When it comes to data storage, verification, and sharing, the healthcare sector is facing many challenges. Patients' data is kept in separate silos. Doctors cannot access it, but hackers seem to have the ability to exploit this information with relative ease. Patients don't feel they have control over their health information. Because no one can verify the origin of counterfeit drugs, they are flooding the market.
Is traditional data management becoming obsolete? Blockchain technology is not only being used in financial transactions but also in healthcare. The global medical blockchain market will reach $55.83 Billion by 2026. This is up 35% from 2021. To improve their data-related practices, hospitals and other medical facilities are turning to blockchain development services.
How does blockchain work in healthcare? What are the challenges you can expect when implementing blockchain technology in the medical industry?
What is Blockchain and How Can It Benefit Healthcare?
Blockchain is a distributed decentralized system that stores and generates data. Each device that performs a transaction on a blockchain generates identical blocks. A block is also created when any blockchain data is altered in any way. This information can be easily tracked back to the source and verified.
What can blockchain developers do for healthcare?
Blockchain developers use advanced cryptography technology to increase data security. It gives individuals data ownership through the blockchain permission system. Additionally, due to its transparency, it makes it possible for clinical trials by documenting and stamping all details. It also offers unique contract management capabilities and payment capabilities
Blockchain Development: The Benefits for Healthcare
These are the top benefits that blockchain technology offers to healthcare professionals:
Blockchain for healthcare organizations
- Blockchain allows multiple doctors to see the same data at once, which improves decision-making.
- Transforms patient medical information to a decentralized system that cannot be tampered with.
- Accelerates medical credentialing.
Blockchain for Patients
- Patients are empowered to take control of their medical information
- Supports consent mechanisms that prevent healthcare providers from accessing patient information without permission
- Patients can participate in research without the need for intermediaries and monetize their data.
- Securely stores and collects data from wearable devices
Blockchain for Pharmaceutics Participating in clinical trials?
- It provides reliable, auditable documentation for clinical trials through its immutable records
- Allows spotting counterfeit drugs
Blockchain to Insurance
- Accelerates confirmation process
- Insurers have the chance to use smart contracts to create and manage agreements.
- Eliminating intermediaries reduces costs
Disadvantages of Blockchain in Healthcare
Blockchain adoption in healthcare has many drawbacks. These are due to the nature of blockchain technology.
- Transaction times increase as more blocks are added, which can lead to delays.
- Permanently deleting records is not possible. The network creates new blocks to reflect invalidated records.
- Every organization involved in this technology must be onboard.
- Potential problems with large patient files such as MRI scans.
- Planning, development, and maintenance costs are high.
Blockchain in Healthcare: Applications
Here are seven of the most important blockchain applications in healthcare.
- Transparent supply chain
- Medical credentialing faster
- EHRs that are patient-centered
- Medical trials that can be managed
- Enhanced security
- Smart contracts enforce commitments
- Genomic research
Blockchain Increases Transparency in Healthcare Supply Chain Transparency
Counterfeit medicines are a constant problem. According to the World Health Organization (WHO), up to 1% are counterfeit medications that can be purchased in developed countries.
This number rises to almost 10% in developing countries. This is evident in the fact that the Drug Enforcement Administration (DEA), 2021, seized over 9.5 Million fake drugs in the US.
According to the agency, this is a higher number than in any of the previous years. Blockchain's potential use in healthcare is its ability. Thanks to the best blockchain developers, it allows customers to track products at all stages, from manufacturing to shipping, to verify that they are genuine.
This is important for medical devices and drugs. A ledger for a drug records its origin point, such as a laboratory. Every manipulation of the drug has been documented. Blockchain can contain a lot of information, including labor costs and the amount of waste emitted during manufacturing or transportation.
MediLedger, a blockchain protocol that healthcare providers can use to verify information about prescription drug supply chains, is one example. This information includes manufacturers and expiration dates.
MediLedger allows parties to securely exchange peer-to-peer communications. This network is used by many prominent healthcare providers such as Bayer, Pfizer, and Cardinal Health.
