How Blockchain Can Disrupt The Healthcare Industry

The healthcare industry is pressured to keep costs low and stay ahead of the competition.

Many parts of healthcare, like hospitals, diagnostic labs, and health insurance companies, aim to ensure that patients get the right care while also meeting regulatory and technological needs.

Healthcare facilities are using more and more new technology, which is great. However, the growing number of patients makes these systems too busy to meet quality standards. The current system needs to be more reliable and good, which makes it hard to get medical records for patients.

Problems with the exchange of healthcare information may affect patients and the healthcare industry. Ponemon’s 2017 Cost of Data Breach Study says that healthcare organizations lose about $380 for every stolen healthcare record.

Because of this, the healthcare market needs a new approach right away to change things. Blockchain technology could improve healthcare systems by making them more efficient, trustworthy, and open.

IBM’s Institute for Business Value Blockchain polled 200 healthcare executives and found that 16% planned to use blockchain technology to make patient information easier.

Let’s talk about what a blockchain healthcare solution might do for the healthcare field that could be good.

Ways Blockchain Can Disrupt the Healthcare Industry

Storing the Healthcare Records on Blockchain

Doctors, lab techs, patients, and anyone accessing a patient’s medical records can contribute to the blockchain’s database. Storing data on blockchain is crucial because it creates a secure, immutable record of transactions that we can track. Each node in the network can claim ownership of its data using private keys.

All participants in the network have access to all records because blockchain technology allows for controlled data disclosure, but no one can change or alter them. So, the blockchain keeps medical records immutable and transparent.

Sharing of Healthcare Records on Blockchain

When sharing healthcare records on the blockchain, each participant encrypts data using their private key, ensuring that only the associated public key can decrypt it.

If a patient wants to share their medical history with their doctor, they must provide the doctor with their public key.

Additionally, making all information accessible through blockchain would lessen the efforts of every healthcare unit to approach each other. The insurance company will not need to request intricate paper files to review a patient’s reports and determine a claim amount. Instead, they could ask for the public key to access the patient’s diagnostic reports.

As a result, individuals can share medical records with relative ease and speed.

Smart Contracts Ensuring Trust

Smart contracts ensure trust by storing the essential business logic determining who receives what. So, smart contracts ensure that data quality is never compromised.

Smart contracts ensure that the correct node in the network utilizes the data and creates a conflict-free environment when exchanging data.

If you believe that distributed ledger technology like blockchain is about to shake up the healthcare industry and a whole lot of other sectors, then you should definitely incorporate it into your company.

Hire a reputable blockchain development firm that can create blockchain healthcare solutions for your business.


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