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Blockchain Technology in Healthcare Industry

Blog - Blockchain, Healthcare Industry

Blockchain technology can change health care by putting the patient at the centre of the health care ecosystem and improving health data security, privacy, and interoperability. This technology can provide a new paradigm for health information exchanges (HIE) by making electronic medical records more efficient, disintermediated, and secure. While not a cure-all, this unique and fast-developing sector offers fertile ground for exploration, investment, and proof-of-concept testing. ​

Management and security of patient data

Blockchain technology is a distributed, decentralized, and unchangeable record-keeping system. Because of the technology’s strong security characteristics, whatever information is recorded on the blockchain becomes nearly difficult to hack or modify. Because of the openness it provides, any changes to the data are evident, and there is no possibility of tampering with the data. As a result, blockchain technology enables clinicians and patients to communicate critical healthcare information quickly and securely while also ensuring privacy and transparency via encryptions and sophisticated protection codes.

Blockchain technology also reduces the dangers associated with data centralization, making it extremely helpful for managing patient data quickly and safely. Today, most patient information is centralized, making it vulnerable to data intrusions, breaches, and theft. Blockchain technology is an excellent option to address this issue since it distributes information among several nodes, making it hard to hack or tamper.

With the aid of smart contracts, healthcare institutions or providers preserve the patient’s health records on the blockchain. To access the data, a public key or a unique ID is produced. To access the information, a doctor needs to have the patient’s public key. The data is only made available to the healthcare practitioner when the key or unique ID matches. No blockchain healthcare solution can expose the data stored on it without the public key. As a result, patients can share their public key with healthcare institutions as needed.

This key will provide institutions access to data while protecting the patient’s identity because the data will be unidentifiable without the private key.

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Genomics

The study of whole sets of genes in organisms, which includes genetic components, is known as genomics. The genomics business in healthcare has grown dramatically to improve human health in the future. It must securely store large numbers of genetic data points, where blockchain might come in handy. Blockchain applications are an excellent way to improve knowledge of genetics and assist scientists in securely gathering and storing vital information.

Improving Communication Between Providers and Patients

Miscommunication is a flaw that has a detrimental influence on all industries, regardless of what they stand for. It’s critical to maintain communication flowing easily and effectively when a person’s life is on the line, especially in a delicate industry like healthcare. Miscommunication among healthcare practitioners or between patients and providers may be costly and even dangerous to patients’ health. The majority of misunderstanding is caused by inaccurate medical data or delays in updating, as the procedure is time-consuming.

Blockchain technology can solve this issue. Blockchain solutions are distributed. As a result, it is distributed among numerous network nodes rather than storing information in a single database. When data in one node is changed or updated, it is updated in all network nodes. It makes it incredibly simple to exchange updated information with any doctor or healthcare professional rapidly. The data stored on a blockchain is authentic, up to date, and timestamped, making it simple for providers to review and respond appropriately, especially in an emergency. It also helps doctors deliver more tailored treatment programs and performs speedier diagnostics.

Control of Pharmaceutical Counterfeit

Pharmaceutical counterfeiting is a significant issue faced by the healthcare sector. Because pharmaceutical supply networks are opaque, there is a high rate of tampering and counterfeiting.

Because it enables system transparency and immutability, blockchain technology provides excellent solutions to combat pharmaceutical counterfeiting. It offers comprehensive, end-to-end supply chain transparency. Blockchain in the pharmaceutical supply chain can assist providers by managing inventories, reducing counterfeiting concerns, and reducing theft issues.

It can also assist other organizations such as the Red Cross, USAID, and the Global Fund in tracing the distribution of donated drugs across multiple nations while verifying the pharmaceuticals’ origin, legitimacy, and integrity.

Blockchain technology has various applications in the healthcare business, and with its rising popularity, we may expect even more in the future. To address the substantial issues this industry faces, it is critical to implement change and enhance the quality of healthcare services provided. Blockchain technology looks to be an appropriate answer for this. With proper implementation and solid applications, Blockchain technology has the potential to be the savior the healthcare sector has been yearning for.

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