Blockchain speeds up medical credentialing
The tedious process of verifying credentials (training, skills, education) can take as long as four to six months. It is usually done via email or phone. According to the Council for Affordable Quality Healthcare, payers spend nearly $2 billion annually to maintain a complete database of healthcare providers. Blockchain technology is a more efficient and reliable alternative to direct human references.
Blockchain allows healthcare organizations to log and monitor their staff's credentials. This arrangement simplifies the hiring process and improves transparency, trust, and trust between hospitals and patients.
Blockchain records also allow for incremental updates, which is useful when professionals want to add qualifications.
ArchiveCore, a startup that specializes in healthcare credentialing, was founded by two doctors. It uses blockchain technology to verify primary credentialing documents. The goal is to speed up background checks for new hires. ArchiveCore software was tested by Carilion Clinic against their 17-person hiring process and they were amazed to find that they could have made $1.2 million in lost revenue.
Blockchain Enables Patient-Centric EHRs
Sharing medical information is highly sensitive and strictly controlled. According to a survey of US physicians and nurses, 74% believe patients' safety is at stake when they exchange their health information between different departments.
Blockchain developers of India say that one of the most common uses of blockchain in healthcare is to provide a complete overview of patient records and allow patients to consent to data sharing. These systems allow patients to have full control of their records. They are notified whenever their data is updated and can share their records with researchers and doctors. Patients can also set a limit on the time their records will be visible to third parties. This system allows patients to confirm their confirmations directly with insurance companies without the need for intermediaries.
MedicalChain is one example of this technology. MedicalChain is a company that helps healthcare providers to integrate their electronic medical records into a blockchain-powered platform. MedicalChain software is also used to create other healthcare solutions such as virtual consultations or marketplaces that allow patients to monetize anonymized medical data.
Blockchain Facilitates Clinical Trials
ClinicalTrials.gov shows that drug development costs approximately $350 billion per year worldwide. Many people are involved in clinical trials, including sponsors, study subjects, and researchers.
There is always room for error and intentional falsification. Another problem is recruiting participants. Recent research shows that only 8 percent of patients with cancer participated in clinical trials. It is also difficult to share information among all parties because trail information is often stored in central databases.
Another use case for blockchain in healthcare is making clinical trials transparent. Researchers can identify unreliable protocols and block their publications.
All clinical trial documents can now be securely stored and time-stamped using this technology. Project proposals, surveys, and research designs, as well as consent forms for patients, are all possible blockchain records. This technology also allows people to see the data in real-time from different locations, which is critical for trial decision-making.
Blockchain can also be used to manage the finances of clinical trials. Boehringer Ingelheim, a German pharmaceutical company, teamed up with IBM to create a blockchain-based accounting system for its trials. Another issue is delayed payment to trial participants. These people usually wait several months before they receive their income.
Bloqcube is a blockchain-powered software company that specializes in clinical trial software. It believes that using central bank digital currencies to speed up the payment process can allow doctors and patients to get compensation within minutes of completing a task.
Blockchain Enhances Security
Most health data is stored in centralized databases that cannot provide adequate protection against theft or breaches. HIPAA Journal reports that 686 healthcare data breaches led to 44,993,618 compromised medical records. Blockchain technology can be used to secure data storage and sharing.
Akiri, which is based in California, uses blockchain to provide a network-as-a-service. It offers a set of policies and configures data layers and verifies the source and destination of health data in real-time.
Blockchain supports encryption.
The public key is required by healthcare providers to gain access to patient information. Research has shown that 63% fail to protect protected health information (PHI), residing on their workstations. The blockchain is used by Tested, an American-based platform for vaccine verification and testing, to encrypt and anonymize its data. Blockchain in healthcare also has security implications. It can be used to support wearable medical devices. This technology allows for the safe recording and transmission of IoT data between devices and healthcare providers. It can block certain devices from accessing and protecting data from unauthorized manipulation.
