by Blockchain has the potential to transform various aspects of the healthcare sector and provide significant benefits. It can help address issues related to access, cost, privacy and security of healthcare data. Some key benefits of implementing blockchain in healthcare include:
Improved data sharing and interoperability: One of the major challenges in healthcare is that patient data is often siloed across different providers and systems with no easy way of sharing. Blockchain allows authorized participants like doctors, insurers, pharmacies etc. to securely access and update a single version of transactional patient records and clinical trial data in real-time. This removes data duplication and improves coordination between different stakeholders.
Enhanced security and privacy: Patient health records containing sensitive personal details are prone to security breaches and privacy issues if stored on centralized databases. Blockchain addresses this by distributing encrypted records across a secure peer-to-peer network where they cannot be altered without consensus. This makes it difficult for hackers to access or tamper with medical records. Audit trails on the blockchain also help detect unauthorized access attempts.
Reduced administrative costs: Significant amounts are spent each year on maintaining paper-based health records and processing insurance claims manually. Blockchain automates processes like claims adjudication, clinical trial recruitment, supply chain management and other administrative tasks. This eliminates middlemen and paper trails, thereby lowering overhead costs for providers and insurers.
Improved traceability of medical devices and drugs: Blockchain can track medical devices, drugs and tissues throughout the supply chain right from production to clinical use. This traceability helps identify counterfeits, monitor expiration dates and streamlines product recalls. It also allows tracking outcomes of implanted devices for additional safety and accountability.
Blockchain Applications In Blockchain Technology In Healthcare
Several companies are exploring Blockchain Technology In Healthcare use cases that can revolutionize various aspects of the healthcare ecosystem. Here are some promising applications:
Electronic Health Records: Decentralized patient health records stored on blockchain with access control and transparency. This allows secure, real-time sharing between providers while giving patients ownership of their own medical data.
Clinical Trials Management: Transparent, verifiable and automated processes for tasks like patient recruitment, safety data collection and rewarding participants. This boosts efficiency and oversight in drug development.
Supply Chain Management: Tracking pharmaceuticals, medical devices and tissues from manufacture to clinical use to combat counterfeiting and ensure quality. It also facilitates product recalls.
Insurance Claims Processing: Automated verification and settlement of insurance claims removes paperwork and speeds up reimbursements for providers and payments for patients.
Health Data Analytics: Anonymous clinical datasets recorded on blockchain can power AI and machine learning to advance medical research, drug discovery and predictive healthcare.
Remote Patient Monitoring: Connected devices and internet of things solutions record patient vital signs on blockchain to enable virtual care, chronic disease management and clinical trials at home.
Challenges To Adoption
While blockchain holds enormous promise to revolutionize the healthcare system, there are still several challenges that need to be addressed for widespread adoption:
Interoperability issues: Healthcare data is complex with different standards across regions, legacy systems and data formats. Blockchain networks need to ensure seamless integration and exchange of health records between databases.
Regulatory compliance: Privacy laws like HIPAA impose strict rules around access and sharing of protected health information. Blockchain solutions have to meet regulatory guidelines regarding patient consent and data governance.
Technical complexity: Deploying and managing distributed ledger networks at scale requires specialized skills that are still emerging. High levels of training and expertise is needed across clinical and technical teams.
Resistance to change: Large healthcare institutions with vested interests in legacy systems may be reluctant to transition important functions to a new distributed model. Buy-in from stakeholders is important.
Unproven use cases: While the technology promises gains, its real-world applications are still in early stages of piloting and testing. Long-term outcomes data is needed to demonstrate cost-savings and other tangible benefits.
Overcoming the challenges through open collaboration between hospitals, developers, policymakers and other players can realize blockchain’s full transformative potential for healthcare. Gradually evolving applications deployed within existing regulatory frameworks provide practical ways to validate the return on investment as the technology matures.
Potential Role In Post COVID Healthcare
The current pandemic has further highlighted gaps in healthcare systems globally and accelerated the need for digital innovation. Blockchain’s unique attributes are well-suited to help build a more resilient infrastructure for the future.
For instance, its transparent, distributed network can power national-level contact tracing solutions that respect individual privacy. By encoding health passes on the blockchain, safe travel and economic reopening becomes feasible as more people get vaccinated.
The pandemic has also disrupted clinical trials and research. Blockchain solutions can help streamline complex international trials through decentralized yet coordinated data collection and management. This ensures studies continue with greater efficiency even during lockdowns and travel restrictions.
Supply chain visibility offered by blockchain tracing is also critical in pandemic response. It can prevent shortages by giving real-time oversight into production, transportation and storage of vaccines, testing kits and other medical items globally.
By establishing digital trust through transparency and security, blockchain may very well become a fundamental pillar for building resilient, cross-border healthcare networks post COVID-19. Its ability to foster cooperation even during crises bodes well for tackling future pandemics with more coordination and speed.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
