The medical field is data-rich. From patients’ personal records to research on various diseases, the medical sector contains volumes of data both on paper and digitally. However, there are problems attached to the present system of medical record keeping.
In cases of war or the internal displacement of citizens, medical files can understandably become lost or destroyed. The problem arises when these same people visit the hospital for treatment and due to the loss of records, they can be given treatment that they are allergic to, such as penicillin etc.
By utilising blockchain in this sector, the following solutions can emerge: easier exchange of medical files between hospitals. When files are stored on the blockchain, it becomes unnecessarily mandatory for persons to visit their usual hospital or health clinic for treatment. This works well for persons who are constant travellers, or for refugees.
Another solution is the administering of correct medicine. The industry estimates that about $300 billion is spent yearly on ineffective medicines which do not provide the expected benefits or cause dangerous side effects. Blockchain technology with its security infrastructure is perfect for unhindered data exchange in healthcare. It can promote innovation in medical research and the carrying out of larger population studies. As pharmaceutical companies focus on precision medicine, the invariability of records based on blockchain can facilitate interaction between doctors, researchers and patients.
Lastly, blockchain can provide an economic solution to the industry. Blockchain automates transaction services within business processes, for example, claims processing, account management, medicine supply etc. Decentralisation of blockchain makes it easier to build commercial relationships and provides new opportunities for promoting models of providing assistance that help to save billion dollars for healthcare sphere.
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