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Blockchain is a decentralized ledger. It is called so because it is distributed across a network of computers and has no single body to manage it. All transactions that are recorded on the ledger are also broadcast to all network participants - the computers that store the ledger. This is why it is impossible to change or reverse a transaction without changing the records on all computers. This is how blockchain works. While most people know blockchain in connection with cryptocurrency, there are many other fields where blockchain can be used, and medicine is one of them.
The healthcare industry has to manage vast volumes of sensitive data. Those are patient records, pharmaceutical supply chains, and many others. Traditional data management systems that are used in medicine are fragmented and prone to data breaches. This makes them highly inefficient. Additionally, handling all that information securely is expensive.
Blockchain can offer a secure, transparent, and relatively cheap way to manage medical records. Additionally, blockchain can help to eliminate fragmentation, as it provides a single space for data storage.
Advantages of Using Blockchain in Healthcare
Here are just some of the ways in which healthcare can benefit from blockchain.
Security and Protection of Patient Data
Data security is one of the biggest challenges in healthcare. Patient records contain highly confidential information. If this information is compromised, it can lead to identity theft and fraud. The decentralized nature of blockchain and encryption techniques makes it very difficult for hackers to access sensitive data. Patient records can be securely stored on a blockchain, and access can be given only to authorized personnel based on their permission level. This reduces the risk of breaches significantly.
Transparency and Immutability of Records
All medical records that are stored on a blockchain are immutable. They cannot be changed without attracting attention.
This is why blockchain can be used to ensure the accuracy of all records and the reliability of all patient stories. Immutability also can help to prevent fraud and manipulations in medical research and clinical trials.
Reduction of Administrative Costs
Administration of all healthcare records requires a lot of paperwork, billing, and data verification processes. Blockchain can help to automate many of these tasks, it can reduce the need for intermediaries and lower operational costs. Smart contracts can facilitate and automate billing, insurance claims, and compliance verification, and in general, can make healthcare more efficient.
Applications of Blockchain in Healthcare
Here are some examples of how blockchain can be used in healthcare.
Electronic Medical Records (EMR)
Managing medical records is difficult, and it becomes even more complex when several providers need to access the same patient information. Here is when blockchain can come to help. Blockchain can create a unified system where all medical histories, prescriptions, test results, and treatment plans can be stored. With it, it is possible to eliminate duplicate tests and errors and enhance patient care.
Pharmaceutical Supply Chain Tracking
One of the biggest problems in the pharmaceutical industry is fake or counterfeit medicines. They pose significant risks to health and cause huge financial losses. With blockchain, it is possible to implement end-to-end tracking mechanisms to track medicines from manufacturers to pharmacies. It will help to ensure that only authentic medicines are sold to patients.
With blockchain, it is possible to implement the verification of the origins of the medicine, their storage conditions, and transportation history. This will boost trust in the pharmaceutical supply chain.
