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Published on: blockchain.news
Blockchain is one of the most powerful technologies of the 21st century, which can have applications in plenty of fields. Blockchain was mainly associated with cryptocurrencies, as digital coins need a decentralized ledger to function. Bitcoin is the first cryptocurrency that used blockchain technology, but it didn’t really use it to its fullest potential. Vitalik Buterin noticed this, and as a result, he created Ethereum and took the potential of blockchain technology to the next level. So, Ethereum is a platform that brought plenty of innovations, which impacted the Ethereum price USD.
But now, blockchain is used not only for cryptocurrencies but also for plenty of other fields, including healthcare. Blockchain has all the characteristics that healthcare needs, including cryptography and decentralization, which stores better medical records and keeps unauthorized access out of the way. So, all healthcare companies should realize the potential blockchain brings to the medical field. In this article, we will explore the main ways blockchain can revolutionize healthcare.
One of the best advantages of integrating blockchain in healthcare is that it improves patient data management, including social security numbers, health records, individual addresses, and bank account info. Because blockchain uses encryption, it can protect patients’ data while also preventing unauthorized access. Moreover, the patient data cannot be modified, as the blockchain is an immutable ledger, meaning the information can’t be altered once it is recorded. This improves patient trust, which can also imply better authenticity and accuracy. Besides this, blockchain also provides a seamless sharing of patient data so that all healthcare providers get access to the needed files without modifying them, which maintains a high accuracy.
The medical sector should always look for ways to improve its supply chain management, as fake drugs can pose problems to the health of individuals worldwide. These drugs could contain toxic ingredients, which can cause severe health issues. But do you know what could improve supply chain management? Blockchain, of course, can change forever things in the supply chain. All the steps involved in a supply chain would be stored on the blockchain so that providers and customers could trace their products throughout all the stages in the supply chain.
Telemedicine is also an important technological improvement brought to the medical sector. Telemedicine can offer access to healthcare services to those living in remote areas who can’t go to hospitals or other medical establishments to access medical resources. However, because telemedicine includes the exchange of sensitive data, it needs something to keep all this information secure. Blockchain can also remove the chances of cyber threats because it is synonymous with high security. This technology can also integrate IoT devices so that healthcare providers can monitor all changes and patient’s progress.
All the companies in the healthcare industry process multiple transactions daily, meaning that they also need to deal with bank account details, credit cards, and sensitive information. As the number of data breaches is increasing every day, companies need something to safeguard themselves against these challenges, and blockchain can be a great solution. Blockchain is a ledger that protects data through cryptography, preventing unauthorized access and thus offering secure payments. When someone makes a transaction, the transaction is linked to the previous one, which ultimately forms a chain that unauthorized entities don’t have access to. Plus, blockchain manages to streamline healthcare payments, thus eliminating intermediaries, lowering costs, and providing faster payments.
Blockchain can reduce plenty of operational costs because it makes administrative tasks easier to manage, improves interoperability, and opens the door to faster data exchange. So, with the help of blockchain, healthcare companies can automate numerous tasks from their operations, which saves costs. As blockchain doesn’t need intermediaries, healthcare professionals can cut the expenses of hiring someone to take care of these files.
Plus, as blockchain reduces the chances of dealing with counterfeit products, it also removes the possibility that healthcare companies will need to deal with the losses.
Data breaches pose problems to the security of all people worldwide, as when this event happens, hackers steal personal information, credit card details, and so on. However, blockchain can improve security, as it’s a decentralized platform and the safest platform to protect details and share patient data.
Blockchain also increases efficiency in companies’ operations, including in healthcare, where businesses can share all their information smoothly across all providers. In this way, patients won’t need to share the same information with different medical companies, which leads to better speed and efficiency. Plus, with the help of blockchain, healthcare providers can also track the movement of all the drugs and medical equipment, removing bad scenarios from the equation.
With the help of blockchain, healthcare organizations can also improve their transparency, as information can’t be altered once it is recorded on the blockchain. So, blockchain comes with a high level of transparency. Besides this, blockchain can also empower individuals to decide who they want access to their personal data.
Blockchain has the potential to revolutionize many industries, including healthcare. The advantages that blockchain brings to this field are numerous. With the help of blockchain, healthcare providers can streamline many operations, safeguard medical data, and make faster and more secure payments. Plus, blockchain can also increase patients’ satisfaction with medical services, as it offers them access to better services.
Although blockchain technology is still nascent, we can’t deny that it has already started to make waves in many industries. As this technology continues to evolve, we look forward to seeing what it brings to healthcare.
