Taking into account its tremendous benefits, it’s just a matter of time until blockchain will revolutionize the healthcare industry.
Healthcare is one of the essential industries in the world. Every day, people rely on doctors and nurses to help them get better and stay healthy.
However, healthcare is also one of the most expensive industries globally. It is challenging to keep track of all the different patients, doctors, medications, and insurance policies. Blockchain technology can change all that.
And if you don’t know already what blockchain is, let me explain to you with simple words:
Blockchain is a system of storing any type of data and information in a distributed way so that it is impossible to fraud, cheat, or abuse the system. It is widely used in cryptocurrency and digital finance, but it also has breakthrough uses in most industries.
In this blog post, we will discuss how blockchain can be used to improve the healthcare industry.
How Can Blockchain Improve The Healthcare Industry?
Here are six important issues that the blockchain technology can fix in our current healthcare industry:
1. Research And Development
One of the biggest problems in healthcare is that there is a lot of wasted research and development. Billions of dollars are spent on research that is never used every year.
It is challenging to share information between different research teams. With blockchain, all of this information can be stored in one place and shared with anyone who needs it.
This will allow for better collaboration and lead to breakthroughs in many different diseases.
2. Seamless Switching Of Patients Between Providers
Another big problem in healthcare is that it is tough for patients to switch between providers. This is because each provider has its system for storing medical records.
With blockchain, all patient records could be stored in one place and accessed by any provider. This would allow for much easier switching between providers and better care for patients.
3. Faster, Cheaper, Better Patient Care
One of the most significant advantages of blockchain technology is that it is much faster and cheaper than traditional methods.
For example, it can take days or weeks to get test results back from a lab. With blockchain, the results could be available almost instantly. This would allow for faster treatment and could save lives.
In addition, blockchain is much cheaper than traditional methods. This is because there is no need for intermediaries like insurance companies. This could lead to lower healthcare costs for everyone.
4. Improved Data Security
Another significant advantage of blockchain is that it is much more secure than traditional methods. This is because all of the data is stored on a distributed ledger. This means that it would be tough for hackers to access the data.
In addition, blockchain also has built-in security features that would make it very difficult for anyone to tamper with the data. This would give patients peace of mind knowing that their medical records are safe and secure.
5. Interoperable Electronic Health Records
One of the biggest problems with electronic health records is that they are not interoperable. This means that they cannot be easily shared between different providers.
With blockchain, all records could be stored on a distributed ledger. This would allow for easy sharing between providers and better care for patients.
6. Protection Against Fraud And Abuse
A huge problem in healthcare is fraud and abuse. This is because there are a lot of middlemen involved in the system.
With blockchain, all of the data would be stored on a distributed ledger. This would make it much more difficult for anyone to commit fraud or abuse.
In addition, blockchain would also allow for better tracking of patients. This would make it easier to catch anyone trying to commit fraud or abuse.
Taking all the above benefits into consideration, without any doubt, blockchain is the next big step in the healthcare industry.