The Usefulness of Blockchain Applications in Healthcare

The healthcare industry has undergone a major paradigm shift in the past few years with the growing trend of blockchain applications. Now, hospitals are turning into Smart Hospitals that provide virtual reality and AI-driven healthcare solutions to global patients. 

The innovative ways of developing blockchain applications in healthcare have changed the way hospitals used to deal with their patients. Now, novel technology has made it more patient-centric.
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According to GlobeNewsWire The market size of the global blockchain in healthcare industry is expected to touch $1.02 billion in 2023. At the same time, it may reach $4.46 billion in 2026 at a CAGR of 38.1%.

Advantages of Incorporating Blockchain with Healthcare Organizations

Blockchain healthcare solutions facilitate the decentralization of transactions, audibility, and anonymity. Simply put, data stored on the blockchain’s distributed ledger cannot be modified single-handly, making the ledger immutable. A reputed blockchain healthcare app development company can automate the business process of your hospital by deploying blockchain technology. 

Let’s find out the advantages!

• Managing Data of Patients

Blockchain applications in healthcare help in the management of data related to patients. Hospitals find it convenient to maintain essential records related to social security numbers, credit card details, medical reports, and more such information about patients with utmost confidentiality, as blockchain in the healthcare industry is already featured with encryption algorithms. Thus, the records remain hack-proof. 

Many times, patients don’t like to leak their privacy, and the hospitals have to respect their confidentiality by not disclosing their test results or anything related to their medical condition. At the same time, it should be made easier for the team of doctors to access the record of patients without worrying about spying eyes. Both these needs are met successfully by blockchain healthcare solutions. 

A reputed blockchain healthcare app development company can integrate healthcare APIs with blockchain to ensure ease of maintaining and transferring medical records of patients from one department to another, without providing access to unauthorized individuals. It means the hospital can set partial access to information, as per the requirement. 

• Data Security

Any healthcare service provider will always like to prevent data breaches as they could result in a huge monetary setback and loss of reputation. Just like any other industry, hospitals are afraid of losing business prospects due to unsafe data. Blockchain applications in healthcare are an answer to all such concerns. It provides robust security to transactional data and information that requires not to be disclosed publically. 

• Simplifying Transactions

The use of blockchain in the healthcare industry has made it easier for hospitals to provide their consultation services globally and allow customers to pay in crypto mode. Blockchain healthcare solutions simplify the ways of maintaining records of transactions in an immutable distributed ledger. Each transaction is verifiable and cryptographically encrypted, besides providing better transparency. Since the data and information of each translation are automatically recorded on the blockchain, there is no scope for human errors or data duplication. 

• Management of Drug Supply

According to a study carried out by National Crime Prevention Council, approximately 10% of drugs in the supply chain on the global platform is counterfeit. It’s something serious, as it can put the lives of patients in danger. If they are not getting the right treatment for an ailment, it might turn out to be life-threatening for them. Such problems can be handled with smartness by hiring a blockchain healthcare app development company. It will prevent fraudulent activities or the supply of counterfeit drugs by providing traceability. 

• Integration With IoT enabled Fitness Devices

Have you been using wearable fitness devices? Blockchain applications in healthcare and fitness are powered by IoT that allows doctors to monitor the health of their patients in a better way. They can easily track the changes in the patient’s health and modify the treatment process accordingly. 

• Issuance of Insurance Claims through Smart Contracts

Smart contracts for insurance are an eminent part of Blockchain healthcare solutions. Techies have made it easier for hospitals and insurance service providers to automate insurance issuance by implementing smart contracts. It also simplifies various activities related to drug reimbursement and verification of the terms and conditions related to healthcare insurance. 

Advantages of Switching to Blockchain For The Patients

Blockchain in healthcare industry is not only beneficial for hospitals but also for patients. Let’s find out how!

•  Patients are mainly concerned about the security and privacy of their confidential data, including medical records. Blockchain helps them to have ownership of all such data. 
• Patients are made capable of using access control power, which ensures that their sensitive data cannot be seen by anyone without seeking their permission. 
• Makes easier for them to seek consultation with the best doctor remotely, and make payments quickly through the blockchain network.  
• They can use wearable fitness devices, as recommended by their doctor. It will help maintain some essential medical records with greater ease. 

Wrapping Up

With the continued development of blockchain applications in healthcare, we expect unexpected growth and improvement in the services provided by hospitals. It includes ease of patient data management, better payment methods, higher security of sensitive records, transparency & traceability of drug supply, and many more facilities. 

Today, many prestigious organizations are already using blockchain healthcare solutions for the betterment of their patients. Even you can do it with the help of Antier, a blockchain Healthcare app development company of repute. Alalgamaing blockchain in healthcare industry will help to keep your hospital or medical services on top. All you need to do is to contact the experts from Antier without losing time.