Six Ways Blockchain Technology Is Changing Medical Practice
Had it been a few years back and we were talking about decentralized data, then it would have appeared as a weird concept. But today, Blockchain had made decentralization the new panacea for most of the industries. Our focus would be on the healthcare segment. We will understand how Blockchain technology is going to be helpful in the healthcare segment.
Blockchain in healthcare:
Although we have witnessed a huge growth in the field of technology and digitization is paving the way for new developments, at the same time, it has also made the system more vulnerable. All the data lying in the virtual world is highly vulnerable. And hence, one of the prime concerns for most businesses is the security of the data. While there are so many strong systems and protocols to enhance data security, all these don’t seem to be working in the right manner. And hence, there arises the need for a technology that can provide the right system of security. Here is how Blockchain will be helping the healthcare services and medical practices.
1. Data sharing and storing- The healthcare industry is flooded with data. And all this information is highly vulnerable. So, there is a need for a system that is far more safe and secure. Blockchain is a distributed ledger technology that provides the right platform for data sharing. Here all the information related to the patient can be stored via encryption. This makes the data highly secure and free from a data breach. Again the DLT platform is decentralized, which makes the information scattered in the network; any medical practitioner can easily access this information.
2. Drug development and its supply chain- Counterfeit drugs are a big problem across the globe. The weak supply chain management system is one of the reasons for this. With the help of Blockchain, we can increase the transparency and traceability of the medicine and thus, it will strengthen the supply chain. Companies like IBM are working on this.
3. Claim settlement and big management- Medicare frauds are very common. It disrupts the system and also leads to a lot of money loss. In fact, every year, Medicare fraud amounts to $30 million. This is a whopping number, and with the help of Blockchain, we can narrow down this problem. A blockchain-based automation system can resolve this issue.
4. Clinical research- During the course of study or medical research, a lot of issues like data storing, record keeping, data integrity may arise. With the help of Blockchain, we can put an end to all this.
5. More control over the content- Using a blockchain platform for data storage and information update makes it easy for people to access the information. Students and researchers in the field of medicine or healthcare can use the Blockchain platform to publish their paper. Blockchain gives better control to the creator, thus securing their IP rights over the content.
Case management- Another area where Blockchain can prove to be extremely beneficial is case management. In this, once the patient consults a doctor and a medical plan is advised, this treatment plan can be added to the ledger. A smart contract can be developed that specifies the framework of the patient’s treatment goals along with the rules defined in the smart contract to track the process. Once all this information is fed into the system, it provides chronological data about the delivery of care.
With this information, we can conclude that Blockchain will surely have a strong impact in the field of healthcare, and if you too wish to make a strong career growth as a Blockchain developer, then you must opt for the Blockchain certification program offered by the Blockchain Council.