Healthcare is unarguably an essential part of society. The healthcare industry is one of those industries that keeps evolving as per the patients' and healthcare professionals’ needs. Recently, blockchain technology has created a buzz, and it's the potential to revolutionize healthcare. But will blockchain in the healthcare industry be able to create a difference?
According to Verified Market Research, the value of the Global Blockchain in the Healthcare Market size was valued at USD 1497.28 Million in 2020. Growing at a CAGR of 76.30% from 2021 to 2028, it is projected to go up to USD 7308.32 Million by 2028.
What is Blockchain?
Before we dive into how important blockchain is for healthcare, let's take a quick look at what blockchain is. At its core, blockchain is a decentralized digital ledger used to record transactions. Unlike traditional databases, which are typically controlled by a central authority, blockchain is distributed across a network of computers, with each computer in the network containing a copy of the ledger. This makes it incredibly difficult to hack or tamper with, as any changes made to the ledger must be approved by the majority of the computers in the network.
How to use BlockChain in Healthcare Industry
Blockchain has several potential applications in the healthcare industry, including medical records management, clinical trials management, drug supply chain management, payment and claims management, and telemedicine and remote monitoring. So, using Blockchain in the healthcare industry can improve patient outcomes and reduce costs. Here is a list of how BlockChain is used in the Healthcare industry.
Medical Records Management
A blockchain-based healthcare system can securely store and manage medical records, allowing patients more control over their data.
It can also enable healthcare providers to share patient data across organizations, improving care coordination and patient outcomes. At the same time, patients can also allow access to their medical records to healthcare providers and researchers with their consent. So, you can use blockchain for healthcare data management.
Clinical Trials Management
Blockchain can manage and track clinical trials, ensuring data integrity and transparency.
It can also give participants more control over their data and incentivize them to participate.
Drug Supply Chain Management
Blockchain can be used to track the supply chain of pharmaceutical drugs, from manufacturers to patients. It ensures drug safety and prevents counterfeit drugs from entering the market.
It can also enable stakeholders to track the location and condition of drugs in real time, reducing wastage and inefficiencies.
Payment and Claims Management
Blockchain can take care of healthcare payments and claims, reducing fraud and errors.
It can also enable faster and more secure transactions, reducing administrative costs and improving cash flow.
Telemedicine and Remote Monitoring
Blockchain stores telemedicine data, allowing patients and healthcare providers to communicate securely and transparently.
It can also enable remote monitoring of patients, providing real-time data to healthcare providers and improving patient outcomes.
What are the Benefits of Using Blockchain in the Healthcare Industry?
Since you have an idea about Blockchain, now you can look into how it revolutionizes the healthcare industry.
1. Helps Improve Data Security
Blockchain has made it possible in the healthcare industry to improve data security. Healthcare organizations deal with sensitive patient data, which hackers and other malicious actors can target. By using blockchain technology, healthcare organizations can create a secure, decentralized digital ledger that makes it much more difficult for hackers to access patient data.
2. Enhances Privacy
In addition to improved security, blockchain technology can also enhance patient privacy. With Blockchain, patients can have more control over their health data, permitting certain healthcare providers to access their data while keeping other providers out. This can help patients feel more comfortable sharing their data, as they know it's only being accessed by the healthcare providers they trust.
3. Streamlines Data Sharing
Another benefit of Blockchain in healthcare is that it can help streamline data sharing between healthcare providers. Patient data is often siloed, with each provider maintaining their records. It is confusing for the providers to understand a patient's health completely. Using blockchain technology, healthcare providers can create a shared digital ledger that makes it easier to securely and efficiently share patient data.
4. Medical Research
With the help of BlockChain, medical research is easier. Currently, conducting medical research can be a time-consuming and costly process. Using Blockchain, researchers can securely share data and collaborate with other researchers worldwide, potentially speeding up the research process and reducing costs.
Thus blockchain technology can transform the healthcare industry in various ways. By improving data security, enhancing patient privacy, streamlining data sharing, and facilitating medical research, Blockchain is poised to revolutionize healthcare as we know it. Tech enthusiasts should keep an eye on this exciting development and explore how they can contribute to this rapidly evolving field.
Challenges to Face While Using Blockchain in Healthcare Industry
Though Blockchain is the new boom in the healthcare industry, you need to address the challenges for its widespread adoption. These challenges include data privacy and security concerns, interoperability issues, technical complexity, regulatory challenges, and resistance to change.
1. Data Privacy and Security Concerns
Blockchain can ensure secure data storage and transmission. But it can only guarantee data privacy if appropriately implemented.
If access controls are not implemented effectively, sensitive patient information could be exposed or compromised.
2. Interoperability
Healthcare organizations have access to several Electronic Health Record (EHR) systems, and there needs to be a standardized format for sharing patient data across systems.
For Blockchain to work effectively, it is essential that all EHR systems have proper communication with each other, and it is a significant challenge.
3. Technical Complexity of Blockchain
Blockchain is a complex technology. You will need proper technical knowledge and expertise to implement and maintain.
Healthcare organizations may lack the technical resources or infrastructure to implement and manage Blockchain systems.
4. Regulatory Challenges
The healthcare industry is heavily regulated, and numerous laws and regulations govern patient data privacy and security.
Implementing Blockchain in healthcare requires careful consideration of regulatory requirements and compliance with laws such as HIPAA.
5. Resistance to Change
The healthcare industry needs to adopt new technologies fast, and many healthcare organizations may resist change.
Convincing stakeholders to embrace Blockchain and invest in the necessary resources and infrastructure can take time and effort.
Will Blockchain do Wonders for the Healthcare Industry?
Yes, blockchain technology can transform the healthcare industry. It is a secure, decentralized, and transparent platform for data management. With Blockchain, healthcare providers can securely store and share patient data, such as medical records, test results, etc. This will lead to better collaboration and more personalized patient care.
Blockchain can streamline the clinical trial process through efficient data sharing and tracking. This can help to speed up the development and approval of new drugs and treatments. Besides, Blockchain can track the movement of medications and medical devices and reduce the risk of counterfeit products entering the market. Thus, the entire supply chain management is improved.
Blockchain improves efficiency, reduces costs, and increases security and transparency. Healthcare providers and institutions are adopting blockchain technology, significantly improving patient outcomes and healthcare delivery.
Conclusion
Blockchain technology has gone gaga in the tech world in recent years, and it's not hard to see why. This innovative technology can potentially revolutionize a huge range of industries, including healthcare. Hope this blog is fruitful enough to let you explore how blockchain is transforming the healthcare industry and why tech enthusiasts should pay attention to this exciting development.