Need for Blockchain Solutions in The Healthcare Industry

blockchain technology

Most developed countries spend more than 40% of their capital on establishing better healthcare services. Even after providing such medical funds to the industry, its prices are increasing continuously with feeble cybersecurity practices. Which might end up causing severe health data breaches. However, such attacks will continue in the medical industry and can cause serious trouble for patients, their families, and the hospital’s integrity towards them.

Therefore, you need to find solutions for such attacks and their consequences. To do so, blockchain technology comes in to improve the whole cyber securities messed up scenario. Blockchain is capable of many things, from securing patients’ diagnostics to handling pandemic-related information.

Estonia named Medi-Tech firm had begun their blockchain experimentation for the healthcare industry in 2012. Presently, their blockchain-powered healthcare solution can keep 95% of patients’ data and 99% of their prescription-related data intact digitally.

Before we understand the Blockchain use cases for the Healthcare Industry, let us comprehend the meaning of this technology first.

What is Blockchain Technology?

Blockchain is made of many encrypted blocks that are chained together by unique cryptographic keys named hash. And hash is stored in shared ledgers and accessed by connected networks known as nodes. Here, nodes are the reciprocals of the entire blockchain that are continuously changing in synchronization.

Blockchain For Healthcare Industry:

Blockchain can transform healthcare industry operations by moving patients’ data to the heart of the whole infrastructure.  You can increase Security and cross-functional controls. This technology can create and keep electronic medical records safe through a new model called HIE (Health Information Exchange). It can expand the industry from HIE, and ID management to medicine supplies with insurance details.

For example, one healthcare firm faces difficulties in areas, including an aging population, a shortage of healthcare workers, or an increasing number of non-curable diseases. For such problems, blockchain has ensured the smooth transition of the hospital IT workloads to the digital level.

The blockchain contains many exceptional qualities; however, there are three of them that belong to the healthcare and pharmaceutical industry, such as:

  • Complete information
  • Ability to identify the security measures of information
  • Improved security controls

However, the blockchain characteristics must go beyond the measures of traceability and safety. In other words, it should develop integrity and put the healthcare support team in designing strategies for nursing care in the entire medical line.  Plus, nurses should have access to all this information regardless of where all are located to continue the health services.

A combination of blockchain and AI (Artificial Intelligence) strategies will improve the medical pathways and help the industry to store & monitor every employee’s activity that is automatically ingested into the system to enhance their daily activities. This combination will help to achieve bidirectional data flow between patients and healthcare workers across the healthcare system, which makes it more effective.

With the help of blockchain technology, it has become possible to launch a digital, intelligent, and intuitive solution that can manage the health condition of patients suffering from chronic health problems. You can monitor and manage patients’ health conditions remotely. You can make this solution by combining DLT and IoMT devices.

This IoMT changes ways of taking care of patient’s health and reduces maximum chances of uncontrollable events and medical visits to the ICU rooms. To achieve an advanced level of medical observation, this system must go through the specific quality analysis and safety tests with the help of Distributed Ledger Technologies (DLTs).

You can also integrate Blockchain solutions with cloud platforms, and their products, like AWS blockchain, Azure blockchain, BlockCloud platforms, etc. This cloud-based blockchain solution can encounter issues like imitating drugs. For example, a pharmaceutical company is making a new drug, then they have to add each detail of it on the blockchain network as a block to make that drug available in the market and appear in the supply chain.

Furthermore, you can also use blockchain solutions for the healthcare industry’s man-made or natural disaster relief operations to develop remote consultations from doctors across the world.

Final Words:

After reading this blog, you are clear about blockchain technology that now, it is not limited to any domain, for example, IT or Financial. In short, you can utilize it for all industries with different use cases.

CloudStakes Technology Pvt. Ltd. believes in providing innovative solutions, like Blockchain solutions, and knowledge to the world.

Keep reading our articles, and do contact us for any IT solutions-related consultation. For more information about our blockchain services, book your blockchain consultation with our industry experts.

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