Blockchain Revolutionizing Healthcare: Transforming Industry

Transforming Industry: Blockchain Revolutionizing Healthcare

Healthcare has undergone a substantial paradigm shift due to technological breakthroughs ranging from virtual reality to intelligent hospitals and AI-powered health solutions to cure the patients from diseases.

These technological advancements have shifted the narrative to one centered on patients and its cosmetic treatment. This disruption is fueling a novel technology that is revolutionizing healthcare.

Blockchain is a digital ledger technology that stores the flow of health information in the form of blocks. Blockchain provides consistency and security to users by using asymmetric cryptography.

It creates records of data that can easily be shared across database systems. Blockchain technology is distinguished by its anonymity, decentralization, and consistency. The blockchain system prevents data from being changed or recognized until it reaches the intended receiver.

Bitcoin and cryptocurrency technology can also be found in many other businesses, such as insurance, real estate, and HR identity management.

It is also employed in commodity and energy trade, goods, and logistics. This technology has benefited the financial services business the most. According to Silicon Republic, banks that use blockchain technology might save approx $12 billion every year in healthcare costs via innovative technology in the healthcare industry.

This technological revolution is in healthcare. Healthcare stakeholders are beginning to realize the benefits of blockchain technology and associated cutting-edge technologies.

The market is expected to be worth $5.61 billion approx. The usage of Blockchain is also likely to improve healthcare services, healthcare facilities and healthcare professionals.

Given that the key players like IBM, Microsoft, and Google have invested in blockchain research, it is evident that this technology is more than just hype.

Guardtime and the Estonian Governments e-health Foundation have collaborated to keep all medical records on a decentralized, secure platform.

It enables clinicians to access patient records from any location effortlessly. According to a selective reporting on blockchain technology and innovation in medical science the global blockchain industry in healthcare is estimated to reach $7308,32 million by 2028.

The CAGR between 2021 and 2028 will be 76.30%.

This blog article will look at how Blockchain in healthcare can transform this sector.

We will also review several blockchain use cases in healthcare and the obstacles that must be overcome before blockchain technology can be extensively adopted. Lets get started!


What Is Blockchain Technology In Healthcare?

What Is Blockchain Technology In Healthcare?

Healthcare is a complex industry. This includes doctors, hospitals, and insurance companies. Blockchain technology can streamline communication among all these parties and make it easier to share critical patient information.

For example, Blockchain in healthcare provides blockchain-enabled technology that is a secure, decentralized platform for storing medical records. It gives patients ultimate control over their data and makes blockchain records easily accessible to medical providers.

In the past, there have also been a number of incidents where sensitive medical data has been hacked. According to a report, over 50,4 million patient records have been compromised in 2021-2022.

WHO estimates that 30 percent of the individualized medicines sold in Latin America, Africa, and Asia are counterfeit. These high numbers, however, call for different actions to help the industry overcome these problems and find solutions to end them.

Blockchain technology could be used to reduce scam risks, enhance transparency, and make impact for healthcare systems more efficient.

For years, the medical industry has been centered on a model of care centered around a provider. This model was based on the existing technology, which led to a lack of transparency and trust within the healthcare sector.

Blockchain technology is driving an essential episode in the healthcare sector. The medical industry is shifting to a patient-centered model. This shift in focus is accompanied by two fundamental principles: the availability of resources and access to services.

A blockchain is a tool that delivers high-quality care to international patients. Health Information Exchange, a repetitive and time-consuming task, can be solved quickly using this technology.

The technology allows citizens to participate in health systems studies and clinical trials, improving public well-being.

Blockchain technology in healthcare applies to the following areas:

  1. Manage electronic medical records (EMR) data.
  2. Securing healthcare data.
  3. Personal health record data management.
  4. Clinical Research and Data Access.
  5. Prescription tracking to avoid opioid overdose and over-prescription.
  6. Health insurance claim automation.
  7. Securing supply chain management.
  8. Point-of-care genomics management.

What Is Medical Blockchain Technology?

What Is Medical Blockchain Technology?

Many people confuse "blockchain" with cryptocurrencies since blockchain technology enables Bitcoin transactions.

You may wonder what cryptocurrency has to do with healthcare. Blockchain technology can be used to benefit the healthcare industry. Blockchain is an unchangeable digital ledger technology.

Blockchain is a distributed, uncentralized, transparent, and immutable digital ledger. Every transaction is recorded on the Blockchain. Each block is given a unique number before being joined to the chain.

Instead of being stored centrally, the transaction record may be dispersed among all computers connected to the network.

Blockchain allows organizations, people, and machines to trade value digitally without using go-betweens. Medical records, assets, or financial transactions are all examples of data value.

