How Blockchain Technology is Helping The Healthcare Market Amid Covid-19

How Blockchain Technology is Helping The Healthcare Market Amid Covid-19

With 16+ years of experience in healthcare IT, ValueCoders offers custom healthcare app development services for better patient care, improved diagnostics, and lesser costs. Our healthcare app developers build interactive and secure mobile/web apps for global clients.

The last catastrophic pandemic which people have seen was the 1918 H1N1 influenza pandemic. It happened 102 years ago when technology was almost like aliens, and there were limited options to save anybody’s life.

But, now we are in the 20th century, where we have many technologies that can help in combating diseases. However, with such advanced technologies, we are facing the challenge and danger of infectious diseases like COVID-19 lying in their highly contagious nature, spreading like a fire in the forest with the capability of infecting the majority of the population across the globe.

Presently, around 14 million people have been affected by the novel Coronavirus (COVID-19) disease across the globe. The world is facing multifaceted problems due to the sudden emergence of the COVID-19 pandemic. The intensity of COVID-19 is so deadly and dangerous that the WHO had to declare it as a severe pandemic within a month of its spread.

Thus, in this global health crisis, the healthcare industry is searching and experimenting with advanced technologies to monitor and control the COVID-19 pandemic seamlessly. Therefore, for monitoring and controlling the spread of this virus, correct and trustable data are needed.

And what is better than blockchain technology to collect and save the data from every kind of fraud and threat.

Agreed, right?

Well, before the COVID-19 pandemic, in 2019, the total market value of the blockchain in the healthcare market was nearly $93.7 million, and it was predicted to grow at a CAGR of 71.3% in the coming years.

However, with the sudden introduction of coronavirus, blockchain technology in the healthcare market gained momentum, thus generating a revenue of around $2.12 billion in 2020 and also expected to reach $3.49 billion by 2025 with a surging CAGR of 8.7%.

Blockchain technology is one of the best inventions done by humankind. It is a type of distributed ledger system that continuously synchronizes data from various independent devices spread across all the geographic locations into a shared common digital database.

Furthermore, it processes data in the form of a chronological series of blocks that contains information that cannot be altered and modified in any case! This technology offers a reliable and complete historical record of information.

In addition, due to the COVID-19 pandemic, deploying new forms of technology, such as blockchain, has proved to be a significant efficiency for organizations that helps in minimizing the cost and offering capital to the business.

Besides the above-mentioned points, blockchain offers numerous benefits to the healthcare sector, which we are going to discuss in this blog. Apart from benefits, we will be going to discuss some challenges faced by the healthcare market and what are the top-most blockchain use cases.

Let’s start!

Challenges Faced by the Healthcare Market Before Blockchain

#1- Fragmented data

Solution with blockchain technology-

  • Decentralized source of internet
  • Patient-related data can be shared across all nodes and networks.
  • Computer networks help in offering accurate patient data via decentralized storage.

#2- System Interoperability

Solution with blockchain technology-

  • High-level authenticity
  • Decentralized computer and Internet networks across boundaries

#3- Timely Access to Patient records

Solution with blockchain technology-

  • Updates to patient’s real-time data
  • Distributed ledger system allows secured and distributed access to patients health data

#4- Data Security

Solution with blockchain technology-

  • Secured, encrypted digital transactions.

#5- Patient-Generated Data

Solution with blockchain technology-

  • Patient data collected via. Data from wearable Internet of things.

#6- Access and Data Inconsistency

Solution with blockchain technology-

  • Rule-based and consistent techniques to access & analyze patient data via Smart Contracts.

#7- Cost-Effectiveness

Solution with blockchain technology-

  • Blockchain in the healthcare system turns highly efficient due to the decreased transaction costs and real-time processing.
  • No third-party apps, which means no time lag in data accessing.

Benefits of Blockchain Technology in the Healthcare System

Blockchain technology can also be seen as synonymous with transparency, security, and decentralization, and its use in managing the healthcare system could be a crunch point. With this technology, there will be smooth communication across the healthcare system, such as keeping track of the disease, treatment histories, monitoring of patients, requirement of equipment, and supply chain.

Implementation of blockchain in the healthcare system will also help in restricting the spread of fake and miscommunication caused due to lack of data transparency. Blockchain can be deployed to unblock the coronavirus medical supply chain by using procurement systems, supply chain contracts, and faster remittances and payments.

Besides the above-mentioned points, here is a graph depicting the benefits of leveraging blockchain technology in the healthcare system-

Research conducted by 50+ blockchain app development companies, professional healthcare app developers, and software review companies, such as GoodFirms, states that around 58.5% and 61.5% of them choose immutability and transparency as their priority, followed by reliability (40.8%) and decentralization (33.7%).

List of Benefits offered by Blockchain Technology in Healthcare System

So, blockchain is a distributed ledger technology that helps users to share verified and trusted details in a decentralized manner. Combined with cryptography technology and security, blockchain protects the user's privacy who genuinely contributes data while sharing the data provenance, enhancing trust.

