How long has it been since you took pills? No one wants to get sick, Blockchain Development but it happens to all of us at some point. What if you find out that the medicines you’re taking aren’t what they say they are?
The Health Research Funding Organization says that 10–30% of drugs that are sold around the world are fake, and that their annual value is $200 billion and growing. Scary, right? But you’ll be glad to hear that blockchain is coming to healthcare as a technology that will save the day.
It’s not hard to see why blockchain development services might make you think about banking or the financial sector. Even though these industries were the first to use blockchain, healthcare has recently joined the trend.
Many healthcare organizations seem to be leading the way when it comes to adopting blockchain technology. This is likely because, in addition to wanting to be the first to use it, they are also aware of the new efficiencies it brings.
Unlocking the huge potential of Blockchain in Health Care
How does blockchain solve the complicated and long-standing problems in the healthcare market? Here are the most important things about blockchain development that make it a good choice for shaping the future of healthcare:
It is a distributed system that keeps an immutable record of peer-to-peer transactions or contracts and shares it across a business network. The system can only add new information. These records are kept in blocks in a digital ledger, which are spread out in different places.
These ledgers are harder to attack than centralised ledgers because it is almost impossible to attack all the copies at the same time.
A smart contract is a set of business terms or an agreement that can enforce itself. It is both stored and run in a transaction database. It has a set of rules that everyone in the network agrees to follow when they talk to each other. These are effective tools for managing assets and access rights, and they get rid of the costs of coordinating audits and enforcement.
If anyone in the business network wants to add a transaction to the blockchain development , they must compete with each other to solve a math problem. So, it becomes harder for attackers to add transactions to the network with bad intentions. All parties agree that a transaction is valid and add it to the blockchain.
To keep information safe and private, blockchain networks use well-known cryptographic techniques. Using keys and cryptographic signatures, the people in the network can get to the information they need. In a blockchain network, transactions are safe, verified, and easy to check.
How Blockchain Development is disrupting Healthcare for the Better?
Even though blockchain is just starting to be used in health care, it has a lot of potential to help both providers and payers. Blockchain can protect data security and dramatically improve efficiencies, in addition to connecting traditional data silos and making it easier for patients to access their medical records.
This technology could also be a game-changer for your business. Its data security, authenticity, and ability to work with other systems can help solve some of the biggest problems in healthcare, such as:
- Making fake drugs.
- Barriers to patient data access
- Fraud in the process of running clinical trials
- Sharing information between doctors is important.
- Claim rejections because the insurance status is out of date.
Let’s learn more about how blockchain technology is used in healthcare and how it solves some of the most important problems in healthcare.
One of the biggest problems facing the pharmaceutical industry is fake or tampered with drugs. Unfortunately, data shows that up to 30% of the drugs you use every day are fake or tampered with in some way. Because the systems used to track drugs don’t work together, people in the supply chain can’t see where the products they get came from or where they are going.
Blockchain is used to build in protections against tampering during the manufacturing process, which makes sure that the medicines are real.
For example, you can find out where a drug is at any point in the supply chain by putting micro QR codes on it and registering those codes on the blockchain. Because it’s easy for companies to keep track of things, fake drugs can’t get into the supply chain.
The blockchain also lets you check that the drug is real and take action if there is a problem by letting you know exactly where your products are.
Patient Data Access Ownership
Because every patient is different, there is no one way to treat them all. What works for one person might not work for another because people are different. So, to change treatment plans or give personalised care, it is important to get full medical reports.
At the moment, patients don’t have full access to their medical records, so they can’t change anything or get rid of them.
Blockchain could help with this issue of who owns the data by letting healthcare providers make a hash from each source of data (patient record) before sending them to the blockchain with the patient’s public ID. Then, smart contracts are used to control who can access patient data.
With data ownership, patients will have full control over and see who is using and sharing the data from IoT-enabled wearable medical devices.
Data Authenticity to Stop Frauds
Clinical trials are made to test how well a product works and how well it is tolerated by a group of patients to prove or disprove hypotheses. For the future of that product, the results of these trials are very important.
Pharmaceutical companies spend billions of dollars on these clinical trials, so results that aren’t clear-cut can hurt their finances in a big way. Because of this, fraud like changing or modifying data is not uncommon, but it is hard to know how often it happens.
Blockchain could be a powerful tool for preventing fraud in clinical trials by proving that a document exists and letting participants check that the document is real.
To change the information that is already there, you would have to add data in the form of transactions. And for that to happen, most of the people involved must agree that it is legal and fits with the original document. So, blockchain makes it impossible to change information in a bad way.
Secure Patient Data Management
The health industry doesn’t have a safe way to share medical data, which is a big problem that makes it hard for scientists to work together.
Since medical records are kept in different places, it’s hard for researchers to get the information that could help them learn more about rare diseases.
Even doctors have trouble sharing sensitive medical information with other people who are helping them. In the same way, it’s hard for patients to gather their own information from different providers to send to their new specialist.
With blockchain, both the treatment partners and other providers could be added to the network so that everyone could see the same information.
Fewer Claims Rejections
Shareholder agreements are making it hard for people in the healthcare industry to share information. This, in turn, leads to an old and inefficient way of paying for health care, as well as claim errors and disputes that waste millions of dollars.
Now, think about what would happen if everyone in a business network had access to the same information. That means the information is always up to date, and blockchain app development solutions can help you do that.
The shared ledger in blockchain makes it easy to record transactions and lets all parties track assets from beginning to end in near real-time.
Future of Healthcare Industry in Blockchain Technology!
With blockchain, what does the future look like? Well, this prediction from BIS research shows that all the fuss about this technology is worth it:
By 2025, the global market for health care will be worth $5.6 billion, which is a compound annual growth rate of 64%.
Since the Health Insurance Portability and Accountability Act of 1996 (HIPAA) was not made to deal with data security in the digital world, blockchain could be a solution for the frustrated people in the healthcare industry who care about security.
It’s time for your business to learn about this technology and look into it to make sure you’re not only ready for the changes that are coming, but that you could be the good change that makes patient care easier.
In conclusion, as a healthcare organization, it’s very important that you understand the importance of blockchain and how it can bring new efficiencies and positive disruptions to the ecosystem.
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