Multiple levels of authentication are not necessary under this new model for health information exchanges. It is more trustworthy and efficient.


Blockchain Is Revolutionizing The Healthcare Industry

Blockchain Is Revolutionizing The Healthcare Industry

Blockchain technology has several benefits for the medical sector. These include data security, monitoring data, and much more.

This section will cover some of the most essential advantages and how this technology can be used in the healthcare industry.


Data Security Is Improved

Blockchain is a distributed database that allows for secure and transparent healthcare data management. Blockchain technology can solve many of the most challenging issues in the healthcare industry.

These include data breaches, interoperability problems, and fraud.

Blockchain technology is used in healthcare to store patient data in a decentralized network rather than on one central server.

It is much harder for hackers to access or alter medical data. Blockchain also allows for different healthcare providers and patients to exchange data. Blockchain data is encrypted, and only authorized users can access it.

Blockchain can also help reduce fraud and corruption within the healthcare industry by providing a trail of all transactions.


24-Hour Data Monitoring

Continuous data monitoring is critical to managing and optimizing electronic health records in the healthcare sector.

Numerous lives are at risk every single day. A tiny margin of error could have catastrophic effects.

Every piece of data about a patients health, including blood pressure measurements, precision medicines, and doctors notes, must be tracked and accessible around the clock.

Due to interoperability issues, data breaches, and other issues, the current healthcare infrastructure cannot always provide such a high level of data accessibility.

Blockchain is useful. This technology can help provide 24/7 data accessibility and enhance electronic health record management because of its distributed nature.

In addition to helping with interoperability issues, Blockchain


Clinical Trials Improved

According to a report, the global market for clinical trials was estimated at USD 38.7 Billion in 2021. It is expected to reach USD 52.0 Billion by 2026 with a 6.1% CAGR.

This markets growth is driven by several factors, including the increasing number of clinical trials, demand for outsourcing R&D, and drug commercialization.

With numerous stakeholders, the clinical trial procedure can be drawn out and complicated. The success of clinical trials might be adversely affected by inefficiencies and delays.

Furthermore, clinical trial data is frequently stored in silos, which makes information sharing challenging.

By providing a transparent and secure method of managing and storing clinical trial data, blockchain technology in healthcare can assist in resolving these problems.

The Blockchain would have a record of each trial stage. This makes it simpler to follow the data and spot errors. Blockchain might also be used to authenticate the identities of physicians and patients, guaranteeing that only people with the proper authorization can access clinical trial data.

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Improved Drug Safety

The healthcare industry faces a severe problem with adverse drug reactions. Each year, they are responsible for tens of thousands of hospitalizations.

The cost of adverse drug reactions is estimated at billions of dollars annually.

Blockchain technology can be used as a database to track drugs along the entire supply chain. This would enable the detection of adulterated or counterfeit drugs.

The Blockchain tracks patient outcomes, allowing for early detection and prevention of adverse reactions. Blockchain technology can transform the healthcare sector, including improving drug safety.


Smart Contracts

Blockchain smart contracts can streamline a variety of processes in the healthcare industry. They could, for example, be used to automate the processing of insurance claims, confirm eligibility for benefits, and schedule appointments.

Smart contracts can also protect patient records and data by limiting access to only authorized people.


Management Of Claims And Billing

Claim and billing management is part of the process that involves filing and processing medical claims related to a patients diagnosis and treatment.

Medical files have been compromised in several cases, leading to fraud and theft.

Blockchain technology makes it simple to eliminate such instances. It records medical data, stores it in an open ledger, and ensures that any changes made to the information are visible to all participants.

Blockchain has many other benefits, including reducing medical mistakes, improving public health, and more. Lets look at some scenarios that validate the Blockchain in healthcare.


Blockchain Healthcare Use Cases

Blockchain Healthcare Use Cases

Startups are testing some of the blockchain applications in healthcare. Larger organizations are using others as a way to protect their business.

We will examine some real-world blockchain applications in the healthcare sector.


Drug Traceability

Drug traceability is the capacity to track a drug from the manufacturer to the patient along the complete supply chain.

Since blockchain technology offers an immutable record of the movement of drug products, it can revolutionize drug traceability. Most medication traceability systems today rely on a central database susceptible to manipulation or hacking.

The movement of drug goods would be recorded as decentralized and impenetrable using blockchain-based technology.

The authorities could then easily spot and recall any fake goods. Blockchain could be utilized for real-time drug product tracking when integrated with artificial intelligence, the Internet of Things, and Blockchain.

This would make it possible to respond to drug shortages more quickly and effectively.

