Blockchain in Healthcare Industry is best known for its security. This enormous technology has benefitted the financial sector and has evolved in every sector. One among them is the healthcare sector.
It is no wonder that various blockchain and healthcare companies are investigating, testing, discovering the day and night use of blockchain applications in healthcare and the scope of the blockchain area for health data. Blockchain has established itself as an indispensable healthcare tool by monitoring medicines, improving payment options, and decentralizing patient health history data.
Let us now understand blockchain and the use of blockchain in the healthcare industry.
What is blockchain?
The blockchain concept is a decentralized system in which historical or transaction records are maintained, stored, and recorded in a network of personal computers called nodes. It relies heavily on well-established cryptographic techniques.
Exchanges and transactions are stored in a database that can be distributed and shared between authorized users who can add them as needed. What makes the blockchain different is that these authorized users cannot delete or modify any entry, and transactions cannot take place unless all users have approved it.
Indeed, such a disruptive technology can cause a profound seismic change in any industry and almost exactly what healthcare needs.
Stats of Blockchain
Before digging deep into Blockchain, let us look into the stats.
- The blockchain market is expected to grow to $20 billion in annual revenues by the end of 2024. (source)
- Global health market spending on the blockchain is projected to reach $5.61 billion by 2025. (source)
- By 2022, global spending on blockchain solutions will reach $11.7 billion. (source)
- By 2025, 55% of healthcare applications will have a commercial deployment blockchain. (source)
- The size of the global blockchain market at a CAGR rate will increase by more than 69% between 2019 and 2025. (source)
- 40% of top healthcare executives see the blockchain as their top five priorities. (source)
These stats showcase that the blockchain in healthcare industry is the best choice for your business.
Benefits of Blockchain in Healthcare Industry
We know blockchain can change the healthcare sector in the coming years. So, let us understand the benefits of blockchain technology in healthcare sector in detail.
1. Robust Monitoring
Blockchain technology documents the transactions in a decentralized record, unlike other healthcare management systems, and people with access can view it. This is a significant point that indicates that blockchain technology is a must in healthcare. Apart from being precise and transparent, Blockchain saves management hassle. Not only this, but this evolving technology saves time, effort, and cost, providing the best results to this domain.
2. Enhanced Collaboration
Blockchain is the best technology when it comes to collaboration. Due to the distributed ledger technology, third parties, professionals, and researchers can collaborate to provide deep insights and do group research. This collaboration is the success behind any healthcare initiative.
3. Data Protection
Blockchain is known for its data security as it is made up of the most advanced cryptographic aspects. The most significant challenge in the healthcare industry is during the R&D process, as there are high chances of data leakage of patients that people can misuse. Blockchain technology facilitates data authentication with a digital signature and provides guaranteed security for patient data. Therefore, it offers an accurate solution to the two problems of trust and security.
4. Time and Cost-efficiency
Emergency data sharing between key healthcare providers plays an important role. The smooth, seamless, and high-quality sharing and distribution of data between the prominent participants in the network and healthcare providers will help create cost-effective treatments and sophisticated cures for many diseases. Using Blockchain technology, healthcare providers can work concurrently with networks that allow shared access. Unity, quality, security, and flexibility are other advantages of the blockchain than time and cost-efficiency.
5. Transparent and Organized Complex Processes
Healthcare, which is an important industry, must be transparent. At the same time, it cannot jeopardize security and accuracy. Blockchain technology not only results in integrated health information but also maintains trackable records of shared data. A fully organized step-by-step process documents transactions in electronic health records (EHRs), all in an exclusively digital format. Not only does this increase the security aspect, but it simplifies complex processes such as billing and other procedures, eliminating the need for multiple approvals and intermediaries acting on behalf of other entities.
6. Leverage Best benefits
Although various points favor digital health data collection, it is even more important to reap the best benefits from health data without complicating the process. Although there are many points in the digital collection of health data, it is even more important to get the most out of it without complicating the process. This is the reason why data portability is essential when working in different systems.
Blockchain technology can meet various challenges flawlessly, and this is because of its strong focus on streamlining versatile protection systems and seamless portability.
Future Of Blockchain in Healthcare Industry
The future of blockchain in healthcare is promising as it will help address some of the pressing issues facing the industry. The majority of healthcare records are centralized, whereas the blockchain is decentralized, making it simple to understand that the future of blockchain technology in healthcare is bright.
Undoubtedly, there are many challenges in implementing blockchain as storing, finding, and getting the data can be complex. But with the help of other evolving technologies such as Machine Learning and Artificial Intelligence, solves the problem. This way we can only see the benefits of blockchain.
Blockchain has taken a toll on healthcare over the past year, and significant investment has been made in the blockchain. With such a wide range of options, it is not surprising that the blockchain is one of the main pillars of the digital world. And maybe it will change the vast data landscape.
Undoubtedly, Blockchain will play an essential role in enhancing the healthcare system by improving the future of healthcare. The blockchain has shown enormous potential for transforming the healthcare industry, and as technology advances, many new uses will emerge.
VCDoctor works with organizations facing the challenges of managing their healthcare supply chain to harness the capabilities needed to succeed and become more confident in an increasingly demanding ecosystem. Get in touch with our experts and schedule a call!