How Blockchain Technology is used in the Healthcare Industry

Introduction

Blockchain in healthcare? Yes! Blockchain technology; a term very commonly used in today’s world, mostly heard when related to crypto, but has its application in so many other sectors already. The most talked about futuristic technology in recent times is not only catering to solutions for the crypto space but also lending its utilities to help industries like banking and other sectors! The implementation of blockchain in healthcare is also one of the newest collaborations that is resulting in amazing possibilities!

Powerful technologies like Blockchain are gaining momentum among the masses for enabling data security, data sharing, and smooth access between multiple parties. One of the major challenges in digital health in today’s world lies within the privacy and security of medical data; which is paramount. In short, blockchain and its applications can help digital health as its way of processing data can make it easier to share data securely, with patient consent, across very fragmented healthcare systems. On a wider view, this helps cumulating data regarding patients very effective and easy to share the data across all healthcare systems.

Why do we need Blockchain in Healthcare?

Hearing that blockchain in healthcare projects might make one wonder about the future of blockchain in healthcare; to answer the question here are some of the functions that blockchain does well. They are:

• Registry: Implementation of blockchain in healthcare can help in recording information and data in a transparent way without anyone’s asymmetric power over the data
• Data transfer: Smooth transfer of data between parties
• Authentication: Identifying authentic data
• Settlements: Revenue settlement by recording the transfer of goods and use of assets
• Transactions: Faster and smoother payments and transactions
• Token exchange: Exchange of crypto tokens

With the unique deliverables of blockchain, let us take a look at the different use cases to understand the future of blockchain in healthcare.

Read more: How Blockchain is used in Education

Different Use cases of blockchain in healthcare 

• Blockchain in Supply Chain

Authenticity is one of the major challenges faced across the healthcare sector, similarly along with many other sectors. A problem like this can harbor blockchain technology applications in ensuring the origin of medical goods in order to confirm their authenticity. The healthcare sector can make use of a blockchain-based system and track items right from their manufacturing point, keep track at each stage through the supply chain and also enable customers to have full visibility and transparency of the goods they are buying.

• Keep a Track of Healthcare Data

The basic solution that blockchain technology has brought to the table is smooth tracking of data. Catering to the sector in the discussion, blockchain technology applications can work towards the solution of storing one’s medical data. Healthcare all over the world is struggling to maintain a thorough view of the medical history data. A solution to this existing problem is a blockchain-based system made for the medical records that can then be linked to an existing electronic medical record software and act as an overarching, single view of a patient’s record.

• Smart Contracts for Insurance

Already in the works by companies like Chronicled and Curisium, where they are providing a blockchain based systems for manufacturing companies, wholesalers, and healthcare providers can authenticate their identities, log in their details for verification of organizations, track their transactions and settlements of goods and services. All of that at the touch of a button, organized and quick to verify. The new solution is catering to building a type of environment that goes a step beyond supply chain management. This also enables trading partners and insurance providers in the healthcare sector to work based on fully digital and in some cases automated contract terms.

Read more: What are Smart Contracts

•  Credential Verification of Healthcare Workers

Similar to tracking the manufacturing of medical goods, the key benefits of the blockchain system in healthcare is put to use with faster authentication of the credentials for individuals in the healthcare organizations during the hiring process. Transparency and reassurance for partners, for example, organizations who are sub-contracting locum tenens, or in emerging virtual health delivery models who can inform patients on the experience of the medical staff.

• Remote Monitoring Using IoT Security

The most commonly adopted digital usage in healthcare services is seen in the adoption of remote monitoring solutions. This helps healthcare providers gain a good insight into the patient’s vital signs, and health, enabling more proactive and preventative care. As much as remote monitoring has eased the monitoring process, security has also become a huge issue in health IoT. Problems lie within the system in terms of ensuring that patient data remains private and secure along with it not being tampered with in order to create false information. The inclusion of blockchain in the healthcare market can ensure the right pathway of data information and the authenticity of the same.

Read more: Blockchain Technology has the potential to reduce Carbon Footprint by 50%

How are these 4 Healthcare Companies applying blockchain to healthcare?

The many implications of the Blockchain have shown exceptional value in transforming the future of healthcare. The use of blockchain with EMRs and new models for health information exchanges (HIE) have not only enabled improved security but also increased efficiency. Benefits of blockchain like health data privacy, transparency in supply chain operations, and interoperability have served as the notable highlights of blockchain use cases in healthcare. To explore more on how blockchain can be of use to the mass, many companies are already making steady progress. To name a few;

Blockpharma:

The plague that is the root of many problems in the healthcare world today is the availability of counterfeit medicines. Many countries are fighting the results of low-quality medicines like drug-resistant diseases alongside antimicrobial resistance. A top blockchain healthcare company, developed by a France-based biotech firm, CrystalChain, Blockpharma, uses blockchain technology for dealing with the problem of counterfeit and low-quality drugs. The company has developed an app to fight against counterfeit drugs. The Blockpharma app caters to monitoring pharmaceuticals throughout the supply chain, right from the manufacturing stage to its end customers. 

Patientory:

This is a healthcare inventory management application that uses blockchain architecture and uses HIPAA compliance to ensure the decentralization of healthcare data. In addition, it also ensures safety against different data breaches. Not only does it provide data safety but also provides NFTs as rewards and personalized healthcare plans.

IRYO:

One of the major setbacks in today’s healthcare sector is the fragmentation of information. To provide a solution, IRYO comes into the picture. IRYO networks solve the issues arising from scattered Electronic Health Records or EHRs. With the help of blockchain technology, the IRYO network helps in storing and connecting all EHRs in a decentralized fashion. It also has the flexibility for customization. Patients can also receive IRYO tokens as compensation for providing their valuable medical information; which can be used for processing the payments offered by providers.

FarmaTrust:

One of the most prominent names that is helping in the adoption of blockchain in healthcare is FarmaTrust. This organization works in collaboration with leading pharmaceutical agencies in compliance with the global regulatory frameworks that are set in place. One of the revolutionary healthcare blockchain companies, FarmaTrust not only provides improved accountability but also immutability in healthcare records with the help of blockchain solutions!

Read more: Samsung explore Blockchain security for its devices

Bottomline

Blockchain in the healthcare market is a field that has much to explore! Different companies using blockchain technology is coming up with value propositions for improving healthcare. The most important problem statement is the setbacks in today’s healthcare sector! Improvements in healthcare data privacy, transparency, and accessibility of patient records have the potential to revolutionize the healthcare sector. Keep an eye on the CoinDCX blog for more information!