Blockchain technology is a decentralized ledger that is segmented into "blocks" of information that show when data has been added to the chain. Data entered into a blockchain cannot be changed or deleted after the fact, creating an easily auditable data chain that is resistant to tampering.
Blockchain ledgers are also encrypted, meaning the data they contain is exceptionally secure. This is what makes blockchain so useful in the medical field, as many innovations are limited by their ability to keep patient data secure. Now, how exactly would blockchain help the healthcare industry?
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Why Do We Need Blockchain in Healthcare?
Hearing that blockchain in healthcare projects might make one wonder about the future of blockchain in healthcare; To answer the question, here are some of the functions that blockchain does well. They are:
Registry: Blockchain implementation in healthcare can help to transparently record information and data without anyone's asymmetric power over the data
Data transfer: seamless transfer of data between parties
Authentication: identification of authentic data
Settlements: Settlement of income by recording the transfer of assets and use of assets
Transactions: faster and smoother payments and transactions
Token Swap: Crypto Token Swap
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Blockchain Applications That Could Revolutionize Healthcare
Blockchain will enable the medical industry to securely share and access patient data: The technology will “facilitate a finely customizable openness while maintaining only the best security standards for true interoperability,” Morey writes. This will allow health information systems to "work together within and across organizational boundaries" to improve healthcare delivery. Chronicled is one company that is already using blockchain to protect patient data.
Blockchain will improve contract negotiations – In the healthcare industry, contract negotiations often become quite complex, which can be time-consuming as a result. Blockchain, however, is already providing a solution. A company called Curisium uses the technology "to create a platform for rebate negotiation and contract management," Morey writes. She adds that the platform streamlines traditional processes by allowing "providers and payers to engage in innovative contracting arrangements."
Blockchain can foster innovation and connect large hospital networks: For example, a company called Ever integrated a “data-driven, patient-centric blockchain network” into Thailand's medical system. The technology connected more than 170 hospitals and 5 million patients. “It enables best-in-class security for all connected data and parties while maintaining close and easy communication with trusted parties, all on a future-proof, flexible, and scalable blockchain foundation,” Morey says.
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Blockchain allows organizations to create secure and transparent networks: With blockchain technology, hospitals can quickly and easily share patient data in a totally secure way. “Protected by state-of-the-art security solutions, attackers would require vast computational capabilities to even attempt to target a blockchain-powered network, severely limiting the frequency, possibility, and effectiveness of attacks,” Morey says.
One company using blockchain in this way is Patientory, which develops “patient-centric applications” that provide up-to-date patient records and data, pandemic tracking and reporting, and secure communication with verified healthcare personnel.
Additionally, blockchain has the potential to greatly improve the quality of medicine. According to Pharmacy Times, OCEASOFT, a company that makes atmospheric monitors for supply chains, and Chronicled, a supply chain technology company focused on the Internet of Things and blockchain, are working together to implement blockchain for on-chain atmospheric monitoring. drug supply.
These monitors collect information such as CO2, temperature, and humidity, which is stored in a decentralized ledger. Buyers and sellers can use this secure ledger to monitor the quality of medicines in global supply chains. Such a system would also help prevent fraud and the purchase of expired drugs.
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What Is The Future of Blockchain in Healthcare?
Realistically, blockchain still has a long way to go in terms of international implementation. However, despite being in its infancy, the technology has proven to be far more efficient than virtually any other in the functions it can perform. Its decentralized nature also makes international data sharing much easier, which could allow blockchain to be a leading driver of global medical innovation as time progresses.
There are endless possibilities for blockchain, and healthcare providers have a number of ways to take advantage of companies that have been working in the field for years to make the technology accessible to healthcare providers and patients right out of the box.
Ending
The Health infrastructure does not have adequate mechanisms for the exchange of medical data. In turn, the blockchain offers new approaches to data storage used in many digital health systems. All thanks to the opportunities of blockchain technology to segment, transfer and protect the information in a whole new way.
We are at USM Business Systems, the leading healthcare apps development company we have worked on various blockchain-based projects with the goal of helping our healthcare clients. Our team has delivered innovative IT solutions in the areas of medication administration, claims and billing management, and electronic health data management in focus.
If you want to implement blockchain solutions in your healthcare organization, contact us today for more details! Our healthcare IT expert will use their best practices and insights to create a custom medical app to help you achieve your business goals as quickly as possible.
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