One of the most revolutionary technologies of the present era is a blockchain technology that plays a key role in cryptocurrencies like Bitcoin. However, technology can benefit a host of other industries too. One such industry is healthcare. This technology helps in better management, streamlined processes, and foolproof security. Thus the technology plays a pivotal role in solving some of the most crucial healthcare issues that require collaborative research.
In healthcare, critical information is scattered across multiple systems, and sometimes, it may not be accessible when needed the most. The current healthcare infrastructure has often been called inadequate to handle information exchange and requires certain tweaks. Blockchain has gone beyond the “innovation trigger” and is just at the “peak of inflated expectations” according to the most recent Gartner Hype Cycle and could perhaps transform how we view healthcare and data together.
Benefits of Blockchain Technology in the Healthcare industry
Effective and cost-efficient
Streamlined and hassle-free data sharing across key healthcare providers play a pivotal role by offering benefits like cost-efficient treatments, precise diagnosis, and eventually a better cure for various diseases. By utilizing the blockchain, healthcare providers can work simultaneously with the help of networks with enabled shared access. Effective data tracking and powerful security provisions are other purpose-specific features offered by blockchain solutions that are way beyond previous technology.
Powerful monitoring
One of the key issues for ensuring a better healthcare management network is constant, powerful monitoring. As a precise response, the blockchain allows for documenting the transactions in a decentralized record. It enhances precision and brings transparency while at the same time saving crucial resources like time, costs, and efforts.
Better Collaboration
To the great extent, the success of any public health care initiative depends upon the collaboration of various parties involved and deep insights into vital healthcare trends. With the help of distributed ledger technology, it proactively promotes innovation in the field by empowering key participants to collaborate and group research.
Transparent and organized processes
Healthcare being a crucial industry, it is very important to ensure a well-organized methodology as well as transparent processes. At the same time, the high-end security measures and 100% accuracy is equally, if not more, important. Blockchain technology not only results in integrated healthcare information but also maintains traceable records of distributed data and work. Besides, the public/private key access strongly safeguards the overall security by eliminating the chances of data leakage. The blockchain also facilitates tracking the movement of drugs from the producer to the patient. Apart from ensuring timely supply it also eliminates the chances of counterfeiting.
Easy access and Budget Control
The uninterrupted connectivity with level-based authorization and easy access greatly empowers the providers/researchers. By automating the tedious processes, the blockchain helps the healthcare industry to extract the maximum potential of manpower during different phases and processes. As a result, it enhances human productivity, and increased productivity means better output in a shorter span of time. By enabling slicing the processes into different phases blockchain technology also helps to keep the budget under control, lowers administration costs, and allows better, purpose-specific utilization of allocated funds.
Protection of crucial data
One of the major challenges during the research and development processes is the leakage of crucial patient data that can be used for malicious purposes or vested interests. Another challenge is to ascertain that only the authenticated and most updated version of patient information/diagnosis data available to different parties during different phases.
Equipped with the latest cryptographic features, blockchain technology not only facilitates checking the data authenticity with the help of a digital signature but also helps in offering foolproof security to the data. Thus it offers a precise solution to the twin issues of trust and security.
A good example would be Stem Cell Innovations. Stem Cell Innovations focuses on research and development in the field of stem cell science, with the dual purposes of furthering human longevity and expanding access to stem cell treatments through cutting-edge technology. The company is led by co-founders Moe Galal and Ben Barel, and the ultimate goal for the company is to connect people who need treatment with a dedicated team of professionals who can provide personalized solutions based on patient factors and demographics collected in their dual blockchain-supported platform.
Extracting the best benefits
While there are diverse points of digitally collecting the healthcare data, it is even more important to extract the best benefits out of this healthcare data without complicating the processes. For that purpose, the portability of data and uniform compatibility while working across diverse systems is very important.
Due to its keen focus on streamlined flow, uniform portability, and multi-faceted protection system across different phases, the blockchain perfectly handles diverse present challenges as mentioned above. Collectively it helps in extracting the maximum output from the data collected on diverse levels.