By 2020, 1 in 5 healthcare organizations will adopt Blockchain; Do you know why?

Across the world, many people connect with the word “blockchain”. This technology is now being explored in the supply chain and healthcare industry. As we all know, it is a decentralized and distributed ledger technology with different transactions. The transactions in the blockchain are permanently stored or recorded. According to experts, blockchain is a method of recordkeeping which is unchallengeable in the world of digital ledgers.

People in the healthcare industry must adopt the technology to make their system one of the best, updated and digital systems. It should be a system where patients can access their records and know about their patient history. Presenting it to the doctors will also be easy. Below stated are the reasons why healthcare institutions must adopt the blockchain development services.

1. Observable and easy to access patient health data

The main reason for healthcare companies to adopt blockchain is to make the data and patient records easy access. Healthcare centers can keep the patient’s records, and information in a system built on blockchain. This will ensure security and store the data permanently. To access the data records, the patients permit the various healthcare service providers. Without their permission, they will not be able to access the information. With the help of blockchain, the healthcare systems will also be able to provide patients access to real-time health and reduce the burden of data adjustment. It also resolves so many different health care challenges like data security and interoperability due to the data and records saved in the blockchain based system.

2. A solution to cyber challenges

As we all know that the health care companies must follow the incredibly strict policies, rules and regulations to make sure the security of the patient’s data and the privacy of all other data records. With the number of security threats and pressure, a new concern for the healthcare institutions is to implement the digital flow of work. The challenge of cyber crime is increasing day by day, and there are hacks which breach the security of the current systems of the healthcare institutions. So, healthcare companies must adopt the blockchain technology to record all the digital events securely and to ensure that they are impossible to hack. The system will operate on the distributed network with the in-built features of the technology to reduce the number of security threats for the medical devices.

Interesting Fact: Do you know, the first distributed Ledger implementation was done by Satoshi Nakomoto in 2009 through Bitcoin.

Also Read: Blockchain And Storage – Bridging The Gap

3. Decrease the number of pharmaceutical frauds and scams

Most of the healthcare experts and companies are facing many problems in tracing the journey of the medicines from the manufacturers to patients. It is very difficult to trace the activities of the various supply chains and pharmacies. The challenge arises when a huge cost is involved in the system. It then becomes very risky to proceed and poses a considerable threat. But with the help of blockchain, individuals assist in the process of medication tracing to ensure the safety of the products. Implementation of the blockchain also helps the institutions to trace the medicines in the case of theft. This will help them keep all the updated information related to the various medications transfer processes.

4. Maintain the transparency among the medical donors and recipients

Within the healthcare industry, experts figure out that institutions or companies have lost so much money due to duplication of efforts. According to experts, the frauds incorporated in the healthcare industries are not done by the outsiders, but they are done by the internal staff members of the organization. This means the criminals are the people working inside the house (company). This happens due to lack of transparency of the data in the field of healthcare institutions.

But with the help of blockchain people can make use of the transparent system in which only the authorized persons can access the data of the patients and healthcare institution. The permissions will always be given by the patients or owners who are entrusted with the data. So, donors can use the blockchain system to track that how the healthcare institutions are using their contribution and patients will be able to track who the various persons are who used their data.

5. Provide directory accuracy

Another area where blockchain can present an advantage to the healthcare institutions is in the field of health plan directories. Members who are insured can regularly turn to the directories to perform various operations like selecting participating physicians, select the session’s date and time etc. Recently there have been so many changes done in the policies which have made these activities more acute and difficult. In many states, the governments have formed a law for healthcare institutions to keep the data updated and accurate. With the creation of this law to decrease manpower, companies are adopting blockchain, and it is advisable for other companies to adopt the technology to keep their data accurate and intact.

Conclusion

Blockchain is set to make a major change in the healthcare industry in terms of time and money. It can simplify the system and processes to increase the security of the system especially for a sector which has complex and difficult systems and policies. The technology gives advance conversion abilities across the various digital initiatives. The blockchain technology can help the healthcare institutions solve so many serious challenges like insurance notarizations, data interoperability, billing fraud issues, cybersecurity and many more. Hence, it is important to keep the data completely safe and quick to access by the patients as well as doctors.

Coder these days are learning to make the changes in the existing blockchain systems to make it usable in the different environments which arise in the organization. This will ensure the availability of up to date clinical data that serves the people who created the whole system. If the patients are not comfortable with the system then how can healthcare make money from it?

About the author of this article: Muthamilselvan is a passionate Content Marketer and SEO Analyst. He has 4 years of hands on experience in Digital Marketing with IT and Service sectors.