Many healthcare institutions across the globe rely heavily on centralized management systems to handle day-to-day tasks like record keeping, transaction processing, supply chain management, and more. Though many traditional systems can manage a plethora of tasks conveniently, some of them are prone to failure due to the lack of transparency, limited interoperability, and low security. This is where smart contracts comes into the picture.
The below-listed are some primary benefits of investing in smart contract development and using Blockchain-based applications in the healthcare industry:
Record-keeping is one of the most essential aspects of patient management in the healthcare industry. A smart contract-based application could be used to generate patients’ profiles on the Blockchain network while allowing healthcare professionals to track and view past medical records. Such a setup will not only allows doctors to avoid issues regarding medical negligence but also help them provide better treatment on the basis of the patient’s treatment history and successive outcomes. In addition to that, smart contracts could be used to share patients’ information with registered insurance firms automatically for streamlining patients’ claims process.
When it comes to revenue management, conventional billing systems present many challenges to the healthcare industry. The storage of billing information on the Blockchain could help healthcare enterprises overcome complex transactional processes. A small error in the billing system and collections can cause major interruptions. A smart contracts-based application can help businesses overcome such issues by providing elaborated checklists. Smart contracts-based Blockchain applications could be utilized in situations where there are pre-existing transparency concerns. Moreover, the immutable nature of decentralized networks prevents issues related to data loss in billing systems.
Counterfeit drugs cause healthcare institutions to suffer huge financial losses worth millions of dollars every year. The bogus drugs find their way into the healthcare industry due to dysfunctional supply chain systems. So it is crucial to track the origin of counterfeit drugs to save people’s lives. Healthcare firms could detect fake drugs by utilizing smart contract applications in the supply chain. As the data will be stored on the transparent Blockchain network, it would be easy to identify weaknesses in the supply chain that lead to the entry of counterfeit medicines and fake drugs in the pharmacies as well as local healthcare institutions.
Many aspects of telehealth have been revolutionized by remote monitoring devices and digital gadgets over the past couple of years. Not only wearable devices could measure patients’ heart rate and other physiological elements but also transmit the data in real time to concerned healthcare professionals. The usage of smart contracts will help you store such data on the Blockchain network and keep it confidential through encryption at the same time while ensuring that only intended doctors can access it.
According to a report, the global healthcare smart contracts market size, which was valued at 1.6 billion USD in 2021, is expected to grow at a CAGR of 20.5 percent from 2022 to 2030.
As per another report, the global Blockchain market size in healthcare is expected to expand from USD 0.76 billion to USD 14.25 billion at a CAGR of 34.02% during the forecast period 2023 to 2032.
Such statistics provide a clear indication that smart contracts will surely revolutionize the healthcare sector in the foreseeable future. So it is the crunch time for businesses to invest in smart contract development.
There is no denying that the COVID-19 pandemic has shattered the healthcare sector globally by exposing traditional methods within the system. Whether it’s about handling medical records transparently or managing patients’ data securely, COVID-19 has shown many restrictions in the existing healthcare industry. As shared above in this blog post, the application of smart contracts in healthcare has the ability to alleviate many challenges in the system. So businesses in the healthcare sector, that are still utilizing traditional medical appliances, must leverage smart contract development services from a reliable firm to upgrade their existing workflows. Rest, if you’re willing to know more about the potential of Blockchain in healthcare, then it is advisable to get in touch with experts at Antier.
Antier is a renowned smart contract development company that creates smart contracts as per the business requirements of healthcare professionals. The company owns a team of more than 600 employees who work dedicatedly to provide its clients with the best smart contract development services.
In addition to smart contract development, the company also provides services such as smart contract audit, smart contract optimization, smart contract deployment, and more.
Contact us today to share your smart contract development needs!
