Six Ways Blockchain Technology Is Changing Medical Practice
If we were talking about decentralised data a few years ago, it would have seemed like a strange idea. Yet, thanks to Blockchain, decentralisation has become the latest panacea for most industries. The healthcare industry will be our primary target. We can learn how Blockchain technology can be beneficial in the healthcare industry.
Blockchain in healthcare:
While we have seen tremendous advancements in technology, and digitization is paving the way for new technologies, it has also made the system more fragile. The data that resides in the virtual world is extremely fragile. As a result, one of the primary issues for most companies is data protection. Although there are several strong mechanisms and protocols in place to improve data protection, none of them seem to be working properly. As a result, a technology that can provide the appropriate protection framework is needed. Here are some of the ways that Blockchain can support healthcare systems and medical practises.
1.Data sharing and storing - The healthcare industry is awash with information. And all of this data is extremely fragile. As a result, a system that is much more safe and stable is needed. Blockchain is a distributed ledger technology that enables data sharing. All of the patient’s information can be encrypted and stored here. As a result, the data is extremely safe and stable, with no chance of a data breach. Since the DLT platform is decentralised, the knowledge is distributed across the network, rendering it available to any medical practitioner.
2. Drug development and its supply chain- Fake medicines are a major issue all over the world. One of the reasons for this is a flawed supply chain management system. We will increase the accountability and traceability of medication with the aid of Blockchain, which will improve the supply chain. This is something that companies like IBM are focusing on.
3. Claim settlement and big management- Medicare frauds are very common. It disrupts the system and also leads to a lot of money loss. In fact, every year, Medicare fraud amounts to $30 million. This is a whopping number, and with the help of Blockchain, we can narrow down this problem. A blockchain-based automation system can resolve this issue.
4. Clinical research- Various issues such as data storage, record keeping, and data integrity can arise during the course of a study or medical research. We can put an end to all of this with the aid of Blockchain.
5. More control over the content- Using a blockchain platform for data storage and information update makes it easy for people to access the information. Students and researchers in the field of medicine or healthcare can use the Blockchain platform to publish their paper. Blockchain gives better control to the creator, thus securing their IP rights over the content.
Case management- Another area where Blockchain can prove to be extremely beneficial is case management. In this, once the patient consults a doctor and a medical plan is advised, this treatment plan can be added to the ledger. A smart contract can be developed that specifies the framework of the patient’s treatment goals along with the rules defined in the smart contract to track the process. Once all this information is fed into the system, it provides chronological data about the delivery of care.
With this information, we can conclude that Blockchain will surely have a strong impact in the field of healthcare, and if you too wish to make a strong career growth as a Blockchain developer, then you must opt for the Blockchain certification program offered by the Blockchain Council.
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