Walmart, IBM, Merck, and KPMG collaborated on a pilot blockchain solution that would help track pharmaceuticals throughout the supply chain.

The project was designed to verify that the drugs were not counterfeit and met all quality standards.


Electronic Health Records

Electronic health records are another critical use case for Blockchain in healthcare. These records can enhance patient care, lower costs, and save lives.

Electronic health records are not without their challenges. Data security is one of the biggest challenges. Electronic health records are stored in central databases, which are susceptible to hacking and data breaches.

Data about patients is at risk. Blockchain technology in healthcare can help to solve this problem by offering a secure, decentralized way to store electronic records.

Blockchain technology allows patients to access their medical records while ensuring that only authorized people can view them. Blockchain healthcare startups have already started developing blockchain-based solutions for electronic health records.

Medicalchain, a blockchain-based healthcare startup based in the UK, has developed a secure platform to store and share health data.

Patientory is another example, as it is developing a blockchain-based solution to help users take control of their health outcomes.


Blood Plasma Supply Chain

Blockchain technology can streamline the plasma supply chains and provide accurate information to all stakeholders.

Plasma derivatives play a vital role in many life-saving therapies. The current supply chain, which involves hospitals and blood banks worldwide, is complicated.

Unfortunately, inaccuracies or inefficiencies in this system can lead to shortages when plasma is most needed. According to a recent report, the market for plasma supply chains is expected to multiply and reach approx $15.5 billion in 2024.

A shortage of plasma on the market could have grave consequences, including increased mortality rates.

Blockchain has the potential to solve these problems. It provides a decentralized platform where all parties can share information and track plasma shipments live.

Blockchain could ensure that patients have access to life-saving treatments at affordable rates with good medical care having good financial impact on health professionals under public health agencies.

In collaboration with EY Canada, Canadian Blood Services (CBS) has developed a blockchain-based system to enable real-time visibility and traceability of blood products across the entire healthcare information system.


Prescription Drug Monitoring

Monitoring prescription medications is another application of Blockchain in healthcare. Over 6% of adults in the US who are 12 years of age and older are thought to have used prescription drugs within the previous year.

This issue can be resolved with blockchain technology, which offers a safe method of tracking prescription drugs.

Blockchain enables the creation of a record each time a prescription for medication is filled. The authorities could then monitor prescription medicine distribution and spot tendencies of abuse.

Blockchain technology might also be used to confirm the identities of patients and doctors, guaranteeing that only people with permission can obtain prescription drugs.

BlockIdx is a startup working on a Blockchain solution for electronic prescriptions. The platform allows patients to store and manage medications securely.

BlockMedx would enable pharmacists to verify prescriptions authenticity and track prescription drug movement.


Verification Of Medical Staff Credentials

Credential verification of medical staff is another critical use case for Blockchain in Healthcare. Statista reports that there are over 1,073,616 physicians licensed in the US.

Verifying each medical professionals credentials with such a large group of medical professionals can be challenging.

An increasing number of organizations use blockchain technology to verify the credentials of medical personnel. Credentialing using blockchain technology allows organizations to quickly and securely verify medical staffs qualifications and experience.

Blockchain also provides a permanent credential record, which helps track the career history of doctors. Credential verification using Blockchain is essential for ensuring quality care in healthcare organizations.

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Who Is The Leader In Blockchain Technology?

Breakthrough In Genomics

It is widely acknowledged that genomics can improve healthcare. According to a recent study, the global market for blockchains in genomics is expected to reach USD 1.258.0 million by 2027.

Data sharing is a significant challenge in genomics. Patients do not want to share their genetic data due to privacy concerns. Blockchain technology has created decentralized and secure platforms for sharing genomic data.

Patients can share their genomic information with researchers while controlling who sees their data includes a wide range of genomic medicine, clinical trials, form of payment, money for patients incurred etc.

Nebula Genomics, a leader in this field, is using the Blockchain to create a platform decentralized for sharing genomic data.

It helps to build a substantial genetic database that can be used in medical research. The company allows patients to share their genomic information with researchers in exchange for compensation. That uses blockchain technology to create a database of secure genomic data.


Supply Chain Management

Global supply chains of medical products and services are essential to the healthcare industry. Blockchain applications in the healthcare industry help solve several supply chain management issues.

RFID and EPCIS are used to secure the drug supply chain. This technology ensures that active ingredients for the creation of drugs comply with medical standards. To solve these problems, some companies are creating blockchain-based solutions.

Chronicled, a US-based firm, has developed a platform that uses the Internet of Things and Blockchain to track medical supplies.

The Chronicled company objective allows manufacturers, pharmacies, and distributors to track medical supplies in real-time insights of healthcare space, ensuring only authorized individuals can access them.


