How Blockchain Technology can Impact the Healthcare Industry?
Just like other industries, the healthcare industry is also going through a huge digital transformation. Healthcare institutions are trying to implement the best technologies to improve their treatment facilities, operations, and revenue generation. Thus, the decentralized nature of Blockchain technology could significantly revolutionize the healthcare sector.
The global mHealth market has already reached $38.2 billion in 2021. In fact, Blockchain in healthcare industry can have multiple benefits for both healthcare institutions and patients. From patients to doctors, almost everyone has started to rely on digital medical applications for convenience and precision.
In this blog, we are going to discuss how Blockchain technology can impact the healthcare industry.
Before learning about the impact of Blockchain in the healthcare industry, we should learn about the technology first.
What is Blockchain Technology?
People often associate the term Blockchain with cryptocurrencies like Bitcoin or Ethereum. However, Blockchain has a wider use than cryptocurrencies and the finance industry. It is a decentralized technology that facilitates distributed private and public ledgers to businesses or individuals. Therefore, in Blockchain development, the transactions are recorded across various computers. For this reason, no central authority or individual can alter the data retroactively.
This makes Blockchain more transparent and immutable than other technologies. Many industries such as finance, entertainment, healthcare, education, and others are implementing Blockchain technology. For this reason, many emerging and innovative businesses are preferring a Blockchain development company to develop their solutions.
Breaking Down Blockchain Technology
These are some important concepts and definitions that will help you better understand Blockchain development;
A ledger is basically a digital record of transactions that helps individuals to track and analyze the data in real-time. Moreover, a ledger is also responsible for accounting for the transfer of ownership or proving ownership of an asset or currency.
A block is a large unit of collection of data that is responsible for storing a collection of transactions. Further, a collection of these Blocks arranged in an order completes the infrastructure of a Blockchain.
We can say that a hash is just like an equivalent of a fingerprint, it creates a unique impression and is very helpful in detecting any alterations in a file. In fact, it is the most important component to make a Blockchain secure.
4. Consensus Mechanism
It is a complex process used for defining an agreement about sets of data among various users and nodes. Proof of Work is one of the most popular consensus mechanisms around the world.
A minder is a Blockchain participant or a node responsible for solving complex cryptographic problems. They have to process data in order to validate a particular block to be added to a Blockchain. Ultimately, they receive a reward for their cryptographic efforts.
The Global Impact of Blockchain Technology
Blockchain development is a rising trend in the IT and business world. In fact, it has led to the following impact;
- It has been estimated that there are over 300 million cryptocurrency users around the world.
- DeFi (Decentralized Finance), a major component of Blockchain, has gained a market share of $20 billion as of January 2021.
- As an emerging concept, Cryptoeconomics is now known as a recognized academic subject.
- Non-fungible tokens (NFTs) have become major tokens for asset trading and are selling for millions of dollars.
- Decentralized Autonomous Organizations (DAOs) are becoming more common in the global economy to provide better transparency and immutability.
Why Could it be a Game Changer?
Blockchain is an innovative and revolutionary technology that can help different industries in resolving critical challenges like;
. Transparency Issues
Many industries have a huge problem with transparency when it comes to daily operations. When you hire Blockchain developers, you are able to achieve a high level of transparency with every transaction.
. Issues with Immutability
It is quite possible for an individual or a central authority to alter the data present on a centralized digital solution. However, Blockchain development makes the data unalterable by anyone present on the Blockchain. Therefore, this could be a remarkable blessing for critical medical data in the healthcare industry.
. Security Issues
A centralized database is considered a heaven for hackers around the world. When you hire Blockchain developers, you are able to distribute your data in a decentralized database. This type of database is more secure and least susceptible to hackers and breaches.
. High Transaction Costs
Online transactions are often expensive with the involvement of third-party intermediaries. Thus, implementing Blockchain removes these third parties and enables peer-to-peer transactions. Ultimately, this is very effective in reducing transaction costs.
. Guarantee of Innovation
The traditional server technologies have been there for almost 3 decades. Thus, they might have reached their maximum maturity and potential. In contrast, Blockchain technology is relatively new and provides a great scope of innovation for businesses. In fact, it can help you develop an innovative healthcare business model and compete with traditional healthcare companies.
