The Blockchain technology is a new star in the market. With all the industries jumping into this pool to benefit from this latest technology, the healthcare industry is also opening its door to welcome the new tech.
What is this Blockchain technology that we are talking about?
Before beginning to understand the possibilities of implementing this technology in benefit to the healthcare industry, let us get to know what actually this technology is about. Blockchain technology is the kind of digital data management technology that has taken over the entire world since its introduction. This revolutionizing technology has marked its name in the finance industry, gaming industry, real estate, and is being implemented in all other industries. This technology was introduced back in 2008, since then, it has been unstoppable. To explain this technology in a single phase one can say, it is a distributed ledger technology.
How does blockchain work?
It is basically a peer-to-peer distributed ledger technology that operates on three major components – a distributed network, shared ledger, and digital transactions.
Why should blockchain be implemented in the healthcare industry?
Coming to the next question that most of you must be thinking about, why should one incorporate blockchain technology in the healthcare industry? Well! We all are aware of the problems in the healthcare. One major concern, however, is the lack of central administration. A database is a very tangible part of this industry. Presently, the data is being stored physically on the physical systems that can easily be compromised and corrupted.
However, with blockchain, the need of having a central administrator will be completely eliminated, in fact, this clever cryptography based distributed ledger technology will enable all the users to get the control on their medical history and information. As we know, the healthcare industry deals with confidential information and records of a patient, blockchain can actually help ease and streamline these medical records while increasing the security and safety of the data.
Here are the ways in which blockchain technology can benefit in the healthcare industry –
This new and effective distributed ledger technology can actually come in very handy in this healthcare field. How? Well! Mentioned below are some of the major ways in which this new technology can transform the entire healthcare system –
# Longitudinal patient Records Maintenance
This latest technology can actually help in maintaining the record. Longitudinal patient records include compiling episodes, lab results, treatment record, disease registries and other detailed reports. Blockchain technology can provide all this information and history in just one click across the world.
# Supply Chain Management
Blockchain contracts can be a great help for the healthcare organizations to monitor supply-demand cycles. With the implementation of this new technology, transparency will be ensured and the transactions that are taking place can be clearly handled.
# Claim Adjudication
Blockchain technology has a very strong validating property. This feature of this technology can come in very handy when it comes to verifying the claims by the patient. As there is no central authority in this technology, there will be no possibility left for frauds and errors.
Well! This is an overview of how blockchain technology can help in the overall growth of the healthcare industry. It seems like the best idea and is one. This technology can avail the transparency that is needed with the safety that is must.