The Benefits of Blockchain to the Healthcare Industry

Could there be a better way of storing and accessing personal information within the healthcare industry? The answer may be found in blockchain technology. This type of technology was created for use in the cryptocurrency market. Blockchain is on the fast track to revolutionizing the efficiency of the healthcare industry. One of the biggest issues blockchain can help fix is breaches in personal data. However, the more it is studied the further the application seem to advance.

What is Blockchain?

Blockchains are decentralized bundles of information that are unchangeable and transparent. All data within the blockchain is able to be tracked but not tampered with. It is not owned by a single entity and it is cryptographically stored. These key features make it nearly impossible to penetrate from outside sources. This is what makes this technology such a great fit for the healthcare industry.

Protecting Against Data Breaches

Due to the design of blockchain technology, the number of data breaches can be significantly lowered. This is because no single user would have access to change information within the blockchain. Each patient’s data is stored in bundles across a series of networks where data can be viewed by doctors and even shared. Without each network agreeing to changes made on a single platform the data will not be edited.

Improved Patient Care

Implementing blockchain technology will not only make sure that personal data remains private but it will also give doctors more time to spend with each patient. Having a global network where doctors can send and share patient files electronically will cut down on administrative time and give providers more freedom.

Treatments and prescriptions can be monitored closely and patients would be less likely to skip visits altogether if they felt like they had more one-on-one time and personal care.

Improved Clinical Research

Pharmaceutical companies have estimated losses of nearly $200 billion each year due to fraudulent drugs. The extreme loss in revenue that companies see each year could be improved by utilizing blockchain technology to help keep clinical research safeguarded. There are so many new drugs being marketed today that ensuring the safety of clinical trials is paramount in easily accessing new drug information as well as sharing that information across research facilities safely.

Billing And Insurance Fraud

In 2016, Medicare fraud cost the United States more than $30 billion. Blockchain technology can improve the efficacy of data protection as well as fraudulent insurance claims being submitted. Since blockchains are not stored in any single space but across a network it can be very difficult for providers to falsify information.

The ability for other providers to see the information, as well as insurance companies, is just another safeguarding benefit of blockchain.

Conclusion

Blockchain technology will be the greatest evolution within the healthcare industry. Not only does it have the potential of saving billions of dollars it also has the ability to better protect against fraud. As more healthcare systems implement blockchain the better the applications will become. It can provide several facets for which data can be streamlined and accessed from many different healthcare systems.

Rising healthcare costs and fraudulent activity can be reduced through this transparent and secure system. This would mean enhanced care ad better quality services for all. Reduction in pharmaceutical company losses could result in lower drug costs and more efficient distribution of new drugs. Blockchain technology can provide a quintessential benefit for healthcare.