One of the most revolutionary technologies of the present era is the blockchain that plays the key role in cryptocurrencies like Bitcoin, Ethereum and many others. However, the technology itself can benefit a host of other industries outside of cryptocurrency. One of these that its making an impact on is healthcare.
Blockchain technology is a game-changer due to streamlined processes and foolproof security. Thus the technology plays a pivotal role in solving some of the most crucial healthcare issues that require collaborative research, security and public or private verification mechanisms.
In healthcare, critical information is scattered across multiple systems and platforms and at times, it may not be accessible at all when needed the most. The current healthcare infrastructure has often been called inadequate to handle information exchange and requires lots of tweaks. The Blockchain has gone beyond the “innovation trigger” and is just at the “peak of inflated expectations” according to the most recent Gartner Hype Cycle and could perhaps transform how we view healthcare and data together.
Benefits of BlockChain Technology in Healthcare industry
Streamlined and hassle-free data sharing across key healthcare providers play a pivotal role by offering the benefits like cost efficient treatments, precise diagnosis and eventually the better cure for various diseases. By utilizing the blockchain, healthcare providers can work simultaneously with the help of networks with enabled shared access. Effective data tracking and powerful security provisions are other purpose-specific features offered by blockchain solutions which are way beyond previous technology.
One of the key issues for ensuring a better healthcare management network is constant, powerful monitoring. As a precise response, the blockchain allows for documenting the transactions in a decentralized record. It enhances precision and brings transparency while at the same time saving the crucial resources like time, costs and efforts.
To the great extent, the success of any public health care initiative depends upon the collaboration of various parties involved and deep insights into vital healthcare trends. With the help of distributed ledger technology, it proactively promotes the innovation in the field by empowering key participants to collaborate and group research.
Transparent and organized processes
Healthcare being a crucial industry, it is very important to ensure the well-organized methodology as well as transparent processes. At the same time, the high-end security measures and 100% accuracy is equally, if not more, important. Blockchain technology not only results in integrated healthcare information but also maintains traceable records of distributed data and work. Besides, the public/private key access strongly safeguards the overall security by eliminating chances of data leakage. The blockchain also facilitates tracking the movement of drug from producer to the patient. Apart from ensuring timely supply it also eliminates the chances of counterfeiting.
Easy access and Budget Control
The uninterrupted connectivity with level-based authorization and easy access greatly empowers the providers/researchers. By automating the tedious processes, the blockchain helps the healthcare industry to extract the maximum potential of manpower during different phases and processes. As a result, it enhances the human productivity and increased productivity means better output in a shorter span of time. By enabling slicing the processes into different phases blockchain technology also helps to keep the budget under control, lowers administration costs and allows a better, purpose-specific utilization of allocated funds.
Protection of crucial data
One of the major challenges during the research and development processes is leakage of crucial patient data that can be used for the malicious purposes or vested interests. Another challenge is to ascertain that only the authenticated and most updated version of patient information/diagnosis data available to different parties during different phases.
Equipped with the latest cryptographic features, blockchain technology not only facilitates checking the data authenticity with the help of digital signature but also it helps in offering a foolproof security to the data. Thus it offers the precise solution to the twin issues of trust and security.
A good example would be Stem Cell Innovations. Stem Cell Innovations focuses on research and development in the field of stem cell science, with the dual purposes of furthering human longevity and expanding access to stem cell treatments through cutting-edge technology. The company is led by co-founders Moe Galal and Ben Barel, and the ultimate goal for the company is to connect people who need treatment with a dedicated team of professionals who can provide personalized solutions based on patient factors and demographics collected in their dual blockchain-supported platform.
Many barriers need to be overcome before blockchain can be accepted as a mainstream technology: A lack of standards, challenges in communicating between different block chains, the need for off-chain development of open system interfaces, and getting intermediaries (who currently profit from controlling the data) to interface with blockchains are all reasons to slow adoption.
Given that medical errors are estimated to be the third leading cause of death for Americans, improvements in the handling of health data is a time-critical necessity. These are early days but with effort and experience, we can expect more of the technical limitations of blockchain to be overcome and the broad range of advantages to become more compelling. There is so much inefficiency to remove and so many improvements to patient care within our grasp, that the future for blockchain in health seems promising.