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Applications of Blockchain Technology for Healthcare Industry
Healthcare professionals feel that an IT rejig is imminent for the healthcare sector. At the same time, blockchain technology is assisting many companies to make their processes and services more efficient. Blockchain technology has proved its mettle with successful implementation in bitcoin cryptocurrency. Here are a few blockchain applications that can help the healthcare industry in reshaping their services:
Physician credentials: Many companies like ProCredex have launched professional credential exchange to carry out a physician’s credentials using a Medicaid managed care and Medicare Advantage plans. These exchanges also assist as private Medicare claims processor.
Peer-to-Peer data Exchange: Many healthcare companies disrupt clinical trials data to suit their preferences. Blockchain technology provides an immutable peer-to-peer data exchange system that prevents any meddling with clinical trial data. It also prevents individuals from obtaining multiple opioid prescriptions.
Proof of Work: Data in a blockchain network is stored with a timestamp. The timestamp can be used in case of medical liability. Clinical data stored in the network makes tamper-proof ledger, which indicates the exact time of a physician's activity.
Supply-chain: Delivery of medical items is critical for the supply chain industry. Blockchain will help to make supply chain processes more efficient and transparent when it comes to warehouse services and delivery of medical items.
Smart Contracts: Blockchain technology provides smart contracts which only get initiated if the parties involved in the contract meet the conditions.
The decentralized system makes blockchain stand out as it is entirely autonomous of governments and corporations. All the stakeholders govern a blockchain network in the network. Any change in the ledger is only possible with the consensus of the entire network. Blockchain network offers excellent data protection as data can be procured using other systems even if a system in the network gets compromised. Many companies like Amazon is venturing into the healthcare industry with blockchain and machine-learning methods to help physicians and hospitals provide better care to patients.