Six Ways Blockchain Technology Is Changing Medical Practice

If we were talking about decentralised data a few years ago, it would have seemed like a strange idea. But, thanks to Blockchain, decentralisation has become the latest panacea for most industries. The healthcare industry will be our primary target. We can learn how Blockchain technology can be useful in the healthcare industry.

Blockchain In Healthcare:

While we have seen tremendous advancements in technology, and digitization is paving the way for new technologies, it has also made the system more fragile. The data that resides in the virtual world is extremely fragile. As a result, one of the primary issues for most companies is data protection. Although there are several strong mechanisms and protocols in place to improve data protection, none of them seem to be working properly. As a result, a technology that can provide the appropriate protection framework is needed. Here are some of the ways that Blockchain can benefit healthcare systems and medical practises.

1. Data sharing and storing- The healthcare industry is flooded with data. And all this information is highly vulnerable. So, there is a need for a system that is far more safe and secure. Blockchain is a distributed ledger technology that provides the right platform for data sharing. Here all the information related to the patient can be stored via encryption. This makes the data highly secure and free from a data breach. Again the DLT platform is decentralized, which makes the information scattered in the network; any medical practitioner can easily access this information.

2. Drug development and supply chain— Fake medicines are a major issue all over the world. One of the reasons for this is a faulty supply chain management system. We will increase the accountability and traceability of medication with the aid of Blockchain, which will improve the supply chain. This is something that companies like IBM are focusing on.

3. Claim settlement and big management- Medicare frauds are very common. It disrupts the system and also leads to a lot of money loss. In fact, every year, Medicare fraud amounts to $30 million. This is a whopping number, and with the help of Blockchain, we can narrow down this problem. A blockchain-based automation system can resolve this issue.

4. Clinical research- Various issues such as data storage, record keeping, and data integrity can arise during the course of a study or medical research. We can put an end to all of this with the aid of Blockchain.

5. More control over the content- Using a blockchain network for data storage and database updates allows people to easily access information. Students and researchers in the fields of medicine and healthcare will publish their papers on the Blockchain platform. The developer has more control over their content thanks to blockchain, which protects their intellectual property rights.

6. Case management - is another field where Blockchain has the potential to be highly beneficial. This care plan will be applied to the ledger after the patient consults a doctor and a medical plan is recommended. A smart contract that defines the structure of the patient's care objectives as well as the smart contract's rules for tracking the process can be created. When all of this data is entered into the system, it creates a timeline of how treatment was administered.

With this knowledge, we can conclude that Blockchain will undoubtedly have a significant impact in the field of healthcare, and if you, too, want to grow your career as a Blockchain developer, you should enroll in the Blockchain Council's Blockchain certification programme.