Blockchain technology has countless applications. However, its impact on the healthcare sector is very noticeable. So, how is it affecting modern healthcare?
Blockchain Technology and Cryptocurrency
Cryptocurrency is another term for a digital currency created and secured by using cryptography, which is the practice of encrypting data using a code. Blockchain technology is a decentralized, distributed ledger that records all transactions made in cryptocurrency without the need for an intermediary.
Blockchain works like this: An individual requests to make an exchange or transaction, such as transferring money from one bank account to another. Then, thousands of computers worldwide, rather than just one central server, verify and approve the transaction before it can be completed. Once verified, information about the transaction is stored on a public ledger and cannot be changed. The entire network must agree on every change made to this ledger for it to be legitimate.
Blockchain has numerous advantages that make it well-suited for use in health care. One advantage is security because each block contains timestamps and information about its specific place within the chain. No hacker can tamper with a single block without changing every block that follows it — essentially destroying their work — making blockchain incredibly secure against cybercrime.
Popular cryptos like Bitcoin and Ethereum are the main methods of crypto payment in most places. However, health facilities accept other coins like Polkadot.
What is Polkadot, you ask? Polkadot (DOT) is a cryptocurrency that is similar to Bitcoin and Ethereum. At present, one DOT coin costs around $12. In case you want to learn more about DOT or know how to buy DOT, you can visit any exchange that lets you trade DOT.
Electronic Health Records
Blockchain technology can reshape the way we store and share medical records, helping healthcare providers and insurers manage patient data more efficiently, safely, and securely. Blockchain’s ability to ensure security and transparency offers unique opportunities for patients to manage their data more securely.
Electronic health records can be hacked or falsified easily because they are stored in big central databases – but by using blockchain technology, each patient would have a unique ID that only they control. This would allow patients to save all of their personal medical information on blockchain-based decentralized networks.
With this information being stored through a decentralized system, it could potentially be accessed anywhere around the world if necessary; there is no need for physicians to obtain your EMRs or wait for third-party data requests from insurance companies because all relevant information will already be accessible and up-to-date.
When it comes down to what matters most—the patients’ needs—blockchain technology in healthcare will help improve efficiency by eliminating fraud, errors, and duplication of services. It also reduces costs associated with administrative tasks such as claims processing, which take up valuable resources that could otherwise go towards care delivery or research funding programs.”
Medical Data Sharing
The secure sharing of medical records is another way in which blockchain technology can be used to improve the healthcare experience. Thanks to distributed ledger technology, patient consent can initiate the exchange and use of health data in a way that is secure and efficient. By building an electronic healthcare record and identity system on blockchain tech, patients could grant access to their personal health information to doctors, hospitals, laboratories, pharmacists, insurers, and other care providers.
The sharing of medical data allows for better insight by doctors when diagnosing patients. It also assists researchers in developing cures for diseases. The eradication of illnesses like cancer depends on researchers being able to access and share data, but systems are plagued with problems that lead to inconsistencies or parties being unable to share data at all. Blockchain infrastructure will allow the free flow of medical data between networks while protecting patient privacy and securing personal information against hackers.
Supply Chain Management in the Healthcare Sector
A major problem in the pharmaceutical industry is counterfeit drugs. Experts estimate that the production of fake products costs the global economy $200 billion every year and leads to hundreds of thousands of deaths.
In supply chain management, pharmaceutical companies can use blockchain technology to create a unique digital signature for each product that is stored in a registry, along with its serial number, manufacturer details, and potential recipients. This information is accessible to all parties using the same ledger, and it can’t be counterfeited or deleted.
The manufacturer will enter information about a particular drug into this registry at each step of its production process. When it reaches a customer, they will have an option to check if it is authentic by scanning its serial number with a smartphone app. If they detect anything suspicious, they can immediately report it back to the authorities through the same system.
Blockchain Technology and Drug Development Sector
You are probably aware of blockchain technology and all the fuss around it. However, you might still be wondering what this technology is and how it can impact your life. Blockchain technology is a decentralized way of storing data on a network, which gives the system complete transparency and immutability. Once data has been recorded on the blockchain, it cannot be modified or changed.
Many believe that blockchain technology will change not only the way we use apps but also how we interact with one another online as a community and even how we trust each other as humans.
Blockchain technology is poised to make significant changes in the healthcare industry. It will make the system more efficient and lower costs. It will also empower patients, secure sensitive patient data, and prevent counterfeit drugs from infiltrating the supply chain. These are just a few benefits that blockchain has introduced to this sector—a sure sign of better things to come.