Blockchain, Medical, Technology

How Blockchain Can Transform The Healthcare Industry

Blockchain Technology

Prioritizing and supervising our health has become an essential part of our life after the corona pandemic. Our lifestyles grew in different means that have a serious effect on our physical, emotional, and as well as mental well-being. From complex data sharing procedures, time-consuming medical reports and hearings as well as complex billing structures, the healthcare industry requires to bring some changes and control the outlays to provide better care to patients.

Over the past few years, the underlying technology of bitcoin “Blockchain” has gained popularity in various fields. Now it is not only limited to the financial sector, it has been used in other sectors and has the potential to better the healthcare sector too. With blockchain development services, the corporate can reform the healthcare sector by introducing a new model to keep the database of clients, creating a protected and better healthcare system.

In this detailed article, we will have a detailed understanding of blockchain, its challenges, and the uses of blockchain in healthcare.

What is Blockchain technology?

Before jumping on to ways it can solve healthcare problems, it is necessary to understand blockchain technology. Blockchain technology is a public database where data is stored in distributed ledgers and among different computer network systems. The blockchain database is stored in block form where the data is linked together with cryptography.

Cryptography and security of data in which you need maximum members’ permission to make any change became the reason for its popularity. Due to this popularity, corporations joined hands with a reliable mobile app development company to build feature-rich solutions.

Features of Blockchain

Blockchain has a few features that separate it different from other technology and made it popular within a small period which brought an evolution in various sectors. So, what are they?

1. Decentralized

Due to various scams, breaches and frauds people no longer believe in a centralized system that includes government or moneylending offices. This is where blockchain assembled the trust of people. To use a blockchain network, you don’t have to know someone else using the network, it spread the copy of any changes or entries made in the network in a decentralized ledger. This allowed people to make transactions safely with unfamiliar parties without knowing them and save both parties from a privacy breach.

2. Verification of peer-to-peer transactions

In blockchain technology, all the data and transactions are verified by various computer users, and only authenticated data is added to the ledger. If any data is changed or breached, it will be disallowed by fellow network users which helps in confirming the transactions. These aid in improving the transaction and streamlining the process of the transaction by building trust.

3. Cryptography keys

Cryptography keys help to protect transactions and communication through the usage of codes. With the assistance of cryptography keys, only the receiver and dispatcher can see It. it helps to save your data from any unethical access which can lead to hacking or scam.

Understanding these features will help you to know how blockchain app development services can safeguard the healthcare industry by bringing extendible, translucent, and dependable solutions given below.

4. Hashing

Hashing is the most secure blockchain technique that helps to keep your data unchanged or unmodified. If a hacker even tries, to taint the network they have to hack at least 51% of the database which means millions and millions of people connected with blockchain have the same copies located on the network ledger. Hacking such large data is not possible which is how it will keep your digital assets safe.

5. Immutability

One of the key characteristics of blockchain is the capacity of producing immutable ledgers. Whenever any data is stored in a centralized database, the data stands a higher chance of being compromised. The ledgers are maintained in a constant state of forward momentum. In a blockchain, where you can only upload data in chronographic order and it is not possible to change that data, blockchain is regarded as being effectively immutable

6. Consensus

Consensus is one of the core characteristics of blockchain. No central authority is necessary to make changes to the ledger. Any changes are only updated when the network’s participating nodes agree that the modification should be posted to the blockchain. This means when a modification satisfies the rigorous requirements outlined in the blockchain criteria, only then it can be shown on the ledger.

Use of blockchain in healthcare

1. Solving Interconnection issue of healthcare

Well, the healthcare sector is scattered right now, to go through the medical history of any patient. One staff have to bring, collect and assemble the information into various departments. On the other side, personal health records are not accessed by patients and the outdated billing system makes a load on both patients and healthcare staff. To solve this issue, Healthcare IT solutions can be built to keep the information in a single system with the blockchain, it will not only decrease the workload of the staff but will diminish errors, easy access to the patient’s data, and facilitate better and more reasonable medical care.

As such, Gem is a startup company that is using blockchain to connect health systems with global architecture to better the relationship between individual treatment and operational expenses. Using Global IDs, they interconnect the data related to one person or any other asset. It does give problem-solving transparency, reduces the risk associated with data, and provides better results.

2. Low-quality forged medicine

Every year, we hear about patients dying due to low-quality medicines from the market. One huge issue in the healthcare sector is forged medicines. These medicines are sold by people sometimes out of ignorance, or sometimes to earn a few bucks by selling them in desperate times. Fraud pharmaceutical companies should be blamed too for bringing such illness-resistant drugs, alongside developing AMR (Anti-microbial resistance). This leads to long sickness, collapsed treatment, delay in realization, and death.

Block pharma, a well-known healthcare company used its blockchain app development services to deal with the problem of duplicate medicines by tracking the path of the initial stage to the end-user to prove the authenticity of the medicine they are taking.

3. Providing access to own data

Accessing one’s health report is important, it will helpful for them to know about their health status. They can take guidance from their doctor and schedule their visit. The health summary can detect the areas for improvement. By using blockchain application development, such features can be availed where patients can easily go through their medical data including doctor consultation, Instruments used, and HIE. it can allow patients to gather information about their medical records.