  1. Data reliability and security From 2009 to 2017, more than 176 billion data breaches occurred in healthcare records. With blockchain technology, secured features help in protecting health information in a much better way.

Each individual has a unique public identifier or private key, which can only be unlocked for the necessary period. Thus, hacking or attacking any users’ data to obtain personal data would be near to impossible.

So, blockchain technology offers an immutable audit trail of health details; thus, you can completely rely on and trust the technology.

  1. Interoperable electronic health records Blockchain could offer a single transaction layer where businesses can submit and share data via one secure system by collecting and storing a specific set of standardized data on a single chain, with highly secured encrypted links to separately stored details, such as radiographic.

The use of uniform authorization and intelligent contracts can immensely support connectivity and offer interoperable electronic health records.

  1. Switching of patients between healthcare professionals The exact detail on the blockchain allows individual patients to easily share and unlock their health data with other healthcare providers or centers through a shareable but private key. This technology helps in making health details interoperable and collaborative between various users.

  2. Cheaper, faster, and better patient care Blockchain can build a single system for storing, constantly updating, and securing health records. Furthermore, blockchain reduces the miscommunication between various healthcare professionals by preventing innumerable mistakes, diagnosing faster, and intervening personally for each patient.

  3. Personally identifiable information Currently, electronic health records allow automatic sharing and updating of medical information on a certain patient within a health organization or various other networks of organizations only. Blockchain technology allows researchers and other businesses to access this wide spectrum of health records of thousands of people.

The availability of such a massive amount of health data would perfectly promote clinical research, adverse event identification, report safety events, and public health.

  1. Securing & tracing medical supplies Blockchain helps in securing and identifying the trail of pharmaceutical supplies with complete transparency. It can even offer to monitor the carbon emissions and labor costs involved in the manufacturing of medical supplies.

  2. Safeguarding genomics With various healthcare companies bringing DNA sequencing to the users, genomic data has become prone to data theft which is a major issue. With blockchain technology, you can easily prevent data theft and offer an online marketplace where scientists and researchers can buy genomic details for research purposes.

This promotes safe selling and the elimination of expensive middlemen. With improved blockchain security and safety that promote synchronized transactions, the genomics data are completely safe.

List of Blockchain Use Cases in Healthcare System Amid COVID-19

Accurate Patient recording sharing Another most valuable blockchain use case related to COVID-19 in the healthcare system is the collection of patient records during a pandemic or crisis to create simple and lightweight health record systems, which usually different group of providers can deploy to share their patient records and other health-related data while treating unfamiliar patients amid COVID-19 or other natural disasters.

A blockchain app for recording patient data will help the healthcare officers to collect patient data and check the history of patients to make an accurate report of patients for current and future use.

To build a top-notch blockchain app for the healthcare business, you are required to hire a blockchain app development company in India.

Secured Contract Tracing To keep an eye on the potential transmission of the COVID-19, various governments have trusted and adopted contract tracing, in which infected people are asked to shortlist all other people who they have been contacted over the last week or a certain period of time.

Furthermore, decentralization of health data helps in facilitating healthcare operations, including contract tracing as the process depends on using granularity, which further helps in informing public health officials who may be at risk of getting infected with the patient’s contacts and movements.

In contract tracing, keeping the patient’s privacy is quite critical, thus using blockchain technology to protect the data would be a perfect choice.

For creating a blockchain-like app, you might need an expert consultant’s help. For that, you can hire a healthcare application development company or consult healthcare app development services.

Health insurance claims Well, during this pandemic or before the pandemic, blockchain in the healthcare market for health insurance is a must. The blockchain app for healthcare insurance claims will enable companies to minimize paperwork and the need to visit clinics to receive & deliver documentation.

For healthcare mobile application development, you need to hire a best-in-class blockchain development company that can build robust, scalable, and reliable blockchain-integrated healthcare apps.

Verification of medical staff credentials Like tracking the source of a medical supply, blockchain technology can be used to track the experience of medical professionals where trusted medical institutions and health organizations can log the credibility of their employees.

In return for health help, the recruitment process for organizations can streamline service. US-based ProCredEx has developed such a medical credential verification system using the R3 Cord blockchain protocol.

Security In IoT Enabled Remote Monitoring One of the biggest trends in digital health is the adoption of remote monitoring solutions, where sensors of all kinds are used to help healthcare practitioners provide better visibility for patient health, providing more active and preventative care.

Previously there have been some promising cases about remote monitoring usage, and surely the trend will go on.

Wrapping UP

Blockchain technology is an effective technology that can change the face of the healthcare system and declutter a number of issues. Its powerful mechanism of distributed ledger provides a basis for transparency and trust.

Investing in any healthcare application powered with blockchain can turn out a mind-blowing business tactic in the future. If you are questioning the current worth of the blockchain app, then don’t. As the future holds enormous potential, and it is time you prepare for it. So, connect with an expert blockchain app development company that can understand your vision and lead your way.

blockchain healthcareappdevelopment healthcare mhealth healthcaresoftwaredevelopment blockchaintechnology

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