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Blockchain is Set to Change Paradigms in Healthcare Industry
The rise of cryptocurrency and bitcoin has helped blockchain to get the spotlight. It has emerged as a new buzzword in the technology world. Now, the scope of blockchain technology in healthcare is also immense. Look at the fields that blockchain makes a potential impact in the healthcare industry.
Consent management: Blockchain acts as an essential part of consent management, as it enables easy sharing of information. Consent is currently stored in the hospital medical record department, electronic health record system, and in the stacks of paper on a fax machine. This technology will enable those data for exchange with privacy; hence it is easy for the stakeholders to access the information.
Electrical usage reductions: Blooming of blockchain infrastructure will reduce the requirement of electricity and thereby it enhances the speed and scalability. Proof-of-work approaches take an equivalent amount of electrical output through other means will completely reduce computing footprints. Likewise, the transaction speed will increase, and blockchain as service will help in enhancing the ease of use.
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Supply chain integrity: In most of the cases, it is hard to track the accuracy and authenticity of medical supplies, but the blockchain approach for pharmaceutical supply chain can help in ensuring the integrity of products.
Medical records integrity: Ensuring the integrity of the patient’s medical records is crucially important. When it comes to malpractice cases, it is quite hard to discover. If the blockchain technology with unassailable trust were used in this case, the burden on providers, attorneys, and IT departments would be reduced. The records here would be stored as a hash and not as a chain.
For the healthcare industry, blockchain represents the ideal paradox; the data in healthcare must be shared and secured. The technology eases this job by providing quick access to vast amounts of secure data, offering a guard against counterfeit drugs, and improving the patient experience.