09 Jan

Blockchain in healthcare no more a choice – it’s an imperative

Category : Blockchain / by

Healthcare!

It’s a burning topic that receives a lot of coverage from one and all. From enterprises to researchers all are on-run to find what possibly can be done to make it affordable and effective. And why not after all it’s a matter of human health?

Despite all this attention let’s be honest providing a healthcare service is not an easy job. Even after taking all sorts of precautions professionals offering healthcare services encounter every roadblock you can imagine.

But there is one technology that can efficiently tackle all such roadblocks. So, today we are going to cast a spotlight on an innovative technology that has taken the financial world by storm. And now it is all set to radicalize the healthcare sector.

This technology is no other than Blockchain that is the foundation of crypto currencies. But considering it as the technology meant for financial world only is just like considering computers for computing only. In short, not only limited to the financial world regime of blockchain is vast.

Readers having little or no understanding about this technology can read our previous blog post to gain more insights. Alternatively, they can also get in touch with blockchain experts at Webcom Systems Australia.

Importance of patient’s data in the health industry

Daily professionals of health industry deal with vast data related to a patient that is extremely personal and sensitive.

Typically a file of a patient comprises of information about the patient’s physical attributes, past disorders or ailments record, previous medication details, known allergies, financial records, medical insurance is taken, dependents and other details. Moreover, consistent recording acts as a proper monitoring proof of patient’s health and treatment.

So, we can conclude that chronological recording of patient’s health data is important from doctors as well as from patients perspective also. It gives legal security to operators and plays a significant role in getting insurance liability claims.

Database management challenges in the healthcare sector  

When we talk of healthcare then technology and healthcare are like two inseparable sides of a coin. From robotics to artificial intelligence and medical innovation all are playing a critical role in improving healthcare. But none of these technologies is addressing the issue of data management. And now it has become a major pain point of health business.

Daily every hospital generates tons of data like a lab test, MRT images, X-rays, administrative data and financial data. Managing as well as integrating such huge patient data is a herculean task. And without proper management and integration, it is very difficult for hospitals to offer high-quality patient care.

All the hospitals need is a unified data management approach to fill all the hidden pitfalls in patient care. The Crux here is that for making better medical and financial decisions to improve patient care, engagement and downsizing costs data management is a big challenge.

How blockchain technology is proving beneficial in data management?

Blockchain technology is the one answer that has full potential to tackle all database management problems. A basic way in which it could support healthcare is by providing a global platform to maintain tamper-proof records.

As it is a global technology that defies all national boundaries hence patient’s record stored can be accessed from anywhere. Best is; only the authorized persons having the authentic data could make changes in the ledger. This protects data from all sorts of unauthorized third party interferences and changes. This also discourages all chances of sensitive patient data theft.

No matter whether a doctor is new or old he/she can straightway start with treatment by accessing previous patient records. They don’t need to ask from anybody about the case history and other details.

Going further, data on blockchain can be easily traced to source hence it curtails all odds to produce fake bills to get fraudulent medical insurance claims.

Bonus benefits for the healthcare industry

Coming to medicines and drug manufacturing companies prospective then this technology efficiently address counterfeit issues too. Blockchain actually allows medicines and drug manufacturing companies to track their products right from the manufacturing unit to the selling store. Such a real-time tracking facility helps to effectively reduce possibilities of theft and counterfeit.

Besides this in case a clinical trial is carried by a pharma company in one part then its results could be analyzed anywhere in the world. These could be used as a base for getting drug approvals from regulating authorities without undergoing the process of conducting the same trials. Additionally, start-up medicine manufacturing companies could also collect funds or finance their R&D’s using blockchain powered ICO platforms.

But that’s not all!

This is just a beginning; pretty soon we might see many more uses blockchain technology can bring in the healthcare sector.

Synopsis of Blockchain benefits in healthcare

  1. Provides a global platform to store tamper proof of patient medical history.
  2. Completely trims down all probabilities of patient data theft.
  3. Doctors can easily and quickly access any patient’s treatment history.
  4. Makes it easy for medical insurance companies to settle claims in a fair manner.
  5. Facilitates medicine and drug manufacturing companies to check counterfeiting.
  6. Facilitates medicine and drug manufacturing companies to get drug approvals.
  7. Help start-ups finance their R&D activities by using blockchain backed ICO platforms.
Concluding thoughts

Medical records are unquestionably an important aspect of the healthcare industry. Right and quick medical history information of a patient facilitates doctors to make the right treatment plans and protocols. Remember, the best treatment depends on how well patient records are preserved. Ironically, none of the previous technologies single-handedly efficiently addresses all challenges of data management.

Now, changing the scenario from paper-driven data Blockchain technology is converting it into digital form. And not only digital but also safe and tamper proof chronological record. Most exciting thing is that data saved on it gives global access.

Keep this in mind! Blockchain technology is in its initial stage and it has massive potential to further transform the healthcare. Ones you get going its simple technology to get along with.

For further insights or to learn what benefits Blockchain integration can bring for your business connect with Webcom Systems!

Recommended Read: How Blockahin Works?

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