4 Areas of Healthcare Where Blockchain Has Use-Case

4 Areas of Healthcare Where Blockchain Has Use-Case

In the healthcare industry, the information or data shared between a lot of stakeholders. Hospitals, doctors, clinics, pathology labs, blood banks, equipment manufacturers, and patients are the primary sources who keep the information. Since the nature of information comes under confidential and personal data, security and privacy for this set of data is the most crucial priority.

Though securing medical data is crucial, on the other hand, it can't be locked in silos. Medical data is an essential asset for every stakeholder as it allows seamless functioning of an establishment is providing healthcare services. Thus, ease of access to this data is required; therefore it calls a secure transfer of information among various users simultaneously need information available on-demand only to authentic users.

Blockchain provides ease in disguise for healthcare companies!

Why? Blockchain ensures security and privacy of the data due to its nature of immutable transactions. The blockchain is a network of distributed

systems, meaning every transaction when occured in its network required validation. However, if it's failed to validate, a transaction couldn't happen that ensures complete encryption.

According to Statista," by 2025, 55 percent of healthcare applications will have adopted blockchain for commercial deployment."

Let's look at four areas of healthcare industry where blockchain has a usecase 1. Keep Data in Compliance With EHR and HIPAA HIPAA (Health Insurance Portability and Accountability Act) has strict privacy and security standards for the use and disclosure of PHI ( Protected Health Information). In the traditional system, the risk of a data breach is significant.

Blockchain due to its decentralized nature secure PHI in unprecedented new ways. The new digital system possesses the potential to support the system with technology which ensures a better quality of care for patients in health care settings. The decentralized network provides the transparency and interoperability essential to EHR adoption.

2. Unbiased Clinical Trials Every drug development companies go through immense pressure to ensure their produced drugs passes the clinical trials. It is common among the industry to influence the test reports by hiding the test findings of the original study protocol.

Blockchain development services that include the use of smart contracts provides the solution to the problem. The smart contract is a pre-defined rule-based system which kept every kind of data validated. Likewise, smart-contracts keep the original data of study protocol and showcase to the world about the unbiased trials which help acquire more clients and help build reliability. Blockchain stores data in the form of cryptographic

hashes, thus no tampering with data would be possible.

3. Eliminate Counterfeit Drugs A number of criminal activities have been recorded over decades around counterfeit medicines and medication. According to the Health Research Funding Organization, there are about 10-30 percent drugs out of 100 in developing countries are fake medicine. While criminals supply such fake medicine, often good medicine comes under counterfeit drugs when not stored and supplied with adherence to ISO standards.

There are medicines which require special packaging, storage even when supplied to one place to other. Hire blockchain developers to develop a comprehensive blockchain based system using IoT and allied technologies that enable you collect such significant data; thus shows potential to eliminate the number of counterfeit drugs from the market.

4. Reduce Insurance Fraud The U.S. faces a loss of around $60 billion in health care fraud, according to NHCAA (National Health Care Anti-Fraud Association). Here FBI estimated fraud in the billing of health care programs offered by public and private institutions. However, it is a falsification of a patient's medical condition too, including test, etc. that bring up the costs of healthcare insurance for everyone. The immutable ledger of blockchain records everything. Therefore it wouldn't be possible to do any falsification with the data. Cross-verification will become smooth while minimizing chances of fraud.

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