Remote Monitoring Security Using Iot

The healthcare industry relies increasingly on the Internet of Things to monitor patients remotely. Wearable sensors, such as IoT devices, can collect data on various topics, including blood pressure, temperature, and heart rate.

And spends dollars on healthcare technologies and other range of technological solutions that enhance the quality of care and affordable treatment thus helps in the healthcare market.

IoT devices, however, are not always secure. They can be vulnerable to data breaches and hacking. Hackers could access sensitive patient information, a significant concern for the healthcare industry.

This problem can be solved by using Blockchain in healthcare. It provides a safe way to share and store data.

Blockchain can also be used to build a secure IoT network. The IOTA platform, for example, is designed to create a safe environment that IoT devices can use.

The IOTA platform creates a data ledger impervious to tampering using blockchain technology. This ledger is used to store IoT device data and to track IoT device movement. Before Blockchain and healthcare genuinely go together, lets examine some of these challenges.


Blockchain Technology And Healthcare: Challenges

Blockchain Technology And Healthcare: Challenges

There are many challenges to implementing blockchain technology in healthcare. Below are a few of them:


HIPAA Compliance And Data Privacy Regulations

HIPAA is the Health Insurance Portability and Accountability Act. This US law sets strict rules on how patient data can be shared and used.

Blockchain technology is technology and innovation can help healthcare organizations adhere to HIPAA regulations and other privacy laws. It is not yet clear how blockchain technology could be used to comply with HIPAA and other data privacy regulations.


Data Immutability

Blockchain does not allow for changes after the information has been uploaded. This is both a blessing and a curse.

Immutability is a good thing, but it also limits scalability. In the short term, the solution to the immutability problem would require an expansion of the current architecture.

This would enable recording only edits or using clever off-chain on-chain data partitioning.


Data Size

The amount of medical information that healthcare stakeholders produce is enormous. The block size limitation can cause these numbers to easily exceed the medical data stored in a typical Blockchain architecture.

A well-planned architecture with system components will be an obvious, clever solution. This is because the ingredients are made after carefully analyzing the data types that make sense for the respective domains.

Combining the on-chain with the off-chain in the RDBMS/Nosql or IPFS can help solve the problem of data limits.

Blockchain in healthcare is a growing trend in the digital age. Healthcare organizations must keep updated with the latest trends and make intelligent investments.

Blockchain technology can change the medical sector. Lets look at the Future of Blockchain technology in healthcare.


What Will The Future Of Blockchain In Healthcare Look Like?

What Will The Future Of Blockchain In Healthcare Look Like?

Next year, or the next one, technology wont change healthcare from its core. The tech revolution is already on its way to becoming a revolution in healthcare.

Blockchain technology is maturing and being adopted in the healthcare sector and improving the access to healthcare to healthcare consumers with sound healthcare solutions and healthcare quality.

Blockchain has entered its first phase, as shown in the above illustration. Several healthcare mobile apps are integrating technology into their processes to put patients in control of their data and improve the quality and delivery of services.

After being adopted in Phase 1, the technology is now appearing in Phase 2, where its now being standardized - one example would be its inclusion in the healthcare supply chain.

The next step for blockchain technology is to be adopted on a larger scale than it currently is. The technology does not have any blockchain healthcare use case predictions for the near future.

However, when medical boards worldwide accept the technology and set guidelines around it, we can assume it is in Phase 3.

With its various stakeholders, the industry will move into a decentralized environment in the last phase of Phase 4.

This will include optimization and integration. Blockchain healthcare companies who have adopted the technology to simplify the healthcare sector are marking the journey of Blockchain on its route to decentralizing healthcare.

We expect more healthcare organizations to adopt blockchain technology to store and exchange data.

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Wrapping Up

In our globalized world, we need a system that allows unified access to anonymous records. The blockchain project manager can build a reliable and secure blockchain implementation in the healthcare system.

Blockchain has the power to transform the future of the medical sector, bringing massive benefits to the masses. Blockchain in healthcare offers unique benefits, including reducing complexity, creating trustless collaboration, and securing immutable data.

In todays globalized world, we need a system that allows all anonymous records to be accessed. The blockchain project manager can build a secure and reliable blockchain implementation for the healthcare systems.

Blockchain can transform the medical industry and bring massive benefits to all. There you go. The verdict is that blockchain technology hasnt yet revolutionized healthcare, but it will. Appinventiv is a reliable and trustworthy app development company that offers blockchain development services for scaling your business.


References

  1. 🔗 Google scholar
  2. 🔗 Wikipedia
  3. 🔗 NyTimes