Why the Healthcare Industry Needs Blockchain Technology

Updated on July 30, 2018

The world is drowning in data. Every sector needs a database for all information collected daily and that could be a lot depending on the industry you are in. while tutoring Barrie, you need to collect and enter information on students that you will alter continually as they make progress. It’s no different for medical doctor – and we may add here that they collect way more data than most other professionals.

While most of is merely think of our immediate healthcare providers when healthcare is mentioned, there is an entire network that makes up the chain, including insurance companies, the government, and the big pharma. The data involving all these agencies is impossible to fathom and interoperability, unfortunately, is a decade behind. This is the gap that blockchain technology is seeking to bridge.

In a nutshell, blockchain is a digitalized, decentralized ledger that logs all transactions involving cryptocurrency. While it was originally designed to work with virtual currency, it is quickly gaining momentum in other sectors and the health sector was among the first to embrace this new way of doing things.

How Blockchain Imparts the Healthcare Sector

For the longest time, patients have admitted to feeling sidelined and not involved as they would want to in medical data that concerns them. Most people have no access to their medical records and neither do they have a say on who accesses it and when. They would like to be more involved and so blockchain seeks to democratize that data. Not only will patients be able to access their medical histories much easily, but they will also know who has accessed it. While all this is happening, the holders of this very sensitive information will ensure its security so that it does not fall on the wrong hands.

  • Enabling Electronic health records interoperability

The various stakeholders in the medical sector do not freely share information. This technology opens up a world of seamless and secure sharing of data among doctors and their peers as well as with the patients. This is especially important for patients juggling several different subscriptions and seeking medical attention for different complex health issues.

In the past, governments and insurance providers have been at the top of the chain making funding decisions that affect lots of people. With real-time data and information at their disposal, they will make informed decisions that will reduce their conflict with the rest of the sector.

  • Authentic Clinical Trials

With medics able to access electronic health records, clinical researchers are able to track released research based on the data provided through blockchain and also treatments. They will be able to see what medical trials work, what doesn’t, and what disease may need more attention.

  • Authentic Supply Chain to Lock out Counterfeits

Counterfeits have been a major concern in the developing world, but blockchain can tame that. After initiating supply, a distributor will only need to follow the consignment through as the technology will track its every step. The MediLedger Project is one of the platforms that are linking manufacturers to distributors, hospitals, and pharmacies.

The health sector is already showing progress using blockchain and the future seems only brighter.

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The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.