Blockchain in Healthcare: 10 Reasons You Should Invest now!

15 May

Wherever you go, blockchain follows. The revolutionary technology behind Bitcoin has led its way to make a mark in almost all the industry sectors. One such sector is healthcare. Blockchain has penetrated the healthcare domain and has provided the industry leaders with all the good reasons to believe in it.

Many new use cases are coming up that support the use of blockchain in the healthcare industry. Dedicated blockchain developers are consistently making efforts to create healthcare applications that can transform the industry for good. The healthcare domain is expected to scale at huge rates by applying blockchain to it.

Here are 10 reasons that’ll convince you to invest in the blockchain technology.

1. Relatively New Technology

Many people think that investing in blockchain is a risk as it is a new technology. While there are risks, the chances of benefitting from the technology are even higher. The potential of blockchain is being recognized worldwide and therefore, big companies are investing their time and money in realizing the benefits of blockchain. JP Morgan, Facebook, etc. are all researching the scope of blockchain technology. Due to this, the demand for best Blockchain developers in India and around the world is continuously growing.

2. Incredible Features

By showing the promise of fulfilling the patient first approach, blockchain will surely transform the healthcare landscape. The current healthcare ecosystem is in dire need of increased security, privacy, transparency, and interoperability of patient data Blockchain hold the potential to bring a huge change by addressing all the issues related to these.

3. More Than Just Crypto

The most popular application of blockchain is Bitcoin however, it is not the only application. Many people are under the misconception that Blockchain technology is used to create cryptocurrencies only. The reality is far away from this concept as the uses of blockchain are being explored in many industries such as finance, healthcare, aviation, e-commerce, supply chain, etc.

Take healthcare as an industry example of blockchain application and you’ll be able to notice so many systems that can be transformed such as patient data management, drug counterfeiting, healthcare frauds, data privacy, and accessibility, etc. Blockchain has proven use-cases in many such industries and therefore, you should consider making an investment in the technology on the basis of all the unique applications that are being developed through the technology rather than believing only in cryptocurrencies.

4. Emerging Use Cases

The scope of blockchain in healthcare is still being explored by healthcare companies. They are creating new healthcare software based on blockchain by hiring blockchain developers. For example, blockchain could bring about a new model of EHR by changing the practice of paper-based medical records and creating electronic health records. These can be shared among multiple participants of the healthcare network as well.

5. Accessible Patient Health Records

One of the most compelling reasons for using blockchain for the healthcare industry is that solves the biggest problem that exists in the current times- Patient data management. The current healthcare system is scattered as there are a lot of different entities involved in the system. Due to this, the patient data is not in one place and the chances of mishaps increase.

Moreover, paper-based records make it even more difficult to organize data. Blockchain allows you to create one single electronic record for each patient which can be shared with people in the network. It also allows seamless integration of new information in the records at real-time which reduces the chances of errors.

6. Seamless Data Exchange

Blockchain has introduced the concept of interoperability which allows businesses to manage data and exchange it with safety and security. As most of the organizations are huge, data exchange turns out to become a complex process. Blockchain allows organizations to establish trust among different systems with an equal level of accountability.

When blockchain is applied in organizations for the purpose of secure data exchange, it also allows increased immutability and trusted flow of data. Not only this blockchain also allows organizations to provide different levels of access to the network members according to their authority so as to maintain the integrity of the data.

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7. Increased Security Levels

A healthcare organization cannot afford any mishap when it comes to following compliance policies and rules. Since the risk involved with healthcare organizations is very high due to critical patient data records, the security needs to be up to the mark. Cyber threats have recently become one of the major challenges that compromise security.

Enter blockchain- The operating mechanism of blockchain works around the concept of distributed consensus which prohibits any single point of failure. Cryptographic techniques are used to secure every transaction and since the system is immutable, it becomes extremely difficult for any hacker to compromise the system. Thus, blockchain allows you to put up an extra level of security in your organization’s working structure.

8. High Level of Consumerism

In today’s digital era, businesses are rapidly shifting their traditional systems to online ones. Reason being the ease of operations and digital advantages. The healthcare system is also moving towards digitizing patient data records which will allow better organization. However, digital data is vulnerable to threats and the current systems are not optimal enough to enable flawless user experience.

By introducing blockchain in the system, people will be able to receive access to personalized treatment choices, regular notifications related to their health, etc. Moreover, people won’t have to worry about the security of data as blockchain handles it well. Patients will have the overall control on their data which will eventually drive them towards adopting the system thus increasing the consumerism level of the industry.

9. Tracking Supply Chain

When it comes to delivering drugs to a patient, it is crucial to ensure that the right medicine gets delivered to the right person. Any kind of error in the process can lead to devastating outcomes. As scary as it sounds, there are many cases in the healthcare industry where wrong medicines are delivered to the patient. This happens due to the poor working of the drug supply chain.

This problem can be solved by introducing blockchain as it can track and trace the journey of a drug from its dispatch to delivery. In case of any error in the supply chain, immediate action can be taken to avoid any probable problem. Thus, drug management and delivery can be made easier with blockchain technology

10. Improved Interaction

Blockchains are operated in a network where no single person holds centralized control to the ledger. Instead, all the people involved in the network have equal participation and a decision can only be taken when members agree on a mutual basis. Applying blockchain in healthcare will result in removing siloed systems and increase the interaction level of teams as well as patients and doctors.

All the stakeholders such as the patient, doctor, pharmacist, nurses, researchers, etc. can get access to information stored on the blockchain and use it according to their need. Moreover, patients can also use their electronic records and share it with multiple physicians if their treatment cycle changes.

Conclusion

Blockchain technology is helping many healthcare startups and enterprises with its potential applications. Since the results are turning out to be positive for many healthcare organizations, others are accepting blockchain and getting their systems updated with the technology. The demand for Indian blockchain developers is constantly increasing as many companies are looking forward to resolving their existing issues by embedding blockchain technology in their healthcare systems.

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