Since its very inception, blockchain technology revolutionized the FinTech sector with its strong emphasis on transparency, security and speed. But FinTech isn’t the only industry that’s using blockchain. Due to its overwhelming popularity, global supply chains, legal sectors and real estate industries are constantly exploring new ways to roll out blockchain based services.
Recently, the healthcare industry followed suit, and there’s a high possibility that they’ll come up with blockchain based innovations in the days to come. But what exactly makes blockchain so hyped about? Is it really going to reshape the healthcare industry? Let’s clear the air!
One of the defining aspects of the blockchain technology is its architecture that ensures fast, seamless, end-to-end operation between different systems. This feature can be used by the healthcare industry to maintain interoperability between two (or more) healthcare systems.
Since the blockchain technology also allows you to generate proof regarding data integrity, patient-care professionals can easily authenticate their data timestamps without having to depend on third-parties. This feature paves way for enhanced drug traceability, better security of data in clinical trials and consistent data management.
Here, I’d particularly focus on data management since the healthcare industry heavily relies on it. When data is managed smoothly, it ends up saving the costs of both patients and healthcare providers. But how will this technology be implemented in data management?
The idea is simple- every time a member of the patient-care team wants to make an alteration in their dataset, they will have to complete a round of cryptographic criteria. After they complete the criteria, their edit will be deemed as a ‘block’ which will then be approved and locked in order. This block can be eventually monitored by the patient and other team members. At the end of the day, this feature won’t just simplify data-management, but it’ll also ensure greater transparency.
In addition to this, blockchain technology can also be used for verifying PHI integrity, proving the authenticity of clinical research, ensuring data safety, reducing the expenses of audit and ensuring regulatory compliance.
Owing to its endless benefits, medical professionals are pretty optimistic about the technology, and around 38% predict it to be implemented in the next five years.