If clients by mistake disclose more information or if businesses involuntarily obtain more data than they should, it will immediately remove their access which will aid in keeping their data safe.

One such Company, Patientory a healthcare app development company, provides a promising means for their user to know about their health, they use such blockchain infrastructure that assures to keep safe the data can be accessed by the user. They also provide their assistance to the users along with multiple rewards and NFTs to assure positive behavior and promote better health.

4. Point of care Testing

Point-of-care testing runs on a suspected patient who is alleged of any particular disease or medical condition. These diagnostics are very vital to know about any patient’s health by supporting real-time findings which aid medical decisions. But nowadays these tests have limited results where data shows about a particular virus or gene for antibiotic confrontation is present or absent.

Flype is doing an effort in improving healthcare app development services by taking help from university researchers to bring multiple data from various sources to provide at POCT and helps in performing a thorough breakdown of the sources and their data. This provided aid in covid results for people and translated their tests and data among various systems.

5. Information Sharing

How will it be when you visit a doctor all your medical data and files get transferred to the doctor during the appointment so that he/she can have a thorough examination of those data. Well, until now, Interoperability has been a huge issue for the healthcare sector. The outmoded healthcare system needs revision. Companies need to come up with solutions and require to hire blockchain app developers who can help them to develop functions through which you can look up the medical history of any patient. It will build trust, and correctness of data and provides a base for a safe P2p data sharing model.

MedRec is a quite similar company that provides a platform that safely keeps the patient’s medical history and their data using blockchain. More filtered reforms are being made in this field by corporations through a confided website development company.

6. Settlement of claims

The healthcare system has an ineffective patient billing model. A survey has shown that around 10 percent of billing costs are false and patients are charged for services they were not even provided. Settlement of claims is burdensome work on patients’ shoulders, which can be settled and made better with the help of blockchain. Whenever claim agreements are made, they are usually prepared with a legal perspective to receive the claim amount by being in a secure stand from a legal place. Instead, the process focus should be made on interacting with the patient to have transparency in the agreement.

Nationwide is a company that fastens the work of POI (Payment on order), and allows patients or clients to authenticate the information and start the procedure.

Reforms by a trusted Healthcare app development company

Lately, many healthcare companies are working actively to improve the healthcare sector, here are some reforms brought by some of those companies:

•   Pokitdok

Pokitdok works in the sector of pharmacy, and insurance claims for which it has developed a programming interface to streamline the healthcare sector. Their technology, DokChain, is a decentralized ledger of transactional processes used by the healthcare sector that works with both administrative and clinical data.

•   Burst IQ

Burst IQ is a Colorado-based software development company providing a blockchain-enabled solution to safely manage the database of patients. With the help of blockchain technology, they are protecting and safeguarding the data of patients. With that, Burst IQ provides complete updated data about patient health so that, it can get rid of the used or overlapping of prescribed drugs

•   Medical chain

Medical chain is a London-based company that records patients’ identities and histories. With the help of a medical chain, hospitals can access the history of any patient from one place where data are kept safe from unauthenticated sources. They also have introduced a platform Myclinic.com, which helps patients to consult with reputed doctors via video and pay the meeting fees. The area of the target audience is a bit higher including doctors, consultants, and patients which require the platform to hire dedicated developers for its smooth functioning.

•   Chronicled 

Chronicled is a blockchain healthcare company working towards a chain of custody that helps to range the medicines safely and securely made by pharmaceutical companies to reach their patients and as well as keep an eye on any dubious activity to help secure the supply chain of medicine.

•   Doc.AI

With the help of artificial intelligence and machine learning, they have built a platform on blockchain that allows patients to upload their genomic data with the researchers which later gets removed and erased after it reaches the researcher. They don’t save the data of any patient for safety purposes. The company has recently joined hands with Anthem

to study about incidence of allergies incorporating artificial intelligence. With the help of a reliable on-demand app development company, more corporations can help the sector with their check-up and security of such data.

Conclusion

Blockchain is an innovative technology, which can bring so many reforms and changes in the healthcare sector. Blockchain Technology can save money and resource and put them to the right use which can assist in developing worldwide solutions to improve the healthcare sector.

With so much in line, it is not possible to think that a dysfunctional, ineffective, and highly rule-bound system will last. Sooner or later the outdated healthcare sector will fall. It is high time for corporations to join hands with a reliable website development company to build solutions that can help doctors, practitioners, patients, and the health community adopts modern innovations and technologies.


Rohan SinghAuthor’s BIO: Rohan Singh is a Chief Executive Officer at SemiDot Infotech, Top rated multi award winning Software development company providing a full suite of services and solutions to small, medium, and big enterprises, product companies & new-age start-ups.

He has extensive experience working for multinational companies and knows what it takes to take a company to the next level. He has a master’s degree in computer science. Rohan finds covering the tech world to be an exciting and engaging experience as each day brings new and ground-breaking technologies to explore and write about.


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