Benefits of Blockchain to Healthcare
Blockchain is a revolutionary tech that is transforming many sectors.
In those sectors Healthcare is the one. Now it is the important one, especially during the COVID pandemic we have witnessed how Healthcare impacted.
So Blockchain could be the solution for many problems in Healthcare. Many players in Healthcare are already getting the benefits of Blockchain.
What Are the Actual Benefits of Blockchain to Healthcare?
#1. Maintaining the Patient’s Records.
Blockchain can effectively maintain all patients’ records like labresuts, diseases, even ambulatory and wearable data.
All the patient data is kept in Blockchain securely away from any third party because Blockchain uses cryptography to store data and then all the data can be used by assisting providers in coming up with better ways of delivering care.
#2. Interoperability.
Even using cryptography Blockchain can be used for data collaboration.
Healthcare sector mainly relies on the latest research and findings that give deep insights into vital healthcare trends.
A great example is, COVID vaccine because every nation is developing or some developed vaccine so to give a vaccine to the patient’s hospital needs accurate data and the blockchain can provide that data by collaborating among all the parties who are involved in the making of the vaccine.
#3. Supply Chain Management.
Getting the supply of necessary instruments and drugs at the correct time also combating the problem of counterfeiting and falsification of drugs is a crucial one for health care organizations. Blockchain based contracts can effectively assist the organisations to monitor supply-demand cycles through its entire lifecycle- how is the transaction taking place, whether the contract is successful, or if there are any delays and legitimacy of drugs.
In fact now Viant a Blockchain based company providing solutions related to the supply chain to pharma giants GlaxoSmithKline.
And recently two British hospitals use blockchain to track COVID-19 vaccines these are the real examples in front of us.
#4. Powerful Monitoring.
If all the patients data is maintained by the blockchain, then monitoring each patient becomes an easy task for the health care organisation.
Or if the organisation already uses any RMP (Remote Monitoring Patient) device, then blockchain can help in ensuring the accuracy of data recorded by RMP devices and facilitating the secure and timely transfer of this data. That way, it enhances precision and saves crucial resources like time, costs and efforts.
#5. Transparency.
For any healthcare organization, maintaining the transparency in process at the same time giving importance to security is a crucial one.
Blockchain can handle these two tasks easily by maintaining traceable records of distributed data and work also facilitates tracking the movement of drugs from producer to the patient. Besides, the cryptographic key access strongly safeguards the overall security by eliminating the chances of data leakage.
#6. Bookkeeping of Clinical Trials.
Like maintaining every patient’s record, it is also important to keep the every delegate information of clinical trials that previously conducted for using that information to create new vaccines.
We are aware that many healthcare organisations are running behind creating COVID vaccines and some are out for use, but if organisations used blockchain in the process, then it can perfectly keep the seamless functioning and evaluation of the records of the clinical trials.
To use blockchain to bookkeeping Boehringer Ingelheim has tied up with IBM to create a blockchain-powered system for its bookkeeping process in 2019.
#7. Protection of Data.
For any healthcare organization data is important from patients record to clinical trials to provide better healthcare.
However, the healthcare sector’s main issue is the leakage of the data that is being used for malicious means and for other vested interests. Another issue is providing authentic and updated data to the involved pirates on the network.
Blockchain can easily tackle these problems because of using cryptography to protect the data, so it becomes immutable allowing valid cryptographic keys to feed the data and completely eliminating nonvalid interference.
#8. Simplify the Form Filling Process.
To get quick medical help is a big problem, even in a serious illness, the task of admission takes a huge time cause of the arduous process of filling loads of forms.
Blockchain came as the best solution by automating the entire task, saving time.
Kalibrate Blockchain already developed the mobile application FormDrop running on a blockchain powered engine called Universal Patient Index for filling up the form before going to the healthcare facility also providing home blood test facility.
#9. Billing Management.
One of the biggest challenges Healthcare is facing is Billing Management because complex levels of medical coding leads to billing insurance that can result in intentional and unintentional financial mishaps.
Blockchain effectively handles the Billing process by maintaining all the record help with proper payment processing that can reduce the number of errors by showing proof of when transactions complete, reducing the risk of administering a second billing for the same service.
#10 Cost Efficient.
Because of Blockchains decentralized and secure nature, hustle free data sharing across all the key network participants, and healthcare providers play a pivotal role by offering the benefits like cost-efficient treatments, precise diagnosis and eventually the better cure for various diseases.
Conclusion.
These are all the benefits of Blockchain to the healthcare sector.
Some Blockchain companies already provide services to healthcare organisations to get most of the benefits from technology but still a long way ahead for them to achieve that.
What do you think?