Blockchain technology has grown in popularity over the last decade, attracting interest from various industries, including finance, government, energy, and health. This article provides a comprehensive overview of the use of Blockchain in the healthcare industry. In addition, continuing research in this field is quickly progressing. As a result, we’ve identified various state-of-the-art use cases for blockchain technology under a healthcare development company, such as sharing electronic medical data, remote patient monitoring, medicine supply chain, and so on. Finally, we highlighted various open research topics and potential study fields and highlighted the limits of the examined methodologies.
In 2018, the claims adjudication and billing management application segment accounted for more than 12.0% of the market. Healthcare settings can use a claims adjudication and billing management system to track improper filing and duplication. As a result, it improves and aids in the management of unintended billing errors and suspicious transactions. Such advantages contribute to increased transparency, efficiency, and speed in claim processing, allowing it to expand its use in the healthcare industry in the coming years.
What is Blockchain in the healthcare industry?
In healthcare, Blockchain enhances the overall security of patients’ electronic medical data, addresses drug authenticity and supply chain traceability difficulties, and allows for secure interoperability across healthcare organizations.
This article, which includes illustrations for healthcare data management and medical research, and medication counterfeiting in pharmaceuticals, intends to highlight the prospective impacts and opportunities associated with the innovative blockchain technology’s application in the healthcare industry.
Adoption of Blockchain in healthcare
While blockchain implementation in healthcare has been delayed over the years, a massive paradigm shift is on the horizon. According to IDC, by 2020, one out of every five medical and healthcare firms will be embracing Blockchain for data management and patient identification. By 2025, Blockchain will be used for commercial purposes in 55% of all healthcare applications. BIS Research predicts that the value of Blockchain in healthcare will have risen to $5.61 billion from $170 million by the same year.
The medical industry has significant issues in healthcare today in terms of access to healthcare data. Blockchain plays a strategic role in fostering an era of growth and innovation. Blockchain solutions transform healthcare delivery, ensure a global patient focus, and improve health-related data security. The patient can always be sure that his information is protected, and at the same time, a doctor can get health data from anywhere in the world. The potential of blockchain in healthcare is the key to eliminating the friction and high costs of existing medical systems, software, and intermediaries. The combination of blockchain and AI is futureproofing oriented and contributes to developing clinical guidelines for epidemics.
Blockchain-based solutions are required to improve the interoperability and security of today’s electronic health record management system and drug supply chain.
Every year, the healthcare development company conducts around 30 billion transactions, with faxes accounting for half of those. The industry has incurred a staggering $250 billion in losses as a result of this. Despite the high expenditures, 63 percent of physicians do not receive data promptly or receive insufficient information via recommendation letters.
Each year, 400,000 people die due to administrative errors, with 80 percent of those deaths resulting from miscommunication of patient-related data. Another flaw in today’s system is the need for manual documentation. According to researchers, each provider fills out about 20,000 forms every year, with each form costing an average of $20.
Apart from the health record management system, the sector suffers a significant loss due to a dependable and transparent supply chain management system. The inclusion and sale of counterfeit pharmaceutical items are fairly widespread in the business due to inefficient supply chains.
Blockchain is used in the health record management
Despite the importance of a patient’s medical information, there is currently no effective system to keep track of it all in one location. And, if there is, different organizations have different and incompatible systems, rendering them largely useless.
A blockchain for a custom healthcare development company can help to straighten out the industry’s data jumble. Patients will be able to store all of their data in one place, regardless of which medical centers and organizations they visit throughout their lives. Furthermore, all of the data will be controlled and monitored by the patients themselves.
If implemented as an EHR system, Blockchain would provide unrivaled protection for patient data. The data cannot be changed or infected with ransomware to obtain control and use it illegally.
Patients will also have discretion over who they share their records with and whether or not they want to divulge their identities in the process. They can also be compensated for sharing their health data with healthcare institutions for research and development purposes.
It helps in securing the data of patients
Protecting the confidentiality and privacy of patients has long been a top priority in the healthcare industry. Both consumers and regulators have requested secure safeguards over personal information. Nonetheless, there have been numerous data breaches involving personal health information.
Because of its immutable, decentralized, and completely transparent character, Blockchain shines as a potential solution for healthcare data security. Every contact with data is recorded in the database. Individual privacy problems are not exposed as a result of this extreme transparency: transparent logs, records, and transactions. Individual identities, on the other hand, are kept private via cryptography.
