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The uses of Blockchain technology in the healthcare sector mainly revolve around data management. Due to the nature of the technology, it can help improve the entire healthcare IT industry, as well as facilitate faster access to data and interoperability on a universal scale.

Use Of Health Data And How They Can Benefit From The Blockchain

Advantages of Blockchain Medical Records

The main directions in which Blockchain and healthcare go together focus on health data and how distributed ledger technology can be useful and produce significant benefits for the industry. Let's take a look at some weaknesses plaguing the industry and see how Blockchain can come to the rescue.

Management of health data

Patient medical records may vary from facility to facility. Each time a patient enters a new clinic, a medical card is created for that patient and kept in a specific facility. This data is usually incomplete in the public eye and is filled with information recorded by caregivers at the facility in question. This means that medical professionals from other facilities have to create new patient data sheets. Quite often, the new information added is redundant, which leads to a waste of time, which is a critical incident when it comes to healthcare. It is also important to note that specific doctors need specific data in most cases.

Blockchain and healthcare can easily band around data management problems. The technology can create accessible and identical Blockchain health records around the world. Patients could always have access to their medical records and treatments when needed, as did doctors. Using the Blockchain for medical records is closer than it seems.

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Clinical tests

In the healthcare sector, clinical trials are carried out to determine the effectiveness of certain treatments, with the ultimate goal of curing or providing a partial remedy for a certain disease. During these studies, researchers record and archive data on test results, individual statistics, patient reports, and other factors. A clinical trial can produce a lot of data, which can be quite difficult to track. Furthermore, this data can be stolen, damaged, hidden or, as mentioned before, erased by a natural disaster. Furthermore, it is not uncommon for researchers to confuse the data here and there to prove a point.

This is where Blockchain and healthcare play well: through the use of technology, the true authenticity of any document can be confirmed. As you already know, the data within a Blockchain is immutable, which means there is no room for joking. Therefore, data recorded during clinical trial processes can always be approved for authenticity, while researchers, pharmaceutical companies and regulators can be confident in the accuracy of the data. Blockchain technology could introduce greater transparency and accountability into clinical trials. The same is true for every aspect of the healthcare sector.

Traceability of drugs

Misuse and counterfeiting are huge problems. Companies involved in the healthcare sector risk losing colossal funds to counterfeit drugs. These fake drugs can also kill patients. Overuse of prescription drugs is also a big problem.

In Blockchain and healthcare, the data is immutable, so it becomes quite easy to distinguish fraudulent activities and, therefore, real prescriptions from fake ones, as well as the source of the drugs. New Blockchain technologies enable efficient monitoring within a supply chain and easy monitoring of drugs and prescriptions. Healthcare Blockchain companies like MediLedger and BlockMedx are working to tackle fake drugs. In addition to improving drug supply chain processes, the technology offered by drugs is also available to underdeveloped nations.

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Monitoring of the flow of services

There are quite a few problems when it comes to the flow of services in the healthcare sector, particularly insurance and medical fraud, complaints and donations. Insurance fraud can run into billions of dollars. Medical fraud, such as under-treatment or over-treatment, can claim victims and even kill billions. Donations to medical campaigns can fall into the wrong hands and are often covered with a blanket of poor transparency. The inefficient way health data is currently stored leads to substantial losses of funds trying to understand treatments provided, care received, by whom and when.

Blockchain technology to the rescue. All events can be evaluated for authenticity, from claims for compensation to assistance provided. There is even a Blockchain startup, called Alice, which is working towards greater transparency for charitable acts. This can go a long way in improving the health sector.

Billing

Complex data transmitted in the healthcare field can cause both intentional and unintended financial setbacks. Billing fraud has become quite a serious problem. Current field processes are inadequate for detecting fraud cases. Blockchain in the healthcare industry today can go miles to improve the verifiability and security of billing, while also promoting payment processing and billing efficiency, and fighting blatant theft.

IoT in healthcare

Occupancy of beds in emergency rooms, remote and accurate monitoring of health, inventory, patients, personnel and availability of medical devices: the tracking of the aforementioned items can be improved thanks to the use of Blockchain in the healthcare and IoT sectors.

As is evident, there are many benefits of Blockchain in the healthcare sector. The trust provided by a Blockchain would allow medical care providers to be confident that medical devices are available when needed. Doctors would also have more time to track patients and respond to distant health-related events. Monitoring of temperatures inside patient rooms, bed usage and availability of supplies can be improved by intertwining Blockchain and healthcare.

There are many benefits to be gained from implementing Blockchain technology in the healthcare sector. With Blockchain technology gaining ground in the headlines over the past few years, there are many leading Blockchain companies involved in healthcare. There are probably more use cases for Blockchain in the healthcare industry than I thought.

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