Blockchain technology can transform the healthcare industry completely. It has taken over many industries and bringing the several required changes it’s needed. Its revolutionary work across many industries is impressive enough with beneficial results to grab the attention of millions. Blockchain technology improves transparency and determined to be the most profitable and relevant technology. Half of the population only knows the blockchain in frames of cryptocurrency called Bitcoin however, it’s a lot more than just digital currency. It creates immutable data records which can’t be changed.
To understand the impact of blockchain industry in healthcare first, one must understand the blockchain technology.
What is Blockchain Technology?
The blockchain is a distributed database that holds records of the digital data which is based on the security, immutable and passes from the various levels of the trial on the formation stored in the blocks.
In simple words, It consists of various huge accounting ledger data all synced with identical transition information. It’s impossible to hack the global financial system as the complete database is secure by blockchain technology. Various Industries and Well known organizations are utilizing this blockchain technology.
According to the Silicon Republic, blockchain startups raised $1.4 Billion in 2016 and $1 million in 2017.
Impact of Blockchain Technology in Healthcare
Blockchain Development has already grabbed the attention of millions. Blockchain technology in healthcare can prevent data breaches in the healthcare industry and allow them to grow effectively. This guarded and reliable technology helps the healthcare industry to keep data secure and sensitive information a lot more protected. Blockchain technology is an efficient technology that can help this industry to improve and get better. Blockchain technology has the potential to transfer the healthcare industry and presenting it in a lot more secure and stable way for people.
This technology helps the healthcare industry to manage clinical trial data and electronic medical records while maintaining and managing regulatory compliance. Blockchain technology has proven to be the game changer with the potential to change the complete landscape of how business is done. It drives, secure data sharing between healthcare providers and gives them the opportunity to lead accurate diagnoses with more effective treatment.
According to the Survey, It is expected that in the year 2024 the global blockchain market to be worth $20 billion. Currently, 69% of hospitals have introduced blockchain technology to manage & keep the data in an organized way. 28.6% respondents will introduce this seamless technology soon in their management system.
Blockchain Technology in Healthcare: Benefits
Blockchain technology has many benefits in the healthcare industry. Here, we have narrow down the list of these benefits.
Data Security and Integrity: – With the increasing number of patients the healthcare industry has to manage extensive data and it becomes hard for hospitals to keep all the informed store safely. These records include Patient health information, Electronic records, Insurance claims information and a lot more. This is where the blockchain comes in the picture and approaches to secure recording and sharing of information by verifying the patient’s health information, perform unchangeable medical audits and ensure data safety while reducing audit expenses and ensuring regulatory compliance.
Simplified Billing Process: – Blockchain technology has simplified the complete medical billing process. It has clutter all the complexities which people use to face by eliminating the series of validations and the number of third party approvals. It promotes a fair process and decentralizes all the records made through the system.
Increase Data Transparency: – Blockchain technology increase the data transparency that made in the system and stores all the information in the form of a data block. This is one of the most beneficial aspects of using this technology in the health sector. Blockchain implementation gives accurate data when required, and it provides with complete transparency of earlier records.
Patient Data Management: – Patient data privacy is strictly regulated by HIPPA (Health Insurance Portability and Accountability) Act, and it needs Patient information to be totally secure, therefore, blockchain technology creates a hash for each patient health information with patient ID to make it more secure.
Allow Patient to Generate Data: – With the implementation of blockchain technology in the healthcare industry one can easily upload and securely update their medical information. It allows patients to upload data securely without impacting previous records and other patient histories.
Blockchain Technology in Healthcare: Opportunities
This innovative technology has numerous opportunities for each industry. Without further ado, let’s go through with the opportunities in the healthcare industry practicing blockchain.
Blockchain technology allows better data sharing between healthcare providers with a higher probability to accurately diagnose.
Blockchain technology has the potential to prevent the healthcare industry with accurate data sharing.
Security is a common concern and this revolutionary technology is increasing trust and providing with better data security.
By using this technology one can manage patient data effectively and provide with complete patient data management.
It helps in addressing various health care, technical, organizational, and financial challenges.
Blockchain Technology in Healthcare: Challenges
There are many organizational and technical challenges in implementing blockchain technology in healthcare. To help you understand it thoroughly, we have written all the difficulties here.
Initial Cost: – Cost is the dominant factor that impacts the overall decision of implementing blockchain technology in the healthcare industry. As no one knows the cost of implementing this technology and maintaining it for a longer duration. One can only make this decision once they the overall costing.
Uncertainty: – Blockchain technology is not yet adopted by all the industries hence, it impacts the overall decision of selecting blockchain technology for future growth. There are not many successful blockchain technology models therefore, business creates uncertain situations.
Data Storage Capacity: – Healthcare industry is vast, there is a significant amount of database which requires remarkable storage space. It includes patient health information, medical records, images, lab reports and a lot more. Therefore, the storage capability of blockchain can be challenging for the healthcare industry.
Technical Barriers: – To implement blockchain technology in the healthcare industry one must require a decent infrastructure and interconnectivity. It is one of the most challenging factors in the healthcare industry as a network of the interconnected device is necessary to verify data.
Knowledge Gap: – This is one of the prominent issues as a lot of people do not know about blockchain technology completely. For the beneficial implementation of blockchain technology in healthcare industry knowledge is a must.
Blockchain technology has changed the landscape of business. It has a greater impact on the healthcare industry and has given the opportunity to provide healthcare organizations to deliver cost-effective care. It allows stakeholders to share information without compromising data security and integrity. It maximizes the potential of collected medical data and uses it in the most effective way for fruitful results.
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