Benefits of Blockchain in Healthcare
Blockchain is a chain of blocks linked together using hashing technique. Each block consists of some timestamped records of information such as financial, healthcare, confidential data, etc. The Blockchain network is managed by a group of users on a decentralized network. All the information is available on a distributed ledger to all the users for transparency. The important and confidential data is encrypted using cryptographic algorithms such as RSA-256. Blockchain is the most hyped technology of Internet 4.0 as it has enhanced security over the internet drastically. Using blockchain on your application or services, security breaching can be reduced by 99% because nothing is 100% secure. The world of computers is working on binary digits and that can be hacked after some decoding but blockchain encodes the data in a way that is not practical to decode easily. In this article, we will discuss the benefits of blockchain in healthcare sector.
Benefits of Blockchain in Healthcare Sector
1. Securing Patient Data
In healthcare sector, securing the patient data is the most critical part. Tampering the patient records can create problems to identify the disease or problem in the patient by the doctors and hospitals. Between the years 2009 and 2017, around 176+ million patient records were breached. The hackers stole the credit card and bank information and used them in unethical ways. Blockchain is a tamper-proof, distributed and incorruptible helps in accessing the patient data in a much easier and securing way.
2. Medical Drugs Supply Chain Management
Medicines or drugs are not made in the hospitals. They are made in labs and pharmaceutical companies around the world. These drugs are further supplied across the countries according to their needs. What happens if someone tampers the drugs while transporting across the countries? So, the medical supply chain has to be tamper-proof and transparent for the importers and exporters. Blockchain fades away this problem as blockchain has features such as transparency, decentralization, and tamper-proof. Once a distributed ledger is created for the drug, each transporting point will be entered into the blockchain from point of origin to destination making it transparent across the transportation.
3. Single Longitudinal Patient Records
As blockchain is a chain of blocks, every type of patient records will be entered into the blockchain ledger. Records such as disease history, lab test results, treatment fees, etc. can help in forecasting the disease based on his next visit using Machine Learning and Artificial Intelligence. Using these precompiled records helps hospitals in offering discounts to their customers by analyzing these records. Also, it will help in mastering patient indices making records streamline carefully and prevent costly mistakes.