Blockchain technology has become the talk of the town for quite some time now. It has taken the world by storm with its revolutionary data management and exchange program work, especially in the healthcare industry. The immense popularity of blockchain in healthcare and other industries has urged business professionals to incorporate blockchain technology to resolve looming healthcare problems.

As per the research, the global medical blockchain market is expected to reach $55.83 billion by 2026. The figure indicates the growing demand for blockchain development services in the future. Not only this, but blockchain technology comes with the benefits that businesses experience after implementing blockchain in healthcare.

Do you want to know the benefits of blockchain development? If yes, then continue reading this blog. 

 

What is Blockchain?

Data is created and stored using a decentralized distributed system called a blockchain. All other devices on a blockchain create identical blocks reflecting any transaction carried out by a single device. Similarly, whenever blockchain data is altered, a block is made to document the change so that it can be readily confirmed and traced back to its source.

 

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Blockchain technology incorporates advanced crypto mechanisms to enhance data security. Advancements like Cardano blockchain development incorporate an advanced crypto mechanism to enhance data security. The blockchain transparency mechanism enables clinical trials by documentation and time stamping all the essential data. Well, the list isn’t limited! There are ample benefits that blockchain technology brings to the table. Let’s discover what they are!

 

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How Does Blockchain Technology Work?

Blockchain technology is majorly divided into three different elements. Each of them has different functioning. Want to know how blockchain works? Here you go!

 

Blockchain Technology Work

1. Distributed Network

The architecture of a decentralized P2P network consists of nodes for network users. Each member can validate and authenticate digital transactions for the network and store an exact copy of the Blockchain.

 

2. Digital Transaction

A digital transaction may be permitted for any digital asset kept on a blockchain. A “block” will be created out of each transaction. A cryptographic hash is included in each block to add the transactions in reverse chronological order.

 

3. Shared Ledger

In a shared ledger, the network members record all current digital transactions. They use algorithms to check the offered transaction, and if a significant number of partners have approved it, the transaction is added to the shared ledger.

The blockchain technology work process is divided into three elements, as discussed above. Now that you are well-versed with blockchain and its working process let’s move to the major benefits of blockchain in healthcare. 

 

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Major Benefits of Blockchain in Healthcare

Do you know that implementing blockchain in healthcare website development or healthcare app development would greatly benefit your business? Want to know how? Continue reading!

 

Major Benefits of Blockchain in Healthcare

1. Transparent Supply Chain

Verifying healthcare products’ origin to ensure validity is a major concern for healthcare professionals. This is where blockchain development service comes in handy. A blockchain-based system traces products from manufacturing to every supply chain step. As per the Cardano blockchain development professionals, implementing this method enable customers to get complete transparency and visibility of the products they purchase.

Transparency in the supply chain is highly desired, especially in underdeveloped countries. With the advent of remote health monitoring, it is becoming more and more crucial for medical gadgets, which are also attracting the attention of unscrupulous actors.

2. Better Drug Traceability

Since blockchain makes it possible to trace every drug back to its source, it provides a reliable way to ensure drug authenticity. Blockchain in healthcare is the best source to store information about medicines at every stage of their lifecycle.

The drug transaction from one party to another can be tracked in real time, and all authorized parties will be able to see the transactions on the Blockchain. Medicine buyers simply have to scan the QR code and research the manufacturer to confirm the legitimacy of their purchases. This is how blockchain app development contributes to improved and quick traceability of drugs.

 

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3. Electronic Health Records

As per healthcare development experts, one of the major reasons for death in the US was poorly coordinated care and medical errors. Many healthcare professionals struggle with the problem of data records and maintenance, which is a clear indication of poor medical history. So, one of the potential solutions is to incorporate blockchain development in the healthcare sector.

It will help healthcare professionals get a streamlined and single view of the patient’s record in one place. Overall, blockchain provides electronic health records that promote fewer chances of errors, and the blockchain app development cost is less comparatively.

4. Streamlined Patient’s Data Management

Around 13,020,821 healthcare records were exposed due to more than 350 data breaches. Yes, you read it right! The privacy of patient records is subjected to strong HIPAA regulations. Since more than just the patient and their doctor need access to those documents, it is impossible to keep them private. This makes it challenging for healthcare professionals to manage data that could only be resolved with blockchain in healthcare.

Blockchain technology delivers a unified platform to store and manage relevant information in one place and preserve security control. While using the patient’s unique ID, healthcare professionals can store the pieces of patient data.

 

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5. Cryptocurrency Payments

Incorporating blockchain in healthcare makes it easier to receive medical assistance and pay using cryptocurrency. Now, users can easily send and receive bitcoins electronically via e-wallet software. Micropayments are another concept made possible by blockchain. They are distinctive value-based business models that compensate patients for adhering to the dietary and lifestyle recommendations made by professionals.

