How the Blockchain Technology Influences Healthcare Industry

The decade started from the year 2010 has brought revolutionary changes in our lives. We have witnessed a remarkable development of futuristic technologies like IoT, Blockchain, and AI in this period. Out of all these technologies, one concept has grabbed the attention of the world in recent times. Yes, it’s blockchain development that has recorded phenomenal growth and become an online sensation in a couple of years.

It is considered as the second most significant invention after the Internet. As the range of the blockchain concept has started touching various industry sectors, we can assume that it will become inevitable for the corporate world in the coming time. Let’s find out how it impacts a thriving healthcare industry and enhance the safety of the personal and valuable data of patients. But, before discussing it, let’s have a brief introduction to the blockchain’s importance.

Importance of Blockchain in Industries

You may wonder why the popularity of blockchain is growing over the period across different industry sectors. The reason is simple- the blockchain technology can resolve many digital issues and provide

Transparency

It offers high transparency for every transaction. The blockchain records every transaction and enables the auditors to verify it.

Security

The blockchain technology is known for enhanced security. It stores the data across various systems and provides the benefit of decentralization. In a way, the transaction remains highly secure and hack-proof.

Immutability

It is not possible to alter or modify the data written in the blockchain. Even the system administrator cannot change it once it is entered or recorded. It helps companies keep their data secure and unaltered.

Innovative touch

The blockchain technology promotes innovation. The smart contract is a good example of an innovative trend based on the blockchain. Blockchain mobile app development also opens the doors of innovative business models that can easily compete with existing businesses.

Reduced transaction cost

Blockchain has eliminated the role of third-party and even financial institutions by implementing peer-to-peer transactions. In a way, you can reduce the transaction cost significantly.

Scope of Blockchain in Healthcare Sector

The healthcare sector is thriving amid growing competition. Here the biggest challenge remains to safeguard the patient’s confidential data while enabling its real-time access to physicians. There, blockchain lends a helping hand. It has an immense scope in the healthcare sector. Therefore, it is assumed that by 2024, the blockchain technology will reach close to $1415.59 million with a CAGR of over 70%.

Let’s look at the key aspects of blockchain technology in the healthcare sector.

Decentralization

The major feature of the blockchain is a decentralized system for data storage and access. This system makes it hack proof and prevents personal data from any breach attempt. When all the hardware is run on the decentralized system, it is possible to minimize the chances of any man-made and natural disasters through hacker-proof security.

Single source of data

As the name suggests, there is a chain of blocks in which the data is stored in a decentralized manner. The technology stores transaction-related data after getting confirmed by the majority of users. Also, there is no possibility of changing the recorded data that provides 100% authenticity. Talking about the healthcare sector, this technology helps in longitudinal studies for developing precision medicine.

24/7 Monitoring and data access

The blockchain development for the healthcare sector is useful for storing and updating the vitals of patients like blood pressure and sugar level in real-time. Both IoT and wearables can be seamlessly integrated with the blockchain technology and fetch the real-time data. It assists the healthcare service providers to monitor patients on a 24/7 basis. Particularly, patients in critical condition or need medical help can get the benefits from a blockchain-based doctor-patient mobile application.

Cost-effectiveness

Blockchain technology eliminates the mediators and third-party systems while fetching and transferring data. On one hand, this makes the data access secure, and on the other hand, it remains cost-effective for the companies over the period.

Related Reading- Healthcare App Development- Scope, and Cost Revealed

Blockchain Applications in Healthcare

Blockchain app development focuses on leveraging the benefits of this futuristic technology across various industry sectors. Here we mention a few of the most possible applications of blockchain technology for the healthcare sector.

Healthcare supply chain

Today, the pharmaceutical industry and the healthcare industry are strived to manage the supply chain. The drugs are manufactured at the pharmaceutical units and then they are transferred to the wholesale distributors. The wholesale distributors transfer them to the retailers. Here the biggest concerns remain insecurity and the possibility of adulteration or misprescription.

There, the immutability of blockchain healthcare can address these issues immediately. Though the cost of app development significantly increases because of the integration of blockchain-based features. The blockchain enables the drug manufacturers to keep a watch on all the ingredients and raw material. They can also comply with medical standards. Also, both healthcare and pharmaceutical companies can stay free from counterfeit drugs.

Medical records integration

Another useful application of blockchain development is to ensure proper integration of all the medical records. Again, the characteristic of the blockchain to keep the data unaltered and original form remains useful here. Whenever a need to refer or produce the medical data before physicians or law enforcement agencies arises, the blockchain-based healthcare app can remain handy for the healthcare service providers.

Treatment records

The healthcare industry relies on the patient’s past case history and medication reports. Be it diagnosis and treatment or medical research, the blockchain can enable the healthcare specialists to access the treatment records of the patient as and when necessary. They can also check the impact of prescribed medication on a particular group of patients.

Medicinal research can offer useful outcomes that can be used to improve the methodology of prognosis and treatment for similar cases.

Claim settlement

Healthcare and insurance services go hands in hands. The healthcare industry has to deal with claim settlement, and it takes the physicians and medical staff’s valuable time. Blockchain technology brings smart contracts that can facilitate the healthcare sector to keep the settlement process simple and swift. When the claim is submitted for settlement, the smart contract processes the claim in real-time to transfer the amount in the patient’s account.

Challenges in the way of Blockchain in Healthcare Domain

Healthcare app development can leverage the benefits of blockchain technology by integrating its features. But, integration of the blockchain features itself is a big challenge for the app developers. Large-scale integration of the blockchain is an uphill task even for an experienced mobile app development company. Here is a brief account of the possible challenges the blockchain concept can face in the healthcare sector.

Uncertainty

We are yet to see a full-fledged Blockchain application apart from cryptocurrencies. Still, a lot of research is going on in the domain of cryptocurrency. When it comes to the healthcare sector, we have not many success stories that involve this technology.

Ownership issues

The ownership of the healthcare data and granting permission for accessing or sharing the same remain the big issues to be resolved. The healthcare app development process is based on authentication and data ownership aspects.

Cost of app development

Another big challenge for the healthcare sector is to develop and maintain blockchain apps. Also, the healthcare sector is one of the highest regulated sectors. When the rules and regulations are changed, it is necessary for healthcare organizations to modify the app. The blockchain-based app needs more money for modification.

Storage-related challenges

The healthcare apps are supposed to store a variety of confidential data including the patient’s medical records, documents, images, and lab reports. Such apps need to be integrated with a huge storage system because the volume of the patient’s data can be exceeded the existing storage capacity in a short time.

Blockchain-based enterprise mobility solutions can enhance privacy and security irrespective of the business model and size. Just like various industry sectors, the healthcare sector can also make the most of this innovative technology by having a robust and reliable mobile app.

Concluding Lines

Though blockchain technology is still in a nascent stage, it has shown a great potential for modern business. In the coming years, we can expect that Blockchain will disrupt the healthcare sector like other industries. But then, this technology has to overcome several challenges mentioned here. Simply put, the Blockchain concept will bring transformation in the healthcare sector by keeping the data access more secure and swift.