Blockchain is a word that is gradually gaining popularity around the world, however, many people do not know what it actually means. It is simply an encrypted data structure that shows a list of records.
This list of records is called blocks. Blockchain is not controlled by a single authority and opposes the alteration of the data. In so doing, it ensures transparency, security, and distribution of data. It records transactions between parties effectively in a way that is permanent and verifiable.
Although blockchain is known for its use in cryptocurrencies like Bitcoin and Ethereum, it also has the ability to be used in the revolution of the healthcare sector.
Now, take a deep breath and be ready as I take you on a mind-boggling trip and show you ways in which healthcare will be affected positively via blockchain technology.
ACCURACY AND EASY ACCESSIBILITY OF MEDICAL RECORDS
In the healthcare sector, there is a need for the accuracy of records because of the sensitivity of such records. A lot of patients have their medications prescribed by various hospitals and pharmacies, which have their own different databases of the patients’ medication and prescription records. This can lead to inaccuracy and mismatch of records.
The good news is that blockchain technology will eradicate these problems. A prescription blockchain that will serve as a trustworthy source of patient records will be used which will enable all healthcare personnel to have accurate views of the medications of a patient whether in the past or present. This will in turn lead to more personalized and better treatment of patients.
SECURITY OF MEDICAL RECORDS
It is important to have a secure database of medical records that is devoid of a breach for the sake of confidentiality. Lawsuits have been filed against several healthcare professionals due to breach in records.
Just imagine that the database of a patient whose record shows the use of a particular drug is breached and wiped, the medical personnel might administer a wrong drug due to ignorance, which could lead to complicated situations and sometimes death.
The use of blockchain technology will, however, ensure that health records are stored on blockchains, preventing access to a third party which includes hackers and people who have wicked intentions. Patients can give the decision on who can access their information. Breach of information on a patient’s health will then be easy to trace.
AID IN HEALTH-BASED RESEARCHES
Many kinds of research done by various researchers in medicine to improve healthcare satisfaction have unfortunately been segregated. There is no digital system that is really in the place to allow researchers to compare final results with fellow researchers.
The use of blockchain technology will put an end to this and grant researchers worldwide access to an extensive database of information with patients’ permission.
REDUCTION OF HEALTH COST
BI Research, a leading research firm published a report on how the adoption of blockchain in the healthcare sector is estimated to save up $100B annually by the year 2025.
The elimination of third party clients, fake pharmaceutical products, and inaccurate software by blockchain technology will ensure effective transparency and accountability, which will in turn save money for healthcare companies and patients.
I hope you found this article informative and engaging. I know you are happy to know that the future of the healthcare sector is in good hands through the use of blockchain technology.
Nevertheless, blockchain technology does not come without its own limitation. It is quite demanding and burdensome to transfer health information on blocks.
However, the healthcare industry has a lot of benefits to gain from its use. So, let’s keep our fingers crossed and watch as things unfold.