Healthcare is an issue that affects us all, and it will always be a talking point in national conversation. This is particularly true as populations age and people consider whom should be the providers of the service.
However, with the advent of blockchain adoption, the industry faces a pivotal moment for its future productivity and efficiency. Here are just a few of the ways Blockchain can radically transform healthcare.
With such a disparate network and so many disconnected systems, it is currently hard to centralize the results of clinical trials and patient outcomes for new treatment protocols. By its very nature, Blockchains help connect these vast networks, and process the data much faster than a human ever could.
The move towards electronic health records (EHRs) has undoubtedly increased efficiency and service throughout the medical industry. However, this advance has not yet totally eradicated the persistence of duplicate or erroneous records. A further push towards Blockchain adoption may just do this via Collaborative Version Control, where each party has a record linked back to the original, Blockchain-registered record. This ensures that those with the appropriate responsibility can update a record without duplicating information.
Drug Development and Supply Chain Integrity
Over 1,000,000 lives are lost annually to the effects of counterfeit drugs, and more than $200 billion is lost in market share. The Blockchain solution for this develops vital trust and transparency, by allowing customers to track pharmaceutical supplies throughout the supply chain, from conception to delivery.
The acceleration of technology within this industry towards connected devices, and the growth of the Internet of Medical Things (IoMT) has no doubt benefited thousands of healthcare users. However, the existing IT architecture is struggling to ensure the security of the information being shared in this expanding network of devices.
Without doubt, Blockchain technology is the best bet for ensuring a perfect synergy of secure data and connected devices.