Blockchain Requires Commitments Via Smart Contracts
In every industry, contract-related disputes and non-compliance with contract terms are a problem. According to research, 10% of medical insurance claims are disputable. 17% of all claims are denied for insufficient information, duplicate claims, or improper registration.
These problems can be solved by smart contracts. A smart contract is a code that is stored on a blockchain. When predefined conditions are met, the smart contract will execute automatically. Smart contracts allow the medical industry to reduce costs by eliminating intermediaries. Moreover, it is not difficult for blockchain developers to make smart contracts.
This technology allows different healthcare actors such as patients, providers, insurers, and manufacturers of medical devices to collaborate. To authenticate themselves and to document contract clauses. This will all be done automatically and will be visible to all involved.
This will allow for the patient to visit a doctor and be recorded in the blockchain ledger. The insurer will also be notified. Smart contracts can be used by stakeholders to verify facts and speed up the resolution of disputes.
Curisium, a Philadelphia-based company, was recently acquired by HealthVerity. It developed a blockchain-powered platform to support contract management and negotiation within the healthcare sector. It allows payers and providers to join in secure contracting arrangements that are innovative and can help them find common ground in the event of a dispute.
Blockchain Enables Genomic Research
Genomics sequencing costs have dropped sharply from $10,000 a few decades ago to $1,000 today, with some companies promising to do this job for only $100. Scientists are encouraged to participate in genome-related research.
But how do you find willing participants? How can you secure large datasets? Another use case for blockchain in healthcare is this: Participants can store billions upon billions of genomic data points and exchange them between interested parties securely. This also allows for ownership. This technology allows individuals to legally monetize their genomic information without the need for intermediaries.
Encrypgen, for example, offers a blockchain-enabled DNA market where participants can upload and share, search for, and sell genetic information using traceable DNA tokens. Another example is DNAtix, an Israeli biotech company that uses blockchain to facilitate data exchange between data owners/researchers using DNAtix tokens.
The company prides itself on anonymizing all payments and contracts. The CEO of the company said, "We are bringing new possibilities to participate in research, test your DNA and store your DNA while remaining anonymous." This is the most secure genetics available on the planet.
Challenges of Blockchain in Healthcare
- Blockchain stores and manages highly sensitive, regulated patient data in a transparent network. This ensures compliance with HIPAA regulations and other data privacy regulations. Healthcare organizations must ensure they comply with data privacy regulations and that there is no risk of data exposure.
- Medical facilities may need to consider the possibility of large amounts of healthcare data storage.
- EWe need to find the right balance. It is impossible to maximize both blockchain security and scalability simultaneously. It is possible to improve one parameter at the expense of the other. If blockchain is used in a global payment system, the security of transactions can be compromised. Although researchers are working on solutions, this is still a concern.
- Access authorization: Another challenge with blockchain in healthcare is the fact that data access is based upon permissions. What happens if a patient is unable to give their consent? These and other situations will require similar protocols to be developed by organizations.
- Public and private keys: Blockchain uses cryptography to protect its data. Key management is therefore an issue. If all blocks use the same public key, all data could be exposed. However, using a different public key for each block will dramatically increase the cost of accessing and storing data.
How to Implement Blockchain in Healthcare
Stuart Hanson, CEO at Avaneer Health, stated that blockchain is not an isolated technology that medical facilities can use to solve their problems. It cannot be integrated into an existing tech stack.
You might need to change your processes and tech stacks if your company wants to adopt blockchain technology.
Organizations that want to reap the full benefits of blockchain in healthcare will have to collaborate with their peers and work together. IBM and banks collaborated with healthcare institutions that compete against each other like Sentara Healthcare and Cleveland Clinic.
This cooperation had the goal of establishing a governance framework to monitor and manage a blockchain-powered healthcare system. It is best to seek professional help if you are interested in blockchain implementation in healthcare.
Even though it may seem complicated to deploy this technology, with the right support your medical facility can reduce costs, improve patient treatment, and increase data security.
