Blockchain technology has attracted a lot of attention in business and investment, but in the healthcare industry, it will still reach its full potential. Blockchain technology brings with it the need for flexible and innovative changes that will apply to the healthcare sector. High quality care is the goal of health facilities and comes with the added benefit of affordable costs leading to patient-centered service delivery.
Blockchain technology identifies a list of connected digital records. Each record is kept after verification by each participant in the network, in accordance with pre-set rules. It provides industries with the benefit of making processes more efficient while removing mediators. It also makes it possible to collect, store, and analyze data on a large scale. In the healthcare industry, this means that patient data will not only be available permanently, but its access will only be to trustworthy and authorized people. While details may be added to the data, deleting or copying is not possible.
The use of Blockchain also brings other benefits to the healthcare industry.
Biopharmaceutical companies can use Blockchain to monitor and track products. Other pieces of information included with the product flow are certain organisms. For example, sensors used in transmissions to monitor product temperature transmit information to Blockchain, which helps detect substandard or counterfeit products. Biopharma producers have also benefited from Blockchain by capturing and recording communication with administrators.
Another advantage of Bockchain technology in the healthcare industry enables companies to share information obtained from clinical trials. Data about adverse reactions and demographics can be shared with administrators and sponsors. This program can slow down the process by which permissions are tracked and managed across multiple sites, contracts, and programs.
By using Blockchain, it is also possible to ensure that insurance claims are accurate, while preventing counterfeit claims, which are particularly important in Medicaid and Medicare when payments between payers, governments, suppliers, and banks. The technology allows for the creation of an intelligent contract that demonstrates evidence of decision-making.