Global healthcare institutions must capitalize on Blockchain technology as it holds the potential to revolutionize the healthcare sector. According to a report, the size of the global Blockchain in the healthcare market is projected to amount to USD 7308.32 million with a CAGR of 76.30% by 2028.
In the long run, the utilization of Blockchain in healthcare industry will help businesses provide better health outcomes for patients. Considering the myriad of benefits offered by the Blockchain, it’s paramount for healthcare institutions to realize the potential of decentralization, reduced transaction cost, data integration, and transparency.
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The following are some prominent reasons of using the Blockchain technology in healthcare industry:
Managing Health Records
From quality assessments to wellness polls, a significant amount of data is generated during the various phases of the clinical study. Healthcare providers suspect the validity of all data manually by matching it with original records stored in the system which is very hectic and time-consuming. Blockchain technology is based on cryptographic techniques which allows healthcare experts to store all data in EHR format while saving time, energy, and overhead cost.
Analyzing Results of a Particular Procedure
With Blockchain infrastructure in place, researchers can monitor the side effects of any particular disease on a large scale through verified access to patients’ data. Pharmacies can gather the data in real-time, deliver a wide range of precisely adapted drugs, and instruct patients to take medications accordingly.
Reducing Needless Overhead Expenses
The usage of Blockchain in healthcare market reduces unnecessary expenses as it eliminates the need for multiple intermediaries to analyze healthcare data. Many challenges that plague the healthcare system and require manpower such as report completion, record keeping, catastrophic data failure, and handling online fraud will be reduced to a greater extent.
Monitoring Medical Supply chains
Healthcare institutions suffer huge losses every year as counterfeit drugs make their way to the industry due to weak medical supply chains. A Blockchain-based application would make it possible for healthcare experts to track medical supply chain from manufacturer to supplier and identify the provenance of fake drugs.
Here is the list of some popular companies utilizing Blockchain applications in healthcare:
Akiri is a US-based firm that runs a cloud-based network to tackle liquidity challenges and facilitate the movement of information among various participants in the healthcare economy of the U.S. The company is working with a mission to overcome liquidity challenges by following a novel approach to providing frictionless data exchange across the healthcare ecosystem.
BurstIQ uses an innovative Blockchain platform named LifeGraph to equip businesses in the healthcare industry with secure, trusted, and intelligence-driven data ecosystems. The platform allows healthcare institutions to build more personalized, secure, and robust healthcare solutions. It revolutionizes the way how patients’ data is gathered, controlled, and managed.
Medicalchain is a UK-based company that works with a vision to put users in control of their medical records allowing them to share every bit of data with organizations in their network. The Blockchain application created by Medicalchain provides patients with immediate retrieval of health records and allows them to share the same with doctors through online consultation.
Coral Health strives to provide the best healthcare services to patients by making them feel safe and comfortable. The company leverages the Blockchain’s potential to better accelerate the patient care process, improve outcomes, and automate administrative processes. Coral Health ensures that all records shared between patients and doctors are safe and accurate.
Chronicled helps pharmaceutical firms streamline their supply chain operations by providing them with a solution called Mediledger Project: A ledger system designed to ensure the safety and efficiency of medical supply chains. The solution helps healthcare firms and officials to review any suspicious activity across the supply chain and reduce drug trafficking and counterfeit medications.
To conclude, utilizing Blockchain technology isn’t only a panacea for data standardization in healthcare but also provides a way to connect fragmented healthcare systems to better assess the value of care and generate insights. Though this blog will help many entrepreneurs know the prominent benefits of Blockchain in healthcare, some may find it difficult to understand the concept. In such a case, a consultation could be sought from a trusted Blockchain development company like Antier.
Antier is a world-class Blockchain development company that has been serving clients from diverse industry verticals including healthcare since its inception. The company has developed a plethora of Blockchain-based healthcare applications over the years to help global healthcare systems streamline their operations. Contact us today to get your Blockchain-based healthcare app developed conveniently.
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