Blockchain Healthcare Attempting to Revolutionize the Industry

The first thing that springs to mind when you hear the term “blockchain” refers to the concept of cryptocurrency along with the applications for financial transactions that blockchain can provide. Yet, blockchain technology is a vast array of applications and blockchain healthcare that go beyond finance. While blockchain has been linked with cryptocurrency for a long time, recent uses cases across different industries demonstrate a different aspect of blockchain technology.

One of the most prominent examples of a new application of blockchain is the rapid growth of blockchain-based healthcare companies in recent years. Can blockchain be an ideal healthcare solution? What value can blockchain bring to the healthcare industry?

In the following blog, we’ll look for some solutions as well as an overview of the greatest blockchain-based healthcare companies for 2022.

Is Blockchain useful in the healthcare industry?

A blockchain is essentially a revolutionary approach to traditional data structures, with enhancements in the shape of decentralization security, security, and accessibility. Blockchain is a distributed, centralized database to store information about transactions. Anyone who is connected to the network can access the ledger, however, there is no possibility of reversing or altering data after it has been added to the blockchain. Security measures for every trade on the blockchain using digital signatures provide evidence of its authenticity.

Additionally, the cryptographic security of blockchain by ensuring connections between blocks that have unique hash keys gives assurance of safety. Given all of these benefits of blockchain, it is not surprising to be wondering about “How blockchain technology is changing the field of healthcare?” and the prospects for healthcare organizations. A brief overview of the possibilities for the implementation of blockchain technology in healthcare could provide a solid answer to these questions.

Blockchain’s Importance in Healthcare

Before we look at the most effective healthcare firms that use blockchain, it’s essential to understand the ways that healthcare businesses can utilize blockchain. What are the possibilities for the use of Blockchain within healthcare? To begin, you’ll see the advantages of blockchain tech in the healthcare sector. Healthcare businesses can benefit from the advantages of transparency security, and cost-effectiveness using blockchain technology.

In the first place, the top healthcare blockchain companies make use of the most commonly used Blockchain in the healthcare industry, i.e., safeguarding the patient’s records. Data management systems that are in use for healthcare stores data in isolated silos and restrict access to information. The integration of blockchain technology together with medical electronic records, or EMR systems could provide better security of patient information. In addition, blockchain also enhances access to information by patients’ permission using blockchain-based apps.

The second major benefit of using blockchain technology in healthcare is apparent in the management of supply chains. Blockchain healthcare firms are able to easily monitor each product through every step of the chain of supply. In turn, blockchain technology can provide reliable improvements in the quality of products and also protect against counterfeit medicines.

It is important to note that the application of the use of blockchain in the supply chain can also facilitate streamlined payments and contracts for different players within the supply chain. Thus, manufacturers, healthcare providers and distributors are able to access digital contracts that are shared on the Blockchain platform. With no requirement to sign separate contracts, everyone within the supply chain is kept informed of the most recent updates.

A few of the other uses that blockchain technology can be used for in healthcare are the processing of claims and public health surveillance and the management of clinical trials. What are the ways that healthcare blockchain companies are making use of these opportunities? 

The following list of major companies and startups working with blockchain technology in healthcare might help you find the answer.

In the field of digital health, there are a number of application cases for blockchain technology.

1. The supply chain’s transparency

One of the biggest challenges in the healthcare industry, and in many other areas is the verification of the authenticity of medical supplies to prove their authenticity. Utilizing a blockchain-based system to trace items starting from the point of manufacture and throughout the supply chain allows customers to gain full knowledge and full transparency on the items they purchase.

This is an absolute priority for the pharmaceutical industry, specifically in an emerging market where fake prescription medications result in tens of thousands of deaths every year. This is becoming increasingly crucial for medical devices as well and is growing rapidly due to the increasing use of remote health monitoring and thus drawing the attention of bad actors.

MediLedger is a prime example of a blockchain-based protocol that allows companies in the entire supply chain for prescription drugs to validate the authenticity of the medicines as well as expiry dates, as well as other vital details.

The benefits of blockchain are numerous

Customer self-assurance: 

The ability of the client to keep track of the provenance of each package from end to end through integration with wholesalers, manufacturers, shipping, etc.

Conformity: 

Medical devices makers and pharmaceutical companies have to report on a variety of obligations to ensure the safety of patients and therefore the aggregation of supply chain information into one platform can streamline compliance. For instance, FarmaTrust’s blockchain platform provides automated law enforcement alerts when they detect a problem.

Supply chain optimization After all the data is in one place firms can apply AI to predict demand better and optimize supply accordingly.

