Blockchain in Healthcare: Use Cases and Benefits

The term “blockchain” refers to a specific type of distributed digital ledger in which all transactions are recorded in chronological order and are available to anyone. This is nice but not quite what we need. Surely, we only want blockchain explained without any fancy metaphors or jargon.

The term “blockchain” comes from the fact that a blockchain comprises multiple blocks. Data such as cryptocurrency transactions, voter registrations, and medical records can all be stored in the same immutable format known as a block. When a block is finalised and no longer has room for updates, it is appended to the chain and a new block is created.

Since it is a decentralised network, the blockchain and all its data are available to anyone who wants to access them. Does that term sound familiar to you? The term “decentralised” refers to the fact that data is not controlled by a single entity but instead is spread across multiple servers around the world.

Also read in detail other concepts like blockchain development services in healthcare, how transactions are secure with Blockchain and much more.

Blockchain Statistics you need to Know

1) Financial institutions worldwide stand to gain up to $1 billion in revenue from blockchain-based cryptocurrencies.

2) 40% CAGR is projected for the blockchain IoT market between 2021 and 2026.

3) In 2019 and 2025, the worldwide blockchain market is expected to expand at a compound annual growth rate (CAGR) of more than 69%.

4) The financial industry accounts for 46% of the market share for major investors in blockchain technology.

5). More than 83 million blockchain wallets have been registered.

6) As of June 2021, the average number of transactions per second was 2.58.

7) By 2020, Blockchain will have been one of the most game-changing technologies.

8) By 2025, the cost of implementing blockchain in healthcare could reach $5.61 billion.

9) Blockchain is among the top 5 priorities for 40% of top health executives.

10) Eighty-plus per cent of national governments are considering launching their cryptocurrency.

Use of Blockchain in Healthcare

Now that you understand why healthcare blockchains are so crucial, I will explain how blockchains can be applied to the healthcare industry.

1) Electronic Health Records (EHR)

The ideal use case for EHRs is to maintain a time- and place-stamped, a permanent medical record that can be accessed by any relevant member of the care team (doctors, lab techs, etc.) at the point of service. Present-day EHR implementations typically store patient data in multiple locations over the course of their lifetime.

2) Clinic Research

Despite significant advances in converting medical records from paper to digital format, the healthcare sector is still struggling with issues involving the sharing of patient information among different service providers and organisations.

When it comes to healthcare, blockchains have become extremely useful in this regard. Since confidence is built right into the ledger, the blockchain is remarkably open. Documents can be edited by anyone and are not physically stored; encryption safeguards the information.

3) Blood Chain Tracking

A major problem with blood donor monitoring today is the lack of a standardised, inexpensive, and open system, especially in less developed nations.

Distributed artificial intelligence (AI) data mining on a blockchain that stores medical records. The government can check for compliance in medical areas such as blood donation, and scientists can make more precise predictions about the effects of certain diseases.

4) Plasma Supply Chain

Here we’ll explore some of the applications of blockchain technology in the plasma supply chain. Instead of providing a comprehensive specification, our goal here is to spark discussion and inspire further investigation and experimentation. Blockchain’s obvious benefits in the pharmaceutical industry make it an obvious candidate for use in the plasma supply chain. As a result, it is easy to see how this technology could be put to use in situations involving the authenticating of plasma products and plasma logistics.

5) Medical Staff Credentials Verification

The authenticity of the medical staff relies heavily on the verification of their credentials. Blockchain technology has the potential to not only streamline the hiring process by providing verifiable information about all these factors but also to protect this sensitive information from unauthorised access.

Benefits of Blockchain in Healthcare

Do you know how much your company could grow if you integrated blockchain technology into creating healthcare websites and apps? Interested in learning the process? Keep on reading!

1) Transparent Supply Chain

Especially in developing nations, it is desired that the supply chain be open and transparent. Due to the rise of remote health monitoring, medical devices are becoming increasingly important targets for criminals.

2) Drug Traceability

With blockchain, it is possible to track the origin of any drug, making it a reliable method for verifying the genuineness of pharmaceuticals. If you need to keep track of data about medicines throughout their entire shelf life, blockchain is your best bet in the healthcare industry.

3) Electronic Health Records

Medical mistakes and lack of care coordination are two of the leading causes of death in the United States, according to experts in healthcare system development. The fact that many doctors and nurses have trouble keeping accurate medical records indicates the state of healthcare today. Therefore, one solution could be to apply blockchain technology in the healthcare industry.

4) Patient Data Management

More than 350 data breaches exposed approximately 13,020,821 medical records. Sure, what you read is correct. HIPAA rules are very strict when it comes to protecting the privacy of patient’s medical information. It is impossible to keep those records private, as many people besides the patient and their doctor will need to see them. Because of this, it is difficult for healthcare professionals to manage data, a problem that blockchain technology could solve.

5) Cryptocurrency Payments

Blockchain technology can streamline the process of receiving medical care and paying for it with digital currencies. Users can now quickly and easily use e-wallet software to send and receive bitcoins online. Blockchain technology also facilitates the idea of micropayments. These unique value-based business models incentivize patients to follow doctors’ orders regarding their diet and daily routine by providing financial benefits.

By Michael Caine

Meet Michael Caine, a versatile author hailing from the tech-savvy landscapes of the USA. With a passion for innovation, he navigates the digital realm with his insightful perspectives on technology, gaming, and niche topics. Michael's writing transcends boundaries, seamlessly blending in-depth tech analysis with a keen understanding of the gaming world. His engaging content resonates with readers seeking a blend of cutting-edge insights and a touch of Americana. Explore the digital frontier through Michael Caine's lens as he unveils the latest trends and thought-provoking narratives in the ever-evolving world of technology and beyond.

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