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Blockchain in the healthcare sector.

The role of B in the long-term transformation of the healthcare industry around the world is attracting a lot of public attention in recent months.

Although this is still the subject of political debate among political parties in overcoming the shortcomings of the health care system in many countries, only a few people seem to care about the shortcomings of the health care system. this. Figures show that only 53 out of 195 countries in the world scored well for the health care index. However, from a broader perspective, this is an opportunity for us to apply technology to improve and innovate the medical field.

The medical industry is currently facing the problem of outdated technology and application solutions. The report published by Imprivata highlighted that outdated computer systems not only cost the healthcare industry money, but also pose a risk to the health and lives of patients.

 

Some common problems in today’s healthcare system:

– Nearly 40% of patient records have errors or misinformation.

– About 10% of all drugs in circulation are counterfeit.

– Cost per health data breach up to 380 USD.

 

These are outstanding signs that it is time to think about the application of blockchain technology in the healthcare sector.

 

* How can Blockchain help us?

After exploring the importance of blockchain in bringing innovation to many areas, including healthcare, here are some potential use cases of blockchain to provide accessibility, security and privacy. higher confidentiality and reliability.

* Medical records management.

Today, patient data is often scattered across many different medical facilities, making it difficult to access at times of need. Therefore, electronic health records (EHR) is expected to be one of the areas where blockchain has the strongest and most urgent impact.

However, the majority of systems cannot share their medical data. This is why creating a health record with integrity across systems and domains is one of the biggest technological challenges in healthcare. Blockchain can solve this problem thanks to the immutability of blockchains, helping to ensure patient medical records at all times. This app is especially useful for clinical clinics where integrity of information is key.

Storing healthcare information files on blockchain will save time and resources in medical facilities, save time for management, and optimize time dedicated to patient care. . The technology has been successfully deployed in Estonia and several other Eastern European countries, allowing for improved and upgraded digital record storage and access.

* Supply chain tracking and management.

According to research by the World Health Organization in January 2018, about 10% of drugs circulating in developing countries are of low quality or are counterfeit. Even in “first world” countries, at least 1% of drugs on the market are counterfeit.

Poor quality or counterfeit medical products not only have a negative impact on patients and their families, but also pose a threat to drug resistance, adding to the trend associated with loss of ability curative power of antibiotics.

Blockchain-based systems can provide chain of custody records of products, allowing managers to track every step in the medical supply chain process. In addition to tracking drugs and devices, the system ensures authenticity and facilitates product recalls when needed.

In addition, the data transparency feature in the blockchain system also helps to identify the entire origin, helping to eliminate the circulation of counterfeit drugs.

One of the companies working on implementing blockchain in the supply chain is Chronicled, a technology start-up based in San Francisco. They combined an Internet-of-Things system with blockchain to improve the accountability and traceability of the medical supply chain.

 

* Improve financial health.

Blockchain has immense potential in reducing the amount of fraud, eliminating chargebacks, and creating new ways to administer health insurance and fund health services. Because the less money is wasted, the more profitable businesses will be, which in turn will make the health system better for patients and taxpayers around the world.

Often, the complexity of the health care system translates into financial mismanagement. Millions of dollars are spent each year to find out which patients are treated from which department and by the authority.

In other words, blockchain can reduce financial errors to a minimum.

Another outstanding benefit of blockchain ing in the healthcare industry is the possibility of using cryptocurrencies as a method of payment instead of cash. Today, cash payments for medical services are still very popular. However, this carries a lot of risk as 5 to 10% of fraud cases come from paying for ineffective services.

We can eliminate this risk through blockchain applications. Automating invoice processing eliminates third parties from the payment chain and reduces overall administrative costs. Furthermore, every penny paid for healthcare can be tracked to ensure that no fraud occurs in the process.

Finally, the idea of patient encouragement is also worth considering. The plan is simple – if a patient follows a routine check-up plan, goes to his appointments regularly, and stays healthy, he or she will receive a well-deserved reward for this. Likewise, patients can be rewarded for contributing their data to research and clinical trials using the same methodology.

 

* Conclude .

Blockchain technology will be a unique application for the medical industry. This will increase the efficiency of the exchange of medical information between multiple parties and provide reliability during times of uncontrolled or unreliable data use and sharing.

According to a recent survey by the PwC Institute for Health Research, about half of all executives in the healthcare industry said they are planning to develop or adopt blockchain solutions within their companies. However, to do this, we need to overcome the challenges of lack of expertise, public trust and management from the government.

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