10 ways in which blockchain in healthcare is driving the healthcare industry to the development
Blockchain technology is highly advantageous for clinical researchers, healthcare professionals and for the healthcare industry as a whole. Blockchain in healthcare provides a massive quantity of healthcare data to those who intend to secure it for the development of the healthtech. The benefits of blockchain range up to assisting innovations and research without data breach interruptions. Blockchain technology has impacted the healthtech revolution immensely and has caused the industry to reap enormous benefits that are listed below.
With the fastest technology of wireless communication looming, blockchain in healthcare appears to be the most helpful way out of the generation. The potential of blockchain technology in supporting rapid data storage and ensuring security is tremendously high. Irresistible innovational experiments with AI and ML could be accommodated in the healthcare industry with blockchain technology as the 5G network encourage the process.
Unlike the HIE server, the blockchain technology does not hinder other members (except for the ones belonging to a specific healthcare organization) of the healthcare industry to access healthcare data from a decentralized ledger. No settlements are involved while exchanging and using healthcare data from the blockchain in healthcare.
Reduced Transaction Cost
Charges issued with every exchange of data in a centralized system is replaced by blockchain in healthcare. Benefits of blockchain have transformed healthtech by 10 times as more healthcare businesses are incentivized as the expenditure on duties goes down. Fast, secure and efficient transactions are facilitated during significant volumes of data exchange.
Patient Data Integrity
Blockchain technology optimizes cryptography to set the standards of patient data records so as to display clean and distinctive tracks of medical information and related transaction. The inability to manually alter or delete data makes blockchain in healthcare highly desirable. Various patients access healthcare benefits from various healthcare organization, blockchain technology efficiently manage and maintain all such information.
Absence of Intermediary
Direct communication always leads to transparency. Thus, blockchain in healthcare exhibits similar traits of faith. Increased trust amongst the parties involved in exchange makes it more simple and less expensive as compared to the existing system that involves intermediaries who pocket a significant claim of money.
Availability of Smart Contracts
Smart contracts are automated and are accessible to the seekers once they fulfil the security criteria. This facilitates greater flexibility and real-time access to the data without getting surrendered to the prolonged duration of permission requests being reviewed.
Catalyzed Drug Development
Besides making healthcare data easily accessible than before in the procedure of research and development of pharmaceuticals, blockchain in healthcare also saves the healthcare industry from fraudulent extraction of financial resources. The current loss involved in drug development in the healthcare industry is USD 200 billion annually. This would be significantly renounced as the benefits of blockchain are considered.
The benefits of blockchain in healthcare is largely appreciated because of its ability to accelerate research operations followed by innovations. By conveying the results of clinical trials in real-time, it enables healthcare organizations across the world to take rapid actions based on their current requirement, unlike the existing system.
Indelible Billing Management
Evidence plays a crucial role in future conflicts, that too if it involves money. Thus, blockchain technology eases billing management by not allowing the users to alter data and in turn saves the payers from being counterfeited. Moreover, it also extends the opportunity of saving costs as the intermediaries are absent.
With the increase in the internet of medical things, healthtech is thronged with innumerable devices every second. This increases the likelihood of a malicious attack on healthcare data. However, using blockchain in healthcare alleviates this risk significantly as it facilitates both, yielding benefits from connected devices and securing data at a private junction.