by Blockchain technology is a distributed ledger system that records transactions in a verifiable and permanent way. At its core, blockchain is essentially a digital record or ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a cryptographic hash of the previous block, a timestamp, and transaction data. Because each block depends on the cryptographic validation of the previous block’s contents, modifying even a single bit anywhere in the chain makes the whole thing questionable. Due to this inherent quality, blockchain records are considered to be highly resistant to modification of the data, which makes blockchain suitable for recording events, medical records and other forms of health data management.
Enhanced Blockchain Technology In Healthcare
One of the most promising applications of Blockchain Technology In Healthcare in healthcare is to enhance security and privacy of personal health records and other sensitive medical data. Currently, healthcare providers and insurers store patient data in centralized databases which are prone to security breaches and hacking. A major advantage of blockchain comes from the decentralized nature of data storage. No single entity controls the data and it is distributed across a peer-to-peer network. This eliminates the risk of a single point of failure. Moreover, encryption techniques ensure that only intended parties can access specific parts of the blockchain as per predefined policies. Even if one of the nodes is hacked, the distributed ledger remains intact across the multiple copies available on other nodes. All these factors make blockchain a superior method for securely managing sensitive health records over centralized databases.
Improving Interoperability
Lack of interoperability between different healthcare IT systems is a major issue impacting healthcare across the world. Blockchain offers a highly interoperable platform that allows seamless exchange of health data between different providers, payers, researchers and other stakeholders. Using blockchain, authorized parties can securely and transparently add, edit or view a patient’s medical records without involving a centralized authority. This helps in overcoming issues related to incompatible data formats and platforms used across different organizations. By leveraging blockchain’s distributed and encrypted network, patients own their health records and can easily share them with doctors and providers of their choice. This has potential to streamline care coordination and make treatment more efficient.
Facilitating Clinical Research
Another important area where blockchain can contribute is clinical research. Due to difficulties in patient recruitment and issues related to data privacy, managing clinical trials has remained highly inefficient. Blockchain can enable faster recruitment of patients by creating a distributed and encrypted network of volunteer profiles. Patients can choose to share minimal required data for recruitment purposes while maintaining complete control over their personal health records. Researchers can search these profiles based on eligibility criteria and directly contact consenting candidates. Blockchain also addresses issues related to data integration challenges commonly faced by researchers aggregating information from multiple healthcare sources and EMR systems. Overall, blockchain brings much needed transparency and trust to clinical research processes.
Smart Contracts For Payments And Insurance
Smart contracts, which are programs stored on blockchain that run when predetermined conditions are met, are another intriguing application of this technology in healthcare. They can automate manual tasks involved in insurance claims processing, payment authorization for providers and settlement of medical bills between payers, providers and patients. By integrating medical codes with financial records on an immutable ledger, smart contracts bring efficiency as well as transparency to payment workflows. They eliminate dependency on third party payers for administrative workflows. This has potential to reduce costs involved in overall claims management cycle as well as expedite payment processes. Certain functionalities like premium payments, coverage verification and automated disbursement of insurance claim settlements can also be programmed as smart contracts.
Fueling Telemedicine Growth
Finally, blockchain is finding increasing relevance in fueling the growth of telemedicine and digital healthcare. By ensuring security and verifiability of health records exchanged remotely between doctors and patients, blockchain eliminates key barriers in cross-border teleconsultations. This global connectivity helps address issues like physician shortage in remote areas.
Emerging applications like blockchain-based medical device integration, health ids, genomic data sharing for personalized medicine and supply chain management are leveraging this promising technology to transform delivery of care. Overall, with its emphasized features around decentralization, transparency, security and immutability – blockchain is well positioned to bring much needed revolutionary changes across the healthcare ecosystem.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
