At the beginning of 2017 expert realized the benefits of using blockchain technology in healthcare industry. Many researchers and analysts begun to think implementing distributed ledger technology in healthcare industry. Let’s see what kind of benefits it can bring.
Data Security and Integrity
Nowadays, healthcare systems have a lot of intermediaries and and bureaucratic procedures. Using Blockchain technology can make data exchange more effective and transparent. Existing systems in this sense can be erroneous. Personal information of patients can be deleted or corrupted. In the published by Deloitte states that in 2015 in health record data there were nearly 112 million technological breaches.
Blockchain offers the greater integrity of data exchange by hard-coding public healthcare information into encrypted algorithms. The information is entered anywhere along the line of communication and with the help of advanced algorithms it can lead to compelling diagnosis and better treatments. Besides, it will be possible to reach medical records wherever you are on the planet. Besides, it will allow decrease non-conformances in standards.
Blockchain can give a patient data register where patients able to control their data and provide access to authorized parties, such as doctors or insurance companies.
It also allows easily update information and save it in append-only blocks only for addition, which have timestamps for security.
Payments and Billing
The United States has nearly 68 billion dollars lost annually because of healthcare fraud. Blockchain technology can be used to avoid this kind of cases by removing the participation of intermediaries in in billing management, thereby reducing the number of access points for operation and allowing a direct, monitored flow of information between the participants.
Using blockchain system in healthcare industry will extend pharmaceutical supply chain. Pharmaceutical products pass a lot of different stage from production to selling and this path in not all secure. There can be cases that unregulated, counterfeit drugs to infiltrate the supply chain. Because of these kind of bad products, patients are at risk following more health issues. Using smart contracts and real-time records of the transfer of assets can solve these problems.