Significance of Blockchain Technology for Healthcare Industry
healthcaretechoutlook

Significance of Blockchain Technology for Healthcare Industry

By Healthcare Tech Outlook | Wednesday, April 03, 2019

Many companies across industries are acknowledging the significance of blockchain technology for compelling business growth. The technology is deemed to be one of the most secure technologies available in the market today.

Healthcare industry is going through a major digital transformation in recent years. Many healthcare service providers have started to implement emerging technologies to improve their services. Blockchain technology has the ability to disrupt traditional healthcare processes with efficient and innovative products.

Here are some of the advantages of blockchain implementation for healthcare industry:

Medical Data: Healthcare companies store a patient’s personal and financial information. Any meddling with the data can prove to be catastrophic for a patient as well as the healthcare provider. Blockchain can offer a secure network for healthcare companies to store and share information without any fear of data leakage. It also provides physicians with features to view and update a patient’s medical histories.

Patient Access: Blockchain tools allow only the authorized personnel to view or update any information on the system. This can allow patients to have control and ownership of their medical records. Blockchain also eliminates the risk of missing information as the immutable ledger does not allow any member to delete information without the consent of the majority of the network.

Smart Contracts: Smart contracts are one of the most efficient features of blockchain technology. These contracts will enable the healthcare industry to reduce inefficiencies by allowing a streamlined and quick payment process of medical services. Smart contracts require both the parties to provide consent to the terms and conditions of an agreement. These contracts can help patients to claim their insurance from the medical insurance companies on the basis of the agreement.

Fraud Elimination: Healthcare companies are marred with many inefficient processes which lack transparency. The distributed ledger of blockchain technology can eliminate fraud activities with transparent features, which tracks all the payments, prescriptions and medical documentation.

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