How Blockchain is Changing the Healthcare Industry?

Blockchain is a revolutionary technology that can bring the next phase of transformation in the healthcare industry. In this blog, let's look at the current trends in blockchain healthcare and some of the amazing future possibilities it holds.

Blockchain solutions have the potential to revolutionize healthcare by making the system more efficient and transparent. By utilizing Blockchain for tasks such as managing Electronic Health Records, pharmaceutical supply chains, smart contracts for payment distribution, and health insurance reimbursement, we can streamline many processes and make a real difference in how healthcare is delivered.

Here are Some of the Ways How Blockchain will Change Healthcare as we Know it ⬇️

🔶 Record Management

Electronic Health Records are a disruption of the health industry. Your medical records become larger and more complex as you grow. And since every hospital and every doctor’s office has a different way of storing them, it’s not always easy for healthcare providers to obtain them, especially when this data needs to be accessed in an emergency. According to Forbes, poor data integration is leading to a loss of about 300 billion each year.

Blockchain technology has the potential to solve a lot of record-keeping problems. By digitizing records and storing them on a blockchain, we can achieve the efficiency we need. And there are already companies developing the technology to solve these problems. 

The goal of this is to give patients more control over their medical history. Blockchain will act as one-stop access for all the records and be more convenient for both patients and physicians. The digitization will also allow for multiple doctors to work on a case simultaneously from different locations.

The medical data of an individual is not only crucial but also sensitive. Smart contracts will allow patients to set parameters for the access of certain sensitive records. The data is stored transparently, which makes it easy to validate. And since the data stored on a blockchain is not editable, falsifying data is not possible. Blockchain will make the system simple, efficient, and secure. Patientary and Medicalchain are prime examples of blockchain-based data storing and management platforms.

Patientary is a platform that allows patients to securely transfer their medical records from one provider to another. They work with existing providers to act as a bridge between them and the hospitals.

Medicalchain is helping health organizations store patient records on a blockchain and maintain a single version of the truth.

Blockchain solutions are providing a new way of sharing, analyzing, and verifying information. It would mean having crucial information easily accessible in emergencies.

🔶 Supply Chain Management

The pharmaceutical industry has some of the highest standards when it comes to product safety, security, and stability. This is because people's lives and health rely on the products that they produce. To maintain these high standards, the industry has to invest a lot of time and resources into making sure that its products are of the highest quality.

Blockchain-based logistic solutions are being deployed to trace the products at the package level. With Blockchain, supply chain management can be monitored securely and transparently.

This will greatly reduce time delays, and it will be a lot easier to identify human mistakes. Tracking bottlenecks in the supply chain will be possible, which in turn can be used to make the process more efficient. It can also be used to monitor costs, labor, and even waste in emissions at every point in the supply chain.

Annual losses that pharma companies owe because of the counterfeit drug market are around 200 billion dollars every year. Smart contracts can be used to help automate ordering life-saving drugs from the pharmacy as soon as the stock becomes low. Also, this technology can be used to trace a drug's authenticity and origin when it's bought from a pharmacy. This combats the counterfeit drug market.