability, transparency, and decentralized features of blockchain technology.
3. It helps researchers store critical and vast amounts of data seamlessly and supports medical research. 
4. In case of an outbreak, blockchain has the potential to track the disease, patients, vaccines, etc. 
5. Blockchain aids in managing Electronic Medical Record (EMR) data. 

Furthermore, blockchain technology is adaptable and can be designed to support multiple medical requirements, like personal health record data management and point-of-care geoeconomics management. 

Benefits of Blockchain in Healthcare Industry

Along with technologies like IoT, blockchain has made a significant impact on healthcare. The benefits of blockchain technology for healthcare are multitude. 

1. Blockchain increases trust through transparency and prevents any illicit handling of records and payments. 
2. Blockchain holds the power to eliminate any obstacles and hurdles in multi-level authentication. 
3. Patient data can be stored in a transparent, immutable, decentralized, and corruption-free way through BCT, thereby enhancing security. 
4. Employing blockchain technology for healthcare significantly reduces operational costs by streamlining administrative processes. 
5. Patient information can be seamlessly shared while still being safe and encrypted. 

Overcoming Obstacles: Blockchain in Healthcare Industry

The first and foremost obstacle to using blockchain is the limited knowledge of the patients with contemporary technologies. Understanding the concepts of blockchain, hash, and mining would pose a hurdle for a significant portion of the population. 

The involvement of third parties like the government would pose a difficulty, considering a large part of the hospitals are government-owned. 

Lack of speed is another factor that creates a hurdle to adopting blockchain technology. It would take quite some time for the data to be verified by the required nodes. 

Since healthcare is a distributed system, it would take an absolute culture shift to adopt blockchain technology. It is notable that it would be hard to adopt BCT due to the vast number of hospitals and demographics. 

Future outlook and conclusion

The integration of blockchain technology in healthcare has the potential to revolutionize the industry by enhancing data security, interoperability, and patient-centered care. BCT has the potential to vitalize clinical trials and research. As blockchain solutions for healthcare mature and regulatory frameworks evolve, we can expect to see more widespread adoption and innovative applications of blockchain in healthcare. 

Blockchain healthcare in India is growing rapidly, with more and more people coming together to create an impact. BFI is one such initiative, formed during the COVID-19 crisis, to support marginalized communities. 

Check out our website and learn more about blockchain impact on healthcare. 

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