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How Blockchain Technology is Advancing the Healthcare Industry

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healthcare blockchain

Blockchain technology has many uses in several different industries. One of the sectors where a lot stands to be gained by its implementation is Healthcare.

Already, there are many significant Healthcare groups that are incorporating blockchain technology into their systems and processes.

Therefore, according to an IBM study in 2017, 90% of Healthcare companies expects to release a pilot blockchain project by the end of 2018.

Currently, most applications in the sector revolve around audit trails and payments. However, there are many other uses for this technology, mainly due to the internet of medical things.

Using blockchain technology for Healthcare Record keeping

One of the most sensitive parts of the Healthcare system is patient information. Medical records need to be kept private and there have been attacks in the past that infiltrated medical record systems.

Therefore, the industry standard when it comes to storing health records electronically are encrypting data sent by email. Also, the industry endeavors to preserve the personal health history of the patient, and to verify the identity of those accessing the data.

A lot of the current interfaces are challenging to use and cause significant problems for clinicians. A secure distributed ledger will solve a multitude of problems in this regard.

Blockchain technology can help improve the medical payment system through cryptocurrencies. Similarly, it can also validate the credentials of those accessing records, as well as allow the patients to access their records safely. Additionally, it will ensure the security of the medical supply chain and be able to verify a variety of clinical tests.

Widespread adoption in Healthcare

As far back as 2016, the US Department of Health and Human Services had a contest to obtain innovative concepts and ideas for how they can use blockchain technology.

With the use of smart contracts, patients themselves are able to control who can see their medical records. They can allow people to access the records and ensure that nobody else can do so without their permission.

However, currently there are many inefficiencies and backlogs in the Healthcare system. Blockchain technology can help to alleviate a lot of this pressure. The more time medical professionals can focus on treating patients rather than wasting time with time-consuming processes, the better.

Patients can also rest easy that their medical information is secure. In an age where data privacy is crucial, this will no doubt please a lot of people.

 

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