The word “blockchain” comes from the fact that “blocks” or transactions (records) are confirmed and linked to the preceding “block” to build a lengthy chain. In simple words, think of Blockchain as a giant Google doc file with one big difference: anybody may access and add to it but not edit it.
Blockchain Technology’s Potential in Healthcare
Blockchain technology has a huge potential in healthcare. A paper claims that the worldwide blockchain development technology in healthcare supports this. In 2024, sales will be close to $1415.59 million, up from $34.47 million in 2018. Furthermore, from 2018 and 2024, the CAGR will be over 70.45%. The numbers are encouraging, but what are the essential aspects that make Blockchain crucial in the healthcare industry?
System That Is Not Centralized
As previously stated, the Blockchain uses a decentralized approach that makes it hack-proof and ensures that no one copy of data is compromised. Furthermore, researchers may use the power saved by these devices to do complex computations to develop cures, medications, and therapies for various diseases and conditions.
Data From a Single Source
As we previously discussed, all transactions in Blockchain are saved and added to the chain only when most participants have validated them. Furthermore, the data saved cannot be altered, ensuring complete authenticity and security. Researchers can utilize this characteristic to examine a large amount of previously unseen data about specific people. This aids longitudinal research that helps to create precision medicine for successful therapy. This enables doctors to monitor high-risk patients 24 hours a day, seven days a week, and notify and warn their caregivers and family in an emergency.
Efficiency In Terms of Cost
All third-party and mediator systems traditionally engaged in fetching and transmitting data are eliminated with blockchain technology. In the absence of this structure, the healthcare system achieves high cost-effectiveness.
Smart Contracts Provide Consistent Rules.
It aids in constructing a uniform rule-based method for different entities to access patient data in healthcare. This is how most blockchain-based healthcare apps work. Peerbits just released a doctor-patient smartphone app that incorporates blockchain technology. The functioning premise of that app may be seen in the video below. In healthcare, Bitcoin trading is being used.
We have previously seen the Blockchain’s potential in healthcare; now, let’s look at some of its other uses.
Management Of the Supply Chain
The present healthcare supply chain is unsecure and time-consuming. The medications are first made at the production centers. Then they’re handed up to wholesale wholesalers. The wholesale wholesalers then pass it on to the retailers, who subsequently sell it to the consumer. There’s a severe threat to the pharmaceuticals’ legitimacy to make matters worse since cheap and counterfeit medications may easily infiltrate the system.
Blockchain healthcare’s immutability can tackle several challenges at once.
Check medicine ingredients: Blockchain makes it easier for medicine makers to keep track of all the substances that go into a product. It makes sure that all the substances are up to medical requirements.
Blockchain allows for counterfeit medicine traceability: Healthcare and pharmaceutical companies may use blockchain technology to eliminate counterfeit pharmaceuticals. It enables the tracking of all such drugs and aids in the detection of counterfeiters.
Medical Records’ Accuracy
The integrity of all medical records may be ensured using blockchain technology. It’s because, once a medical history is created, it may be kept on the Blockchain, which will give definitive confirmation of its authenticity. After all, blockchain records cannot be altered. This will be a significant bonus, as the integrity of a medical record is crucial from both a medical and legal standpoint.
Medical research might benefit from blockchain technology. Thanks to validated access to the patient’s data, researchers can rapidly evaluate the impact of any one medication on a substantial section of the patient population. Such a study yields significant results, which lead to advancements in treatment methods for segments of the patient population.
Identification Of a Single Patient
Mismatches and duplications of patient records are not uncommon in healthcare. Furthermore, the various schema of different EHRs makes the work more difficult because it introduces new methods to change the most basic data.
When browsing for addresses, you’ll come across many different lessons and keys, but they’ll all give you the same patient ID.