The Role of Blockchain in Healthcare
The traditional healthcare companies have already understood the potential of Blockchain for the healthcare industry. In fact, the total revenue of Blockchain in healthcare might touch $1415.59 million by 2024. Thus, this astonishing figure gives us evidence that healthcare institutions will continue to search for the best healthcare app development services with Blockchain technology.
Let’s examine the potential impact of Blockchain in healthcare;
A Decentralized Healthcare System
Security and transparency have become major issues in the healthcare industry. Both medical institutions and patients want to protect their critical data. Blockchain in healthcare can provide an almost hack proof decentralized system.
Since the data is stored in multiple nodes, it becomes almost impossible to hack or breach the data for cybercriminals. Moreover, healthcare institutions don’t have to rely on their in-house servers to store and process medical data. Everything can be managed from the cloud while maintaining complete decentralization. Thus, the scope of data being damaged by man-made or natural disasters also gets eliminated.
Healthcare institutions can save a lot in power bills and invest in other important tasks like research or improving the infrastructure of their establishments.
Access Data from a Single Source
All the transactions are stored on the Blockchain and any update can only be made by getting confirmation from the majority of the participants. Therefore, data cannot be altered unexpectedly without consent. This gives you the assurance of 100% authenticity and security on the data.
Medical researchers can drastically improve their research and studies by relying on Blockchain technology. Above all, Blockchain in healthcare allows them to access medical data with ease.
Real-Time 24×7 Access to Data
Unlike traditional databases and servers, there’s no downtime with Blockchain technology. Thus, medical professionals can use a Blockchain database for storing vital patient data like heart rate, blood pressure, blood sugar, vitamin count, etc.
This critical data can be accessed instantly with the effective use of IoT and wearable devices. The robust architecture of a Blockchain server allows authorized personnel to access the data in real-time. Thus, medical professionals are also able to monitor patients 24*7 who are prone to high risk. By knowing the right healthcare app development process, you can ensure real-time access to this critical data.
Blockchain Makes Everything Cost Effective
Third parties and intermediaries often charge a hefty price for providing specific services. Thus, you can instead hire a prominent Blockchain development company to build a Blockchain for cost-effective transfer and fetching of data.
The user of Blockchain for transferring data and making transactions removes the intermediaries to achieve more cost-effective services. For this reason, Blockchain technology is becoming a prominent technology in the healthcare sector.
Achieve Consistency with Smart Contracts
It is true that every medical institution might have different guidelines and protocols for implementing something. Thus, it becomes important to bring consistency and uniformity in facilities and negotiations.
This could be a major step in creating a global healthcare system that works with uniformity and consistency. Blockchain for healthcare can help these institutions to develop consistent rules and processes for different organizations to gain access to patient data.
A Smart Contract is a digital contract that is enforced by an individual or an organization to digital verify, facilitate, or negotiate. Thus, these contracts could be very helpful in bringing some consistency to the healthcare industry across the world.
What Could be the Most Innovative Use Cases of Blockchain in Healthcare?
So far, we have discussed the impact of Blockchain in the healthcare sector. However, it is also important to learn about the real-world use cases of Blockchain for healthcare. These could be the best possible applications;
a. Effective Supply Chain Management
Many industries are already using Blockchain technology in their supply chain to streamline their processes. Interestingly, the supply chain in the healthcare industry is insecure and non-transparent. There’s a huge process of manufacturing to supply the drugs to the retailers which takes place without any real-time information.
Substandard and counterfeit medications are also a major problem for consumers and pharmaceutical companies. For this reason, many companies are reaching a prominent healthcare development company to develop effective supply chain management systems. Implementing Blockchain can resolve such issues in a single go.
b. Verifying the Ingredients of Medicines
Drug manufacturers can implement Blockchain in healthcare to keep track of all the ingredients used in the drugs. Thus, they are able to ensure that the used ingredients are up to the quality standards and protocols.
c. Traceability of Counterfeit Drugs
The effective use of Blockchain technology in the pharmaceutical businesses can help to fight against counterfeit drugs. In fact, businesses can have better traceability of such counterfeiting and find the source as well.
d. Medical Records Management
Managing and maintaining millions of medical records has become really challenging with the traditional technologies. Thus, Blockchain development could be very effective in ensuring the proper management of medical records. Medical records stored on a Blockchain work as proof that they can’t be changed. Thus, medical institutions can be assured that their records have a high level of integrity for medical and legal purposes.
e. Research and Treatment Methodology
Blockchain could be a great technology for research purposes. In fact, the researchers rely on transparent patient data to draw better conclusions for their research and studies. Thus, Blockchain in healthcare can have a significant benefit for medical researchers who dedicate hours to their research. Ultimately, the treatment methodologies can also be drastically improved for the patients.
f. Patient Identification
In the healthcare industry, it is quite common to have errors or duplication of patient records. Moreover, each medical institution having its own EHR (Electronic Health Record ) makes the management of patient records even harder.