Medical staff credentialing
For new job searchers, healthcare is a big business. It’s also a heavily regulated field. Recruiters and employers must thoroughly investigate the credentials that candidates claim to possess. Hiring an unqualified candidate can have disastrous effects. Regrettably, it’s frequently a time-consuming and costly process.
Blockchain solutions promise to solve the problem of swiftly and efficiently confirming medical qualifications. The immutable ledger is updated with valid medical qualifications.
Supply chain management
The healthcare supply chain is disjointed and difficult to understand. From medicine development to consumer delivery, there is little to no management control. Regulations that are too stringent add to the stress on the logistics system as a whole. In addition, it’s difficult to measure and enforce quality control and compliance.
Some of these logistical issues can be solved with blockchain technology platforms, which can benefit the entire sector. In addition, these permanent transactions might help producers manage ingredients and maintain compliance levels, for example, because the Blockchain is irreversible.
Information and research data
Data is becoming more crucial and useful due to recent advances in digital transformation, artificial intelligence, and machine learning. The healthcare industry is no exception, with vast amounts of medical data on patients, pharmaceuticals, clinical studies, and other subjects. For research into more effective pharmaceuticals, treatments, and programs, de-identified data is invaluable.
Patients value privacy and security, which blockchain networks provide. They also promise researchers and pharmaceutical corporations unrestricted access to data. As a result, this collaboration will yield crucial new medical insights and discoveries that can change the world’s healthcare system.
Interoperability is one of the most difficult aspects of healthcare data management. Manufacturers, pharmacies, doctors, hospitals, and clinics all have unique entities and processes. Each of these organizations uses technology to handle their company and patient records in some way. As patients migrate from one entity to the next, medical records must be accessible across the board.
This integration could be aided by blockchain technology from a custom web development company. A Blockchain ledger is dispersed by definition. This means that all authorized parties have access to digital transactions involving patient data.
Developing your healthcare app solution
While Blockchain is a cutting-edge new technology, it does not have to be mysterious or out of reach for businesses. Some corporate Blockchain use cases necessitate custom technology implementations that aren’t entirely open to the public. Companies want to ensure that sensitive information is kept safe and secure from unauthorized access.
Private Blockchain networks combine all of the advantages of Blockchain with the added benefit of complete control within an organization. One such solution is the Graphene framework. This framework was created with customization in mind.
Challenges that the healthcare industry faces
While privacy was formerly a difficulty for Blockchain, the introduction of private and permissioned blockchains has provided a solution.
Despite their sophistication, blockchains are still unable to store enormous amounts of data in their blocks. For example, a single Ethereum block is reported to be capable of storing 750kB of data. The same is close to 1MB for Bitcoin, although the largest block ever mined on the Bitcoin blockchain is 2MB.
With the massive volumes of data that medical organizations generate daily, blockchains must be able to store larger amounts of data more efficiently to disrupt the healthcare business.
While there are other ways to securely store a significant amount of data on the Blockchain, none are straightforward and make the process more difficult. However, there is a lot of fast-paced innovation in the sector in the sector, and entrepreneurs are doing their best to tackle the data storage issue with blockchains.
Blockchain has a lot to offer the healthcare business in terms of solutions. Medical science has advanced significantly in recent years, with high-quality medical solutions. It’s past time for medical technology to catch up and synchronize all aspects of the industry in a single, secure location – the Blockchain. And at this rate, blockchains will be a fundamental element of the industry’s data management and supply chain systems in no time.
At its foundation, blockchain technology is a distributed system for recording transactional data. Records are continually uploaded to a decentralized, shared ledger that is accessible to all participants. Because the system uses encryption to verify each interaction, trust becomes decentralized. These exchanges form part of the audit trail, which cannot be changed.
The framework is ideally suited to generating value in the healthcare industry. The technology’s nature allows it to tackle problems that traditional methods cannot. Excellent healthcare necessitates a high level of trust, security, privacy, and data interoperability among diverse platforms. These are difficult difficulties to resolve.
Gourav Sharma is a Digital Marketing Strategist at Arka Softwares, a leading Mobile app development company. He has 4 years of experience in the Information Technology industry. He spends his time reading about new trends in Digital Marketing and the latest app development technologies.