Look4App Use Cases: Blockchain in Healthcare
Report by BIS research says that in the next 6 years the healthcare industry can save $100 billion per year by using Blockchain technology.
Usually, it is dangerous to cut costs in this area. When you’re dealing with health, any failure or slight decrease in efficiency can contribute to very serious complications. Life and death depend on the reliability of the IT systems and their ability to support rather than obstruct peoples’ work.
That’s why you can say that healthcare is the single most important industry, and requires state of art technologies. It deals with very sensitive data, requires perfect uptime, high safety and a guarantee that the data won’t disappear.
Blockchain can address all these issues. A couple of blockchain use cases can prove it.
Blockchain Use Cases in Healthcare
Supply Chain Management
We dedicated a whole separate post on the topic of Blockchain in Supply Chain Management. Healthcare has its own appliances within this field. The most important of them is managing pharmaceuticals - strictly controlled, very valuable goods that require proper storing conditions.
You can use blockchain solutions to store all the data on the process of their creation and delivery. With a supply chain on blockchain you can create complex, fully automated drug tracking processes that give you real-time data. What is more, they are immutable and cannot be falsified.
Storing and Sharing Healthcare Records
Accurate patient data management can be a matter of life and death. This being said, it is worth to mention that in many hospitals patients are still forced to fill paper forms.
Blockchain can provide safety and security for the vulnerable data on the patients’ health. Thanks to cryptography level provided by Blockchain, you can be sure that they are safe, while at the same time providing easy access for chosen parties.
You can unify all kind of data on one common Blockchain ledger and automatically synchronize across the whole system.It can help increase interoperability, and make sure you have access to all the important data when you need it.
Drug Trial Data Storage
It is not easy to manage and store drug trial data. They are a very expensive and vulnerable resource, with strictly limited access. Drug research can cost you a lot, and protecting the results is crucial to surviving on the market. Blockchain might be very useful in this matter, and a distributed ledger can be a tool to connect teams and projects across many research facilities.
Billing & Financial Data
Finally, here is the most known use case - Blockchain tokens as money. It is basically what Blockchain was created for.
You can use this technology to store transaction details and manage financial data. Considering how much money is in the Healthcare industry, it might be reasonable to consider using it for transactions and automated payments.
Benefits of Blockchain in Healthcare
Immutability is very important in drugs supply chain management. According to WHO report, the counterfeit medicines market is worth about $75 billion. Blockchain can help to make sure, the drugs are legal, proven and original.
Blockchain is a good medium to share data and grant universal access for authorized third parties. You can use it to store medical history and manage drug trial processes.
Costs of healthcare are enormous. A properly built blockchain solution can reduce the need for maintenance and cut costs, while providing better reliability of the whole solution.
The medical data need a great deal of protection. Blockchain cryptography solutions can help to secure them and prevent cyber threats.
Storing the data in a decentralized platform can save them in several scenarios including natural disasters and technical failure. Even if something goes wrong, you can still retrieve the invaluable data on patients or drug research. It can also help you share the data with third parties or between multiple facilities.
Applications of Blockchain in Healthcare
IBM network for Healthcare Industry
IBM is involved in a number of projects connected with the distributed ledger technology. They started an interesting partnership to develop a blockchain network to increase interoperability between Aetna, Anthem, Health Care Service Corporation and PNC Bank.
It is an example of how you can use DLT to connect with multiple vendors.
HealthVerity created a complex platform to manage patient preferences and consent. They used blockchain technology to build a distributed ledger for the consent transactions.
It is a cloud-based solution, that manages opt-in and opt-out data in compliance with privacy law. It can share it with trusted external suppliers and keep them updated on the changes in their status. It can simplify and automate many tasks.
Kalibrate Blockchain created FormDrop mobile app that allows patients to electronically submit forms for healthcare providers.
FormDrop app allows patients to scan, complete, and submit medical forms using their own smartphones.
It requires no implementation or prior registration by hospitals. What’s more, it is supported by additional products and services that allow patients to take full control of their personal health information indexed on Kalibrate Blockchain's Universal Patient Index.
Summary: Blockchain in Healthcare
Healthcare has much to earn when it comes to implementing Blockchain. It can solve a number of its common problems related to interoperability and standardization. It saves money in IT and data breach-related costs.
It can be especially useful in scenarios involving multiple parties that share the data. It can help medical facilities share the patients’ data and research facilities exchange results of the drug tests.
Many hospitals are well behind when it comes to IT and new technology. This modernization is an opportunity. Introducing Blockchain technology will maximize the results when you redesign the IT structure with this particular solution in mind.
Want to learn how to use Blockchain in your business?
We delivered many blockchain projects, including the creation of a medical cryptocurrency. Our team is ready to discuss and evaluate your idea. Let’s talk.
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