14 Nov

How Blockchain is Transforming the Healthcare Industry?

Category : Blockchain / by

Blockchain technology is a decentralized system that has been designed to store and share information securely. It can be applied to many sectors including healthcare. Blockchain technology consists of a chain of blocks. Each block consists of transactions and they are interconnected through cryptographic hashes. And together they form a chronological history of data that cannot be unchanged.
Blockchain technology provides many benefits to its users.

This article is about the benefits and obstacles of using blockchain technology in healthcare.

Benefits of using blockchain in healthcare

Improved data security

Traditional databases are centralized and they are controlled by a single entity. However, blockchain uses a decentralized system where a network of computers is connected. Therefore, the data stored in the computers and a single party cannot alter the data from one computer. Changes to the stored data can only be changed on general agreement. This improves the data security of the system at great lengths. The data stored in the blockchain cannot be deleted. Therefore, it protects the sensitive data of patients.

blockchain keeps track of every healthcare record
Blockchain can also be used in healthcare for the creation of smart contracts. It can be used in consent management, access control, and data sharing. This ensures that only the authorized parties can access and interact with patient data, enhancing data security. A blockchain keeps track of every record making it easy to access. This further creates transparency. It is also helpful in managing consent. For example, it is recorded in the blockchain when a patient grants or revokes consent. This creates an unchangeable record of their preferences.

Enhanced interoperability

Blockchain technology facilitates the sharing of data and information among different healthcare providers and systems by enabling interoperability. Healthcare organizations can share patient data more efficiently when using blockchain. It ensures that the data are communicated on different systems consistently and securely.

Blockchains enable patients to decide who has access to their data through smart contracts. It also records the transactions in real-time and this creates accurate data for the healthcare providers. This is important for making informed decisions by using updated data. Blockchain uses encryptions to secure the data it collects and it prevents data leakages and improves reliability. It is also designed to monitor every detail including who accessed the data system. A blockchain is useful in healthcare insurance as well. It can be used to maintain a smooth claims processing system by tracking claims, payments, and authorizations. This improves the efficiency of insuring procedures.

Better patient outcomes

Blockchain technology can be used in personalizing medicine, improving clinical trials, and enhancing patient monitoring. This leads to better health outcomes. Blockchain enables health providers to get a detailed record of the patient’s health history and lifestyle. This is useful in creating treatment plans that match the needs of the patient. Blockchain can also be used in tracking clinical trials. It enhances the reliability of the test results due to its high transparency. It is important to monitor the vital signs and other health factors of patients.

Blockchain for drug safety Blockchain can be used in these situations to receive timely alerts and insights. This allows the healthcare providers to take proactive actions for the betterment of the patients. This prevents any complications that might occur in the future. Blockchain can be used to ensure drug safety as well. It can be used to track the amount of drugs given to the patients.

Obstacles to implementing blockchain in healthcare

Blockchain has the power to transform the healthcare sector. However, there are many obstacles to implementing blockchain.

  • Regulatory barriers: The healthcare sector has many regulations related to patient privacy, data ownership, liability issues, etc. Therefore, having a good knowledge of these regulations is important to comply with them. This leads to fewer legal complications.
  • Technical complexity: Blockchain technology is a complex system that requires the knowledge of experts. Many of the healthcare providers lack technical resources and knowledge.
  • Resistance to change: The healthcare providers can be resistant to change. The unfamiliarity with the new technology and the fear of having to add additional steps to their operations are the main reasons for such resistance.

The Bottom Line

Overall, blockchain has the ability to transform the healthcare sector by enabling secure data sharing, personalized treatment approaches, and more efficient clinical processes. It leads to creating a better healthcare system where patients receive services of the highest quality.
There are challenges to the application of blockchain as well.

These challenges include regulatory barriers, technical complexities, and resistance to change. However, they can be easily overcome by collaborating with blockchain experts, providing education and training, and starting with small-scale pilot projects. Working together with regulatory bodies is also one solution for this.

Blockchain technology has changed many industries and the healthcare system is one of them. It provides benefits to both the customers and the healthcare providers. Webcom Systems provides blockchain solutions for other industries such as finance, real estate, and health. We offer custom solutions for businesses to achieve greater efficiency, security, and control over their operations through customized blockchain solutions.

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