How Blockchain Enhances Operations of the Healthcare ecosystem
Blockchain is a technology-based on a decentralized distributed public digital ledger that allows recording transactions across various systems in a peer to peer network which makes it impossible to alter any data on the subsequent blocks. The name Blockchain is derived from blocks (transactions) known as records, which are verified from connected computers to create a long chain of authenticated transactions. Blockchain is a revolutionary technology that provides various advantages to enterprises and their stakeholders.
Transparency
Blockchain is known for its transparency, as every transaction is recorded on the network and verified publicly in the peer-to-peer network.
Immutability
All transactions and data recorded on the Blockchain cannot be edited, deleted, or altered once it is entered, which makes it fraud-resistant. No one, including the system administrator, third party vendor, or even the government can alter any kind of data on the Blockchain, which makes it an ultimate repository of genuine and unaltered data.
Securit
Data is stored across all connected systems in the peer-to-peer network instead of a centralized, traditional database that enhances the security and makes it fraud-proof and hack-proof. As Blockchain completely eliminates third-party vendors, institutions, and banks, it allows reducing transaction costs drastically by using the peer-to-peer network, which self validates transactions.
Blockchain technology in Healthcare
There is an excellent scope for Blockchain technology in the healthcare arena. A report by Global Development Society suggests that the Blockchain Healthcare industry will be over 1415 million dollars till 2024, which is a 70% increase in CAGR between 2018 to 2024. Blockchain technology has tremendous opportunities for the healthcare ecosystem by increasing privacy, security, and allows collaboration of data and information between the stakeholders. Blockchain allows electronic medical records to become more efficient, transparent, and secure, which provides the ecosystem more ground for experimentation and proof-of-concept testing.
Benefits of Blockchain in Healthcare
Patient Indices
Due to the mismatch of data and information, various productive hours are wasted in the Healthcare industry. Duplicate and inconsistent data increase the time for diagnosis for doctors and health care providers. With the implementation of Blockchain, datasets can be uploaded on the ledger, and users can look for multiple fields, not only the primary key so that the patient identification and information can be managed with ease.
Claims Management
Blockchain-based exchange on the peer network automates the claim management at the adjunction. As there is no central authority or bureaucracy, there are no errors in the claim management, and various stakeholders can easily manage claims on the Blockchain. If a patient travels to multiple countries, Blockchain acts as a single repository for the global healthcare ecosystem for maximum efficiency. Smart contracts can define terms and conditions between the insurance provider and make claim settlement transparent and faster.
Electronic patient records
Managing patient records electronically on the Blockchain can help the health industry to compile episodes, lab results, disease registries, treatments, pharmaceutical information, insurance details, and transfer data in the Healthcare ecosystem seamlessly to collaborate and deliver healthcare in optimized ways.
Treatment Processes
Blockchain is a boon for medical research purposes, as it allows researchers to validate and access patient data from a digital repository to effectively study the impact of specific treatments, drugs and run correlations between patient information. Such research can provide a substantial outcome to improvise the treatment globally and make drugs accessible, cheaper, and precise.
Supply Chain Management
Blockchain-based contracts can help healthcare providers to monitor supply and demand cycles of various services and products in the entire lifecycle. Healthcare providers can monitor transactions, successful contracts, delays, and optimize supply chain management.
Implementation and Challenges
Technology has already started to show its use cases around cryptocurrency, which allows people to send and receive payments across the globe without any third-party intermediary. Blockchain technology presents various opportunities for healthcare, however, it is not entirely mature today, that it can be applied in the healthcare arena holistically. There are various technical, organizational, and economic challenges in the healthcare industry that require to be solved before implementing the Blockchain.
Transforming Business models
While the Blockchain will transform the Healthcare industry, it will also create new business models in healthcare services. For example, Pharma companies can use Blockchain to collect data in real-time and offer a vast array of medical products and treatments, customized and personalized for patient’s requirements. For pharmacies, Blockchain can help them to store all of the data and patient information in one place, which can be accessed by everyone in the value chain. This can also help to create a useful guide for patients according to their age and geographical location. For healthcare professionals and doctors, Blockchain allows accessing patient-related data according to health conditions and sort and filter to create clusters of similar patients to understand the well-being and effects of the drug.
Shaping the Future of Blockchain
Blockchain technology creates opportunities to reduce complexity and enables transparency and collaboration. To be future-ready, enterprises should consider mapping the blockchain ecosystem by establishing a robust framework for early adopters and start with a proof of concept in various niches. The potential of Blockchain in healthcare depends on how organizations adopt and their current technology infrastructure. As implementing blockchain can be a costly investment, there is an opportunity to integrate it with existing technology and increase the adoption in the entire value chain. With detailed training to all stakeholders, the healthcare industry is poised to get transformed by Blockchain, Artificial Intelligence, and Big Data.
