How blockchain is reshaping the healthcare industry

How blockchain is reshaping the healthcare industry

By Healthcare Tech Outlook | Monday, January 21, 2019

The blockchain technology has brought specific changes in the healthcare industry. The blockchain improves the quality of patient care at a reasonable cost. It can remove the challenges and hindrances that come with authentication at multiple levels. Its built on distributed architecture and gives access to chronologically arranged relevant data for storing and recording relevant transaction records. Information and transactions stored on the blockchain cannot be altered. In a hospital system patients, physicians, and health insurers have the ability to share the information in a secure system. The main intent of using blockchain is to make the customer experience better. Following are some of the areas blockchain is used to improve the healthcare system:

Medical data management: In a hospital system management of medical data is one of the critical jobs to operate. The challenges the health IT system face as security, reliability, privacy, and data interoperability can be pacified by the blockchain. It enables healthcare professionals to access data on time that helps to make the crucial diagnosis and deliver appropriate treatments. 

Billing and claims management: Filing and processing of medical claims related to patient diagnose, treatments and medications are done through billing and claims management. Sometimes institutions have fallen victim to data breaches where patient files are compromised leading to medical insurance fraud or theft. Blockchain helps to thwart the instances because of the complexity it has itself on data transactions.

Data security: Blockchain helps hospital systems by connecting the devices, securing data and keep them private. It makes impossible to change data virtually. Entire data filling and exchanging is done with secrecy and patients have better control over them. They can decide who has access to their records.

Check Out This : Top 10 Healthcare Cybersecurity Solution Providers - 2018 ( AM LLC, FireEye[NASDAQ: FEYE], Project Hosts)

Supply chain: Pharmaceutical companies are exploring the ways that blockchain can track and monitor product as it moves throughout its course. It enables users to view and manage relevant information about the products. The technology helps to safeguard against substandard or counterfeit products.

The inclusion of blockchain will engage more individuals, healthcare entities, medical researchers, healthcare providers to share huge amounts of data in the healthcare with privacy protection and security. The technology will pave the way of advancement in delivering customer care in the industry.

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