Blockchain in Healthcare – Blockchain technology has become a new sensation in the technological world and has become one of the most successful inventions in recent years. The emergence of bitcoin and cryptocurrencies has helped put Blockchain in the spotlight.
As one of the most influential and secure technologies of the 21st century, Blockchain brings trust, transparency, speed, and clarity to digital transactions. Because of its growth potential, Blockchain has impacted almost every industry like finance, health, security, supply chain, banking, etc. And the last reaches the realm of fitness.
Blockchain in the healthcare subdivision is driving the innovative trends of drug validation and patient record protection, naturally taking care of inconsistencies, differences in data standards, and the demand for healthcare data sharing.
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The United States. It spends about 20 per cent of its GDP on health care.
We created an article to understand what Blockchain in healthcare is and how it can be used to create a more robust healthcare system. Explore the possibilities in healthcare on the Blockchain with some famous real-world use cases under one roof.
Let us begin.
What is Blockchain in health?
The healthcare industry is shifting to a patient-centric approach with a primary focus on simplifying the healthcare system through developing a safe environment. And Blockchain in healthcare today not only addresses the growing demand for technology but also brings immutability to healthcare records.
According to a report by the IBM Organization aimed at Commercial Value, 56 per cent of the top 200 healthcare executives will have manufacturing blockchains between 2018 and 2020.
By 2025, 55 per cent of all healthcare bids will have implemented Blockchain for commercial purposes. And for the same year, the valuation of Blockchain in healthcare will rise to $5.61 billion from the current $170 million, BIS Research suggests.
If you’re still wondering, can Blockchain be used in healthcare? The figure above shows the importance of blockchain technology in digitizing the entire healthcare system.
But before diving into how Blockchain is transforming healthcare, let’s take a quick look at the need for Blockchain in healthcare.
Is it worth it?
Top 4 challenges in the healthcare industry today!
With thousands of trending blockchain application ideas in healthcare, challenges arise. We’ve summarized some key concerns facing the healthcare system without blockchain technology in 2020.
To mitigate healthcare challenges, leading healthcare app development companies are working in this direction by addressing privacy and security concerns.
1. Use of advanced health technology
Switching to a workforce that still relies on pen and paper is tedious and time-consuming. Even in the last few years, people have been relying more and more on paper records. And access is much easier for them, but a lot has changed with digitization.
As everything goes digital, Blockchain has introduced Electronic Health Records (EHR), a digital version of a patient’s paper record that makes information instantly available to everyone and is also an attractive way to provide authorized users with secure documents.
Encouraging employees to switch to something that will change work patterns and consumer behaviour is becoming a challenge for the healthcare sector.
2. Health Data Accuracy
The other two challenges in healthcare today are data accuracy and data security. Sensitive data currently lacks a secure data structure. As a consequence, the healthcare industry faces data breaches and data entropy.
Until now, medical records vary from region to region, so accuracy cannot be maintained. As a result, patients remain not receiving the proper treatment they need. To make annals universally available to everyone, Blockchain turns the healthcare data accuracy challenge on its head with a distributed digital ledger that records transactions in a growing chain of immutable blocks; how Blockchain Helps Healthcare.
3. Health data interoperability
Medical agencies often hide the exact cost from insurance companies as these companies charge different fees for different patients. Therefore, there is a greater likelihood of generating average income, excess funds, and disorganized hospital databases.
While the data on the Blockchain is safe and immutable (unchanged), the blockchain architecture is well structured and organized so that authorized users can easily access data at any time.
4. Traceability of medicines
Drug fraud is one of the biggest challenges facing the pharmaceutical industry. The wrong ingredients harm people financially and endanger patients’ lives.
Novelties that empower patients, connect professionals, and improve care
We hope you have not at all doubts about how Blockchain can be secondhand in healthcare. Blockchain remains supposed to be the next internet besides is one of the current hottest trends in the technology sector.
Surprisingly, the global blockchain technology market is forecast to reach $20 billion in total revenue by 2024.
The potential of Blockchain to solve real-world situations in healthcare and biomedical sciences is enormous. While there are still so many concerns, the success of Blockchain for healthcare largely hinges on its decision to transform today’s technology infrastructure.
With Blockchain’s booming future reach, it won’t hurt to brand Blockchain as the healthcare industry’s following Paypal. Is It the Right Period to Implement Blockchain aimed at a Business? Do you want to create a blockchain mobile app for your business? Here is the latest report on the leading blockchain app development companies to get inspired.