Outside of the financial market Supply chain transparency and management are among the most innovative applications of blockchain, including the well-known collaboration that was formed between IBM with Walmart to ensure the safety of food in the chain of supply. Since Blockchain technology is advancing and its ROI has already been demonstrated and proven, we believe this will be the biggest immediate impact of blockchain technology on the health industry.

2. Patient-centered electronic health records for patients

Healthcare systems across all countries and regions are faced with the issue of silos in data, which means that patients, as well as their healthcare providers, aren’t getting an accurate understanding of their medical histories. In the year 2016, Johns Hopkins University published research concluding the fact that the third most frequent reason for deaths within the US was medical mistakes caused by poorly coordinated healthcare, which includes actions not executed as planned or errors in the patient’s health records.

3. Supply chain settlements with smart contracts

Companies like Chronicled and Curium offer blockchain-based solutions that allow various stakeholders in the healthcare industry including pharmaceutical manufacturers OEMs of medical devices wholesalers, insurers, as well as healthcare providers, can verify their identities as entities that record contract details and track the transactions of services and goods and the payment settlement details for the goods and services. This kind of environment is further than supply chain management, to allow insurance companies and trading partners within the healthcare industry to function on digital, and sometimes automatic contract clauses.

With shared digital contracts among distributors, manufacturers and healthcare organizations that are logged on blockchain ledgers rather than each of the players having their own unique version of the contract, they are able to drastically reduce disputes regarding charges for chargebacks on medications prescribed by a doctor and other products. According to Chronicled the pricing structure of these companies tend to alter, there are nearly one million chargeback claims filed among these companies each year, with more than 5% disputable, which requires long manual resolution.

In the same way, as shared smart contracts, they can be utilized to oversee the medical insurance policies of patients in which Curiosum says that 10 per cent of claims are denied. Similar to other cases after this data has been digitally accessible and accessible insurance companies can utilize more sophisticated analytics to optimize healthcare outcomes and reduce costs.

4. Medical staff qualifications must be verified.

As with tracking the source of a medical item Blockchain technology could be utilized to track the expertise of medical professionals. trustworthy medical institutions and healthcare organizations can record the qualifications of their employees, aiding in streamlining the process of hiring for healthcare institutions. 

The following are the most significant benefits of blockchain technology:

In the employment process, healthcare businesses can gain speedier credentialing.

An opportunity for medical facilities insurance companies, healthcare providers, and other healthcare providers to monetize their credentials information regarding staff members who have been in the past as well as current.

Transparency and confidence for the partners, e.g. organizations subcontracting locum tenens to other companies or in the new model of virtual healthcare delivery, to inform patients about the medical staff’s encounter

5. IoT security for remote monitoring

One of the most significant developments in the field of digital health is the use of remote monitoring services which include all kinds of sensors that monitor vital indicators of patients are being utilized to provide healthcare professionals with more insight into their patients’ health as well as enabling the provision of more preventative treatment. We’ve covered a variety of interesting remote monitoring scenarios in our blog posts regarding five-G and cutting-edge computing in the field of digital health.

Security is, however, an important issue in the field of the health IoT and as it pertains to ensuring that the patient’s data is secure and safe and cannot be altered to make false data. In certain situations, when devices connected to the internet are used in emergencies, e.g. warning a caregiver for an elderly person that they’ve suffered an injury from a fall or heart attack, it’s essential that the devices are extremely resistant in the face of DDoS as well as other types of attacks that can disrupt the service.

How blockchain technology can be utilized to improve the security of IoT devices used for remote surveillance:

Blockchain cryptography guarantees that only authorized parties to be granted access to the personal information that is saved on the blockchain using an individual hash function any alteration to the data source will result in an additional hash function and the user needs an exact collection of cryptographic keys in order to translate the hash function back into the original data.

Once the patient’s data is recorded in the Blockchain ledger as an algorithm for hashing then it’s nearly impossible to alter as it will require access to all copies.

Bottom Line

The diverse companies using blockchain in healthcare offer unique advantages to improve the quality of healthcare. One of the main aspects of the operation of the top blockchains for healthcare is the solution of issues in the existing healthcare systems. It’s focused on streamlining supply chain data or protecting patient information, the leading healthcare blockchain companies offer a variety of functions.

The potential for blockchain for healthcare services is the top reason to adopt innovative and new solutions. Improved privacy of healthcare data access, transparency, and privacy of patient records can transform the health sector. But, firms that are using the blockchain in healthcare should also anticipate challenges that could arise in the near future.

Find out more about the benefits of blockchain technology in healthcare and the potential and challenges that come with Brisk Logic.