In case you find it difficult to implement the latest technologies into your business software, getting in touch with a renowned AI development company professional is advisable.

These are some major benefits of blockchain in the healthcare industry. Impressive. Aren’t they? Well, blockchain in healthcare brings perks to all the healthcare sectors as discussed below.

 

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Benefits of Blockchain For Patients

  • Permits patients to take control of their medical information
  • Secures the collection and storage of data from wearable devices
  • Allows patients to use their data for research and other purposes without the use of intermediaries

Benefits of Blockchain For Insurance

  • Enables insurance companies to create & handle documentation via smart contracts
  • Expedites the process of receiving confirmation
  • Reduces expenses by getting rid of middlemen

Benefits of Blockchain For Pharmaceutics

  • Provides immutable records supporting trustworthy and auditable documentation of clinical trials
  • Enables the detection of fake medications
  • Aids in the recruitment of volunteers for clinical studies

These are the benefits of blockchain in healthcare for multiple domains. Now, let’s move to some use cases of blockchain development in the healthcare domain.

What Are The Use Cases of Blockchain in The Healthcare Sector?

Besides amazing benefits, ample use cases of blockchain enable thousands of business owners to spend on blockchain technology. Blockchain-based web development services provider has explained the cases one by one. 

1. Speeds up Medical Credentialing

Verifying credentials such as medical licenses, training, skills, and more is a very challenging process for medical professionals. The process is typically performed via email or call and takes more than six months to complete.

To overcome this, blockchain technology comes into the picture. Adding blockchain in healthcare speeds up the document verification process while offering a much faster and more reliable substitute that does not solely rely on direct interaction with humans.

 

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2. Facilitates Clinical Trials

Clinical trials develop massive data and involve multiple individuals, including doctors, sponsors, researchers, and drug manufacturers. It increases the chances of mistakes which leaves room for intentional falsification. Reports state that more than 80% of cancer patients participate in clinical trials, and the data is further stored in centralized databases.

So, to make the clinical trial process more transparent, blockchain technology is implemented. It allows researchers to identify studies with protocols and prevent their publication. With the help of this amazing technology, all healthcare-related documents can be easily time-stamped and stored securely. Get in touch with a leading blockchain development company professional for better assistance.

3. Enables Genomics Growth

Genomic sequencing cost decreases from $10,000 to $1,000, and even some businesses claim to perform the task for around $100. Such activities encourage professionals/scientists to involve in genome-related research. But, the question is how to get a secure place to store such a massive dataset. This is where blockchain technology proves to be helpful.

It allows participants to store billions of genome data points, establish ownership, and exchange the data points securely between parties. Blockchain also allows individuals to legally monetize their genomic information without involving intermediaries. The best part is that the blockchain app development cost isn’t that high, so businesses need not spend a buck on its development.

4. Increases Supply Chain Transparency

As per WHO, around 1% of medications that are available for purchase aren’t legitimate. The number further increases in the developed countries to reach 10%. To prove this point, DEA captured approximately 9 million fake medication accounts in the US in 2021, which is a higher count.

Here comes the amazing use case of blockchain in the healthcare sector. To ensure legitimacy, it allows customers to track products at every stage, including wholesale, shipping, and manufacturing. Once a drug ledger is developed, the technology or software records its points of origin to avoid any fake activity. Such activity increases supply chain activity while benefiting healthcare businesses in the long term.

 

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5. Enable Patient-centric EHRs

Sharing crucial information, especially medical data, is a very sensitive task. Even the respondents believe that more than 74% of respondents believe that patient safety is at risk when exchanging information from one healthcare department to the other.

Such a problem is resolved with the amazing use case of blockchain technology in healthcare. It offers a comprehensive overview of patients’ data management and records. It further gives patients complete control over their records. The best part is that patients can set a time limit for how long their documents will be visible to the third party.

6. Enhances Security

Healthcare data is majorly stored on centralized databases, which means there is no adequate protection against data breaches and theft. To resolve this, blockchain facilitates safe and secure healthcare data storage. The technology also supports data encryptions, making it difficult for attackers to steal information.

Blockchain technology comes in handy when it comes to safe data transmission of IoT devices and healthcare data recording. It safeguards the information/data from unauthorized tampering and shuts down compromised nodes.

Summing Up!

As per the professionals, around 70% of the healthcare leaders believe that the provision of a decentralized framework, development of clinical trial administration, and regulatory compliance will be the most significant effects of Blockchain in healthcare. The industry is problem-driven and resource-intensive, and the implementation of blockchain can reduce multiple problems to a great extent.

Now that you are satisfied with the benefits of blockchain and planning to invest in blockchain, search for a leading blockchain development services provider and get started. The professionals will help you incorporate blockchain technology into your healthcare system correctly. So, hire dedicated developers and begin the development process right away.