Blockchain: Opportunities For Healthcare

Introduction

Opportunities Of Blockchain In Healthcare

Source | Blockchain For Healthcare
  • Efficient hospital data management, including that of patients, tests, trials, and more.
  • Reducing scope for errors in efficient data delivery with enhanced security and transparency of data. Involving all stakeholders in healthcare equally through decentralization would lead to a more patient-centric approach.
  • Increased access to accurate data for research and development through transparent patient surveys, etc. which experts can track.
  • A complete overhaul of medical supply chains, with better traceability for pharmaceutical products and drugs.
  • Blockchain in healthcare shall help in transparent clinical trials with efficient delivery of results to all stakeholders, such as governments, experts, and the general public leading to better formulation of schemes and policies for the future.

Applications

Uses Of Blockchain In Healthcare, and Blockchain For Healthcare
  • Reduction of extra costs: Blockchain in healthcare has a huge scope of reducing unnecessary overhead costs. This would help trickle down the benefits to patients, making healthcare more affordable. The healthcare industry faces some of the highest inflationary trends at present. To reduce costs, it is essential to counter this with efficient technologies such as blockchain.
  • Blockchain in IoT: This is another aspect of healthcare where blockchain can disrupt existing systems. One is well aware that IoT devices are used extensively in hospitals to monitor patients’ health, alert doctors and nurses in case of emergencies, and more such jobs. IoT devices are also used in diagnostic laboratories to detect diseases. Blockchain can improve the application of IoT devices’ data by enhancing the security of stored data. Due to its cryptographic nature, only users authorized in the blockchain could access it, removing chances of tampering with data, etc. IoT devices could also interact with each other directly without using a third party or server to transfer the data, reducing incidents of digital attacks.
  • Seamless verification of healthcare professionals and organizations: To reduce frauds and scams in the healthcare industry, blockchain protocols can be used to verify the credentials of healthcare professionals transparently and also of new healthcare research organizations or hospitals.
  • Transforming the insurance industry: The insurance industry is commonly plagued by disputes and settlement issues. Using the concept of smart contracts in blockchains, efficient transactions could take place in hospitals, which could benefit everyone, from the patient to the hospital and insurance company. The question of using loopholes to take advantage of either party illegally reduces drastically through the usage of smart contracts.

Conclusion

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A blockchain enthusiast and entrepreneur’s musings on the next big revolution since the Internet.

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Dr Vin Menon

A blockchain enthusiast and entrepreneur’s musings on the next big revolution since the Internet.