Things are a bit different when you have the entire data present on a distributed ledger. For this reason, it won’t be possible to make alterations or duplicate records without the consent of all stakeholders present on the Blockchain.
g. Claim Settlement
Medical insurance is a billion-dollar industry. However, frauds and fake claims are quite common in the medical insurance processes. For this reason, many insurance businesses consider taking healthcare app development services to build effective smart contracts. These digital contracts are effective in defining and enforcing the terms and conditions between the insurance company and patients. Above all, Blockchain technology is very reliable in facilitating the processing of claims in real-time. You can also hire Blockchain developers if you want to make the claim settlement process less prone to fraud.
h. Assistance to Different Business Models
Blockchain in healthcare can provide assistance to pharmaceutical companies, pharmacies, and healthcare professionals. In fact, this technology has the potential to create different business models by integrating with the various processes in the healthcare industry.
- Assistance to Pharmaceutical Companies
Proper Blockchain development will enable the pharma companies to gather real-time data to develop better products and improve the quality of treatments. Moreover, Blockchain in healthcare can also enable them to provide customized services to patients.
- Assistance to Pharmacies
Blockchain in healthcare can certainly help pharmacies to better manage the flow of supply and demand. In fact, by getting real-time information about the inventory and deliveries, they can streamline their sales.
- Assistance to Healthcare Professionals
These professionals can take advantage of Blockchain technology to easily access and monitor accurate patient data. Moreover, wearable devices can also assist them to obtain real-time patient vitals and upload them directly to the Blockchain storage.
Blockchain and Telemedicine
The Telemedicine business has become a major business in the healthcare industry. Thus, telemedicine businesses are also taking the best advantage of Blockchain development to innovate their services. In order to develop an innovative telemedicine application, you should take help from a healthcare app development company. These are some long-term benefits of implementing Blockchain in telemedicine applications;
#. Data Sharing Will be Secure
It doesn’t matter how many security protocols or encryption methods you are following if your data is stored on a centralized server, Blockchain can provide secure measures for data sharing. In fact, both patients and doctors can transmit personal data on the ledger with the power of decentralization. Thus, no single party has the control or ability to manipulate or steal the data.
#. Advanced Healthcare Services
The implementation of Blockchain in healthcare can innovate the existing healthcare services. In fact, you can expect remote patient monitoring, auto payments, effective data management, smoother insurance services, distant treatment and more. Above all, the right Blockchain development company can help a telemedicine business to digitally transform itself.
#. Effective Data Management
Data is a very critical element for telemedicine businesses. In fact, heavily rely on real-time data to optimize their services, personalization, and marketing efforts. Data science with Blockchain can be super helpful for telemedicine companies to revolutionize their processes. Therefore, data management becomes more cost-effective, secure, and transparent with Blockchain in healthcare.
#. Increased Transparency
Telemedicine companies often face problems with transparency in their services and operations. Thus, Blockchain development can provide unrivaled transparency for telemedicine businesses. Moreover, using smart contracts also becomes possible in a telemedicine app when we implement Blockchain technology. Thus, it would be highly advisable to hire Blockchain developers to achieve this transparency for your telemedicine business.
#. Innovation Guaranteed
These days people prefer businesses that embrace innovation with the latest technology. This helps telemedicine businesses to build trust and loyal customers. Above all, Blockchain is already a buzzword in the market with so many companies rushing to consult a Blockchain development company to build Blockchain solutions.
Therefore, implementing blockchain in your telemedicine application can improve brand presence and give the impression of innovation to the users.
Blockchain in Healthcare is set to bring drastic changes to the healthcare industry. It would automate various processes, improve patient care, and help in revenue generation for medical institutions. Therefore, it could be the perfect time to consult a leading healthcare app development company like MobileCoderz. They have an extensive team of Blockchain developers, designers, QA professionals, and project managers.
Apart from having a robust and skilled team, they also have an extensive portfolio of clients from diverse industry verticals. Thus, you can have the complete assurance of quality work with a world-class development team.
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