Can Blockchain Revolutionize The Healthcare Industry?

Of all the use cases blockchain technology is hailed for, healthcare is one of the oft-repeated ones. So, does blockchain stand to revolutionise the healthcare industry?

We will not make you wait till the very end to know the answer to this question for it is a resounding “yes”. How and why? Let’s find out.

Systemized Medical Records:

Jack Liu, who is the CEO of ALLIVE, an intelligent healthcare ecosystem running on blockchain technology to provide services like encrypted health profile, personal AI doctor and other healthcare-related services had commented:

“If patient records are recorded and stored in a blockchain-based system, they are secure and unalterable. Patients can grant permission to healthcare providers to access those records and to package new records into blocks that will become part of a permanent history of that patient.”

As his comment shows, blockchain enables the healthcare sector to give the control of sensitive, health-related data back to the original owners of them, the patients.

At the same time, with blockchain, sharing of comprehensive databases between doctors and researchers also contributes to an ecosystem of transparent, traceable and largely immutable records that may be used to develop and diagnose better.

As a result, clinical trials can also majorly benefit from this technology.

Pharmaceutical Supply Chain Management

The role of blockchain in supply chain is quite ubiquitous and has spread to the pharma sector as well. With blockchain technology, it becomes possible to manage inventory, control quality of drugs and facilitate smoother logistics.

By making sure all information regarding a drug’s progression alnong the supply chain, their provenance etc. are updated into the distributed ledger, the blockchain network ensures a better management of supply chain.

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This can ensure drug safety by enabling the tracking of the ingredients right from their original source. As a result, doctors and patients can make absolutely sure of what is being consumed for battling medical issues.

Avoiding Insurance Fraud

We know very well how the use of a distributed ledger and the blockchain smart contracts that comes with it can help dealing with insurance services.

Given the healthcare field is majorly involved in insurance services and it is a prime focus of insurance companies, blockchain can be used to streamline it in this field to a huge extent.

Most importantly, through the efficient management of data, insurance fraud can be prevented.

As Liu had also commented:

“A blockchain environment can eliminate a large portion of this fraud when providers and patients must enter their information and data to be verified, recorded and stored and health insurance companies must have access to that data.”

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