How Blockchain is Revolutionizing the Healthcare Industry?

Blockchain is taking over the world. Majority of the large scale corporations see the benefits that lie within the adoption of blockchain based platforms and have begun development or plan to do so. Applications of blockchain spanning over a number of fields, whether it be fintech, entertainment or the healthcare industry, have led to countless innovative creations. According to the survey conducted by the esteemed researchers and analysts at Gartner, the business value-add of blockchain will exceed $3.1 trillion by 2030. Specifically, blockchain has served a colossal amount of purposes in the healthcare industry. It was also found that 11% of all blockchain-based applications being developed are dedicated to healthcare. Down below are elaborated the purposes that blockchain based applications are serving in the field of medical.

Medical Records Of Patients

The privacy of medical records is highly sought by every individual. Various hospitals and private clinics hold their own form of records for every person. Although, essentially, it is required by the hospitals and clinicians for patients to fill in their medical history accurately, often somethings or minor symptoms can be overlooked. This seemingly minute carelessness can potentially be life threatening. Therefore, in order to deal with this ordeal a blockchain based solution is what was needed. There are now platforms, that amalgamate all the medical records of patients and store them on a blockchain based ledger that not only manages the records in a chronological order but also safeguards it from prying eyes of strangers.

Dialing Down the Insurance Fraud

The blockchain based healthcare solutions also enable individuals to present legitimate documents to insurance companies in order to prevent them from being defrauded. It was estimated that health Insurance fraud steal tens of billions of dollars yearly. Every year, paranoia takes over masses who pay absurd amount of money to their health insurances. The medical records if properly maintained could also help patients in determining what kind of health complications they might face in the future. They can also save a lot of money, by not paying for insurance funds they might never need.

Provision of Medical Data to Researcher

The researchers and analyst require data to publish surveys and make predictions based on the results. This data is hard to come by and is obtained from anonymized sources. A blockchain based platform that holds legitimate medical records can supply these researchers, that is, if the patients to whom the record belongs to allows it. These patients can also be offered incentives in exchange for their permission to utilize their medical records. In addition, the analysts can also get their hands on categorized data. For example, if they require data of patients of certain age group, or if they require data of heart patients or cancer patients only, they can access their records with ease with the particular patients consent.

Medical Institutions Reviewing Services

Blockchain based solution are now also being utilize to review the services provided by various hospitals, clinicians and even dentists. The reviewers can freely publish their reviews, and other can refer to them while selecting a suitable healthcare institutions. Being a tamper proof distributed ledger, would allow patient to liberally express their assessment about amenities provided by a particular center that could not be edited or deleted. In addition, these review providers can be offered incentives for their generous contributions.

Online Consultation

Online consultation is one of the most important application of technology alone. With the help of blockchain technology, these online clinicians can review medical records of patients with ease and diagnose the patients accordingly.

Records of Tests

Medical tests are often very expensive and if you do not have good health insurance, you could end up paying a ton of money for them. The record of these medical tests can often be scattered over a number of laboratories, however, these can be accumulated on a single network as well with a time stamp. Medical conditions change constantly, nobody certainly wants to be incorrectly diagnosed by a test that is archaic, and in this way having a non-alterable time stamp can serve a significant purpose.

Pharmacies To Grant Prescribed Meds

The prescriptions provided by doctors and clinicians to their patients are often misplaced. Doctors can utilize a blockchain-based platform, to prescribe medicines to their patients that can be accessible to an associated pharmaceutical company. Patients do not have to go through the hassle of carrying around prescription notes every time they run out of their meds.

It is rightly said that health is wealth, and to protect it blockchain based platforms can play a vital role. With all these applications already in phases of development and more to come in future, blockchain can truly provide state of art solutions to the currently faced problems by the healthcare industry.

Hassaan Malik

Co-founder of BlockPublisher, Hassaan is a technologist at heart with a keen interest in blockchain, cryptos and traditional financial markets. Email: hassaan@blockpublisher.com, hassaanmalek@gmail.com

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