Benefits Of Blockchain Technology In The Healthcare Industry

By Author: faritech
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In the past decade, Blockchain technology has experienced a lot of popularity, owing largely due to its role in cryptocurrencies like Bitcoin. However, it’s benefits and potential has been recognized by a variety of other industries as well, including the healthcare industry. Blockchain technology enables better management, improved processes, and impenetrable security. As a result, the revolutionary technology holds tremendous potential in solving some of the most crucial healthcare issues that require collaborative research.

What is Blockchain Technology in a nutshell?
A blockchain can be described as a distributed ledger that holds records of all the transactions made on the platform and is stored across multiple computers.
As it is a decentralized digital ledger, blockchain does not allow records to be altered in any way after they are made without altering the subsequent blocks. The technology uses these linked transactions to maintain the uniform and the most current version of transactions in a digital logbook.

Benefits of Blockchain Technology in the Healthcare industry

Effective and cost-efficient
The streamlined and hassle-free data sharing offered by blockchain technology creates cost-efficient treatments, precise diagnosis and eventually, the better cure for different ailments. Healthcare providers can also collaborate with each other through networks with shared access. Other benefits of using blockchain are effective data tracking and powerful security provisions as well as improving uniformity, agility, quality and security in business operations.

Powerful monitoring
One of the main issues for maintaining a good healthcare network is constant monitoring. Blockchain technology facilitates document transactions in a decentralized record. This enhances precision and improves transparency while saving on vital resources like time, money and effort.

Better Collaboration
In many cases, the success of any public health care initiative relies on the collaboration of different parties involved and deriving deep insights into current healthcare trends. Using blockchain technology actively promotes innovation in the field as it empowers key participants to collaborate and promotes group research.

Transparent and organized processes
Due to the crucial nature of the healthcare industry, it is vital to ensure a properly organized methodology and transparent processes. This should be implemented without compromising security and accuracy. Blockchain technology is ideal for this as it facilitates integrated healthcare information but also maintains traceable records of distributed data. Moreover, the public/private key access protects overall security by reducing the chances of any data leaks. Blockchain technology also helps in monitoring the movement of drugs and medicines from producers to the patient. This ensures timely supply to patients and also eliminates the chances of counterfeiting.

Easy access and Budget Control
Blockchain technology empowers staff/ researchers by providing uninterrupted connectivity with level based authorization and easy access to data. When tedious processes are automated, blockchain technology allows the healthcare industry to harness the maximum potential of manpower during different phases and processes. As a result, it also enhances productivity, which leads to better output in a short span of time. Blockchain technology also helps budget control by decreasing administration costs and enables better, purpose-specific utilization of the allocated budget.

Protection of crucial data
One of the key challenges faced during research and development processes is the leakage of personal patient data. The data can be used for malicious purposes or parties with skewed or biased interests. Another challenge is maintaining and authenticating the most updated version of the patient information or diagnosis and ensuring that that version is available to various parties during different phases.

The cryptographic features of blockchain technology facilitate data authenticity using digital signatures and also offers impenetrable security to the data. As a result, it promotes trust and improves the security of patient data.

Extracting the best benefits
For the healthcare industry, it is crucial to extract the most out of healthcare data without complicating existing processes. For that reason, maintaining the portability of data and uniform compatibility across multiple systems becomes very important.

Due to its emphasis on creating streamlined workflows, uniform portability and multi-layered protection systems across several phases, blockchain technology is a perfect solution to these problems. Collectively, it enables healthcare experts to obtain the maximum output from data collected across various levels.