Blockchain is currently one of the biggest buzzwords being thrown around in the Healthcare industry. This is for good reason. Blockchain technology holds immense potential to transform, or better say, revolutionize the Healthcare industry.
As per a report by Research and Markets, the global blockchain technology in the Healthcare market is estimated to reach USD 55.83 billion by 2026, growing at a CAGR of 35% from 2021-2026.
Given its properties of immutability and decentralization, blockchain technology allows Healthcare professionals to place the patients at the center of the healthcare ecosystem. Blockchain development services allow the professionals to improve the security, privacy, and interoperability of health data. The services also help in providing a new model for health information exchange (HIE) by making electronic medical records more efficient and secure. Not only this, the rapidly evolving blockchain technology provides a fertile ground for experimentation, investment, and proof-of-concept testing.
How Blockchain is Transforming the Healthcare Sector – Benefits & Use Cases
Blockchain can be applied to the Healthcare sector in a variety of ways, leading to innumerable benefits for all the stakeholders. Let us checkout how the Healthcare industry is utilizing this cutting-edge technology to its full potential below.
Transparency in Supply Chain
Blockchain in Healthcare can be used to bring transparency to the supply chains. Transactions on the blockchain are recorded in a chronological and validated ledger, which can help supply chain vendors in MedTech and Pharma companies to track the journey of raw materials and other components at every step of the supply chain.
Smart Contracts
One of the major issues that the Healthcare sector currently faces is interoperability. Blockchain can be a solution for this issue with smart contracts – scripts that self-execute based on predetermined rules.
Therefore, patients can now switch hospitals, if they need to, easily without having to fill out several papers since their new doctors can examine all their data on the blockchain network.
Health-Record Management
Before the emergence of blockchain technology, there was no effective system that could keep track of all the health data of patients in one place.
However, with the help of this cutting-edge technology, patients can now save their data at one location, irrespective of which medical institutions they visit throughout their lives. Also, all the data can be controlled and monitored by patients themselves.
Remote Monitoring
A major trend in the digital healthcare sector is the adoption of remote monitoring solutions, where several sensors measuring patients’ vital signs are used to give medical practitioners more visibility into patients’ health. However, security in terms of ensuring that patient data is private and also not tampered with is a big issue.
Blockchain technology ensures that only permitted parties have access to a patient’s health data. Also, once a patient’s data is recorded on the blockchain ledger, then it is nearly impossible to tamper it since it would require gaining access to all the stored copies.
Ease in Micropayments
Micropayments are small financial transactions done online. The issues with the current systems are though the fee is minimal at first, it mounts over time, and transactions sometimes take days to complete.
Through blockchain, transaction fees can be reduced as one pays and receives the money in tokens, which get accumulated in their wallets. The tokens may later be sold for either bitcoin or cash. Additionally, blockchain conducts crypto transactions 24 hours a day, allowing one to obtain their tokens much faster.
Medical Staff Credential Verification
Blockchain technology can also help streamline the hiring process for healthcare organizations. The trusted healthcare organizations and medical institutions can log the credentials of their medical staff on the blockchain network and track the experience of medical professionals.
This will not only ensure faster credentialing for healthcare organizations during the hiring process but will also provide an opportunity for medical institutions to monetize their existing credentials data on past and existing staff.
A Blockchain-Enabled Future of Healthcare Industry
As evident from the applications above, blockchain technology holds promise for transforming the Healthcare industry, enabling improved healthcare facilities, reduced costs, safer patient care, greater data transparency, and more robust medical research.
As reported by Mobile App Daily, by 2025, 55% of all healthcare apps will have deployed blockchain for commercial purposes. Also, as per a report by BIS Research, the immediate application of blockchain in Healthcare can save up to USD 100 billion per year by 2025 in costs related to IT, operations, support function, counterfeit-related frauds, and insurance frauds.
Therefore, the time is right for Healthcare enterprises to join the digital transformation of the industry and help push the boundaries of medical technology with blockchain. Consult a leading blockchain development service company now!
