Blockchain in Healthcare Industry - Locus IT Services

Blockchain in Healthcare Industry

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Blockchain in Healthcare Industry

When growing businesses demand the need is to bring revolutionary changes, Blockchain In Healthcare growing urgency escalates to bigger levels. However, the healthcare system landscape is shifting towards a more patient-centric approach which is focused on two major elements namely, affordable treatment and apt healthcare facilities at all times.

The major issue in providing quality healthcare services is the gap between payers and providers. The dependency of middlemen in the supply chain makes it worse. In the healthcare sector, information and critical patient data remains scattered across different departments and systems. Due to this, important data is not accessible and handily available in times of need.

The working of a blockchain depends on three major principles that have existed for long. Compiled working of these principles enables blockchain to provide safe and secure digital relationships.

  • Private key cryptography
  • Distributed ledgers
  • Authentication

Blockchain for Healthcare Problems

It has more power to bring out a massive breakthrough in the healthcare ecosystem as it can easily bring specific changes in the healthcare management of the patient. With the aid of this technology, the power will come back in the hands of people. Meaning that individuals will be responsible for handling their own records thus it’s getting the overall control of their own data.

  • The technology will holds the ability to successfully improve patient care quality while maintaining the funds at a reasonable rate. All the major challenges and hindrances that occur in multiple level authentication can be eliminated through blockchain.
  • The major vision for Blockchain In Healthcare is to disrupt the sector in the coming times would be to resolve issues that afflict the current system. Blockchain will allows the creation and sharing of a single similar database of health information.
  • With such a system in place, the participants can keep and share a track of their data and other activities happening in the system without having to look out for additional options for integrity and security.

As per the major requirements and access permissions for the network participants, two types of blockchains can be utilized:

Permission Blockchains

As the name suggests it’ll allow real-time data to be shared between the participants of the network only on a permissioned basis. A permission blockchain is a closed network where all the participants involved in the system have the access of the network.

Permissionless Blockchains

Permissionless blockchains provides access to everybody for creating an address of their own and begin interacting with the network. One of the most popular examples of a permissionless system is the internet which allows anyone to create their own website like WordPress.

Blockchain Healthcare Applications

  • Population Health Data
  • Secure Healthcare Setups
  • Patient Payments Through Cryptocurrencies
  • Drug Traceability
  • Clinical Trials & Data Security
  • Patient Data Management

Potential of blockchain for healthcare purely depends on the acceptance of the new technology within the healthcare ecosystem in order to create technical infrastructure. The major implications for the healthcare industry are pretty clear. Here are just a few scenarios of how exactly blockchain can improve data security.

  • Immutable and traceable patient records

Patients can give permission to healthcare providers to access those records and to package new records into blocks that will become part of a permanent history of that patient.

  • Reduction of pharmaceutical fraud/theft

Pharma companies need to track the movement of their drugs and controlled substances from manufacture to end points in the supply chain. When blockchain is implemented there is a full record of the transport of such drugs leaving far less chance for them to be stolen at point of transferring.

  • Improved data exchanges in clinical trials

It takes a very long time for drugs to receive approval may be years, actually. When studies are made globally there is no method by which those studies can be collated into a single database

  • Lack of insurance fraud

Insurance fraud is a major issue and it’s a crime. It occurs only when dishonest providers and patients submit claims or information to receive payable benefits.

As the industry learns about Blockchain Healthcare applications and its impact on this technology and its potential role in furthering interoperability and health information exchange, Locus IT will provide you with thought leadership and resources. For more information please contact us.

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