5 Examples of Blockchain Technology in the Healthcare Industry

Blockchain, one of the most significant technologies to emerge in the past decade, has the potential to transform every industry, from banking to e-commerce to the entertainment industry. One of the most well publicised infrastructure developments in contemporary history, if not the most widely publicised.

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Five major applications of blockchain technology in healthcare

Administration of electronic medical records (EMRs).

Medical records that are dispersed and poorly structured make them more susceptible to mistakes and duplication. Furthermore, since EMR databases are built on a range of schemas, it is very difficult to integrate data from different sources. The use of blockchain technology by healthcare organisations will help to eliminate these inequalities since complete datasets may be hashed into the decentralised ledger and made searchable by everyone. To put it another way, a user may look up an address and receive the same patient information regardless of whether there are numerous addresses or different key combinations available.

Patient monitoring that is both safe and secure from a distance.

It is critical that the medical industry implements solutions to protect the massive amounts of sensitive patient data that are being transferred as a result of the proliferation of Internet of Things devices and the increased demand for remote healthcare solutions as a result of the COVID-19 pandemic. It is possible to build smart contracts that can evaluate medical sensors in an automatic and secure way, as well as to establish a trail of all data transferred over the blockchain, with the assistance of blockchain technology.

Medical fraud is being reduced.

By 2020, it is predicted that about $2.6 billion would be lost annually as a result of healthcare fraud. In-depth study on DLT's non-corruptible nature was published in the Journal of Internet Medical Research, which revealed findings on how it might be used in combination with artificial intelligence algorithms to detect and prevent medical fraud. By using blockchain technology, health insurers may accurately monitor claim submissions and processing in real time, across many parties, and across several jurisdictions. Smart claims contracts may be used to create an audit trail that is comprehensive and consistent, revealing any questionable behaviour and assisting in the reduction of fraudulent activity.

Savings on the expenses of clinical trials.

For the medical industry, improving the testing and development of new medicines and treatments, which are now highly inefficient and costly, is a key area of focus for improvement in the near future. As a result of strict timelines for pharmacological trials, insufficient data analysis, a lack of personnel, and a variety of other issues. The blockchain technology allows patients, researchers, and pharmaceutical firms to access information at the same time, which is very convenient. With blockchain-enabled patient/condition matching, clinical trial volunteers may be recruited in a fraction of the time it would take otherwise. When applied to a typical ten-year research cycle for pharmaceutical companies, these savings would equal to $273 million in savings.

Providing the means for interoperability

On the subject of interchangeability, the blockchain has a great deal to say about it. It ensures that the process of exchanging critical medical information is as seamless as it possibly can be. EMRs of patients may be exchanged in a straightforward, standardised way across various healthcare practitioners or systems when using the blockchain technology, which is becoming more popular. Administrative expenses are also reduced as a result of avoiding delays and simplifying processes.

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