Blockchain Advances that Medical Officers Should Know About
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Blockchain Advances that Medical Officers Should Know About

By Healthcare Tech Outlook | Wednesday, October 23, 2019

Blockchain technology employment remodels the mutual exchange methods of vital research and helpful healthcare data. This tool enables critical stakeholders like clinical researchers, pharmacists, doctors, and other healthcare providers to gain faster, secure, simplified, and unwavering access to electronic medical data.

FREMONT, CA: The requirements for improved patient care, quicker and more precise analysis, and on-demand access to medical information drives digital healthcare developments. The speed of innovation in digital healthcare began gaining thrust with Artificial Intelligence (AI) and is set to hasten further as the industry turns to blockchain.

Blockchain technology remodels the mutual exchange of vital research and helpful healthcare data. The tool enables critical stakeholders like clinical researchers, pharmacists, doctors, and other healthcare providers to gain faster, secure, simplified, and unwavering access to electronic medical data. The industry has a similar platform termed the Health Information Exchange (HIE) and many medical officers integrate it in their organizations.

The Surfacing of 5G Wireless Networks and Blockchain 

The new generation of wireless communications technology, 5G, is just around the corner. With its extraordinary data transfer speed and strength, the technology is developing into an unprecedented innovation. The network will help house the advances made in machine learning, AI, neural networks, and blockchain across various verticals, along with healthcare. As the new technology ecosystem appears, blockchain prhealthomises significant improvements in gathering and managing patient records and claims information.

The banking sectors and financial services have already experienced immense advantages from the blockchain. The disruptive technology is an online ledger that stores permissible blocks containing immutable records or information. The data can be accessed and shared by authorized members, with the guaranteed integrity from the point of data generation to the point of use, without manual intervention.

Today, regulatory compliance is becoming exceedingly stringent in the wake of crucial data breach incidents. Blockchain has the immense potential to strengthen a new system that efficiently meets demanding guidelines for inpatient and healthcare data protection.

A few key use-cases that medical officers can take note of where blockchain will make a huge difference in making digital healthcare more innovative and safer comprise:

A New Channel of Industry-Wide Interoperability 

At present, the HIE serves as the intermediary that permits the peer-to-peer exchange of Electronic Health Records (EHR) among member participants. The system also acts as a ledger keeping track of what data was exchanged. With blockchain, healthcare industry participants or members have the prospect to benefit from a distributed ledger to safely access and transfer electronic healthcare data without having to deal with a complex system of brokered trust.

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Seamless Admission and Exchange of Data with Reduced Transaction Costs

Unlike the current central system that fails to see considerable volumes of transactions, thus staying expensive, the use of blockchain would facilitate an evident reduction in overhead costs. The cutback gives participating groups more significant incentives for a sustainable business case. Furthermore, with near-real-time processing of requests, a platform underpinned by blockchain would enable much faster, more protected, and more efficient transitions or exchanges of health records between the related parties.

Accessibility of Smart Contracts 

The existing healthcare system is burdened with excess overhead costs, third-party intermediaries, and bureaucracy, all of which add to complexity and cost. The offered centralized system used to aid transaction and interoperability among participants also suffers from incoherent permissions and rules. The regulations make it difficult for the member health organization to access the correct patient data at the right time. Blockchain facilitates increased faith among participating parties. By making available smart contracts, the technology assists members to exclusively rely on contracts that are automatically enforced when specific security conditions are met.

Furthermore, by empowering member health organizations to purchase, sell, and transfer value without an intermediary like a Pharmacy Benefit Manager (PBM), blockchain will aid much-needed transparency. Clarity is set between pharmacies, health payers, insurers, hospitals, physician’s health plans, and the overall healthcare ecosystem.

On the whole, blockchain represents and promises a ground-breaking future of healthcare and medicine. As the technology embraces high-level encryption and cryptography-driven security, all the participants and users can rest assured. Their sensitive healthcare data will thus be continuously protected and safeguarded from possible data risks or manipulation with the help of blockchain.

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