Importance of Blockchain Technology in Healthcare

Importance of Blockchain Technology in Healthcare

Healthcare Tech Outlook | Thursday, May 02, 2019

Blockchain TechnologyMost of the industries are adopting blockchain technology to innovate their operating ways. With the consideration of blockchain's capabilities, it could become a must-have technology in the healthcare space also.

One of the significant setbacks with the healthcare industry is the presence of patient data across various channels which results in the hindrance of accessing crucial data whenever it is needy. In addition to this, data security breaches become most common at the time of data exchanges. Healthcare industry can minimize these critical challenges and can generate possible solutions with the adoption of Blockchain technology.

Here is how blockchain can reconfigure the various aspects of the healthcare ecosystem to develop more secure and efficient systems.

Drug Traceability

Healthcare institutions can now record the whole transactions across the drug life cycle with the help of blockchain technology. It allows manufacturers to access those transaction details and enables them to detect the drug anomalies by providing end-to-end visibility on the whole process.

Check out: Top Blockchain Companies

Flexible Clinical trials

Blockchain technology allows authorized doctors to store all information regarding clinical trials in one secure ledger and can access that information whenever they needed. It also creates flexibility in sharing essential clinical trials data among researchers to develop better clinical solutions.

Decentralized patient database

Storing critical patient data across multiple systems and accessing that information becomes difficult for healthcare providers. However, using blockchain, doctors can create a decentralized database to store all the critical information of the patients and streamline the process by sharing it.

Enhanced security

Blockchain can store patient data across different nodes by abiding various privacy laws. It results in transparent data storage which can abolish the multiple types of data breaches.

The conversation around potentiality and deployment of blockchain seems to be futuristic in the healthcare industry at certain primary levels in fragmented care delivery. In the future, blockchain combined with automation will become more disruptive which can change the landscape of the healthcare sector.

Few Top Blockchain Companies (ChainThat, InsurePal)

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