How Blockchain Can Positively Impact The Healthcare Sector
Blockchain technology is causing a revolution in almost all sectors of human endeavors, and the healthcare sector is not left out — it really is a game changer.
From its first use as a public ledger for the cryptocurrency Bitcoin, blockchain technology has had a hugely positive impact on the quality of human life.
Blockchain technology is a decentralized network for storing transactions or information in a digitally encrypted ledger. This means that there is no centralized authority responsible for verifying transactions, but instead, a server spread across different terminals and in different locations.
This kind of system holds an immense benefit from a security point of view. The reason is that data stored on a blockchain network is spread across nodes on the network. As a result, it is almost impossible to access such stored information without the required authorization.
Although the idea behind the creation of blockchain technology was to revolutionize the financial services sector, this same principle can be applied to the healthcare sector in a number of ways that completely revolutionize the industry. There are several applications of blockchain technology which would prove really useful in the healthcare sector. Here are some of them:
1. Decentralized, secure storage of data
One of the most important ways by which blockchain technology can help improve the healthcare sector is improved security of highly sensitive data. The healthcare industry is one of several industries which would benefit immensely from the security of blockchain. A lot of data is being handled by health institutions, and a great proportion of this data is of a highly sensitive nature.
Decentralized storage of data such as results of clinical trials, outcome of patient treatments, and research data can help improve patient care and also get resources readily available for new treatment regime.
For example, Intiva Health’s decentralized credentialing tool will make the provider administrative process easily accessible, shortening the amount of time it takes from hiring a doctor to the granting of privileges.
2. Efficient management of medical data
Medical data management is one powerful use of blockchain technology in the healthcare sector. If the healthcare industry can tap into the immense potential of blockchain technology, the challenges of inefficient data storage and management in the healthcare sector can be totally broken down.
Blockchain technology can give healthcare professionals access to data required in making important diagnosis of medical conditions and administering necessary treatment to patients. Blockchain technology has the potential to make the management of medical data more effective while reducing the cost for institutions, data providers, and even patients.
3. Facilitating drug development and supply chain management
Another way blockchain technology can help revolutionize the healthcare sector is by making drug development easier. This can be achieved when research and testing results are made easily accessible on a decentralized blockchain network. The computed results can then be used to facilitate the development of new drugs.Pharmaceutical firms lose over 200 billion dollars to counterfeit drugs every year.
However, blockchain technology can also help facilitate a more transparent supply chain for drug development and distribution. Supply chain management through blockchain technology is more effective, as customers can trace the movement of any particular drug from the production point to the shelves of drug retailers. This will help them confirm the authenticity of healthcare products. As a result, the sale of counterfeit drugs will be drastically reduced.
Intiva Health, a promising startup, has a well-thought-out plan to help revolutionize the healthcare industry by leveraging Hashgraph distributed ledger technology. More importantly, their project has the technical capacity for solving some of the challenges plaguing the industry.
Blockchain technology is here to stay, and with impressive landmarks reached in its current development, the healthcare industry will certainly not be left out of this new wave of technological innovation.