Elevating Healthcare Industry With Blockchain

Blockchain is a much-needed requirement for the Healthcare Industry to leverage the power of data computing on a large scale. The present scenario of the healthcare industry is deprived of efficient data handling, which leads to a poor healthcare sector despite all the resources. The global recognition of potential help offered by blockchain services is a massive update for the healthcare industry. MBS, the leading blockchain development company in India, can be the partner in your journey toward the transformation of the healthcare sector from traditional technology to the new cutting-edge blockchain.

Present Scenario Of The Healthcare Industry

The current scenario of the healthcare industry has some serious issues and loopholes. The most prominent issue centers around data and managing crucial practices like patient information, clinical trials, doctor credentials, drug supply chain, and medical data. Some of the most critical issues faced by the healthcare industry are discussed below:

Fake Drugs

The Healthcare Industry is crawling with drug counterfeiting. The industry is not equipped with the proper tools and machines to track drugs in their journey from manufacturing to end customer distribution. This inability of the system to check for the authenticity of a drug is leading to mass destruction. Blockchain technology is equipped with the most beneficial ledger management system. Each transaction is recorded into a digital ledger and can be tracked easily to the first transponder in the transaction process.

Improper Data Segmentation And Management

The Healthcare industry is highly data-driven, and the current scenario lacks significance in data segmentation and management. The industry frequently faces issues like data misplacement and loss, leading to discrepancies in providing services to the end consumer.

Lack Of Patient Privacy

This essential factor makes leaders realize the importance of transformation in the healthcare industry. Developed nations like the US and UK have suffered from the same problems with the traditional methods. Their healthcare industry transformation has shown promising results in these countries, and India can expect better results due to the large-scale implementation of Blockchain technology.

Poor Storage Management

Patient information is undoubtedly vital for this sector. For instance, a doctor must inform the patient's medical history to initiate a proper medicine course. This information will give them an idea of the patient's medical history, previous prescriptions, allergies, or any other natural or unnatural course of action that the doctor should consider before prescribing. This process requires a seamless data storage of patient information, but the infrastructure is not ready to equip these large sets of data. It hurts the system regarding poor data utilization, storage, and management.

Security Issues And High Costing

Statistically reported, approximately 43% of health data was stolen by hackers during the last decade in the United States. However, the number has significantly reduced with the introduction of blockchain technology. Another critical issue the industry faces is the increasing cost that makes them unaffordable for ordinary people.

Blockchain applications in healthcare

Use case 1. Database

Current Scenario

The Healthcare sector deals with a ton of data daily. Different reports from different departments are required to prescribe medicine to a patient. The present system lacks interoperability and data-sharing mechanisms.

Blockchain Tech: The Best Future Proofing

Blockchain technology is equipped with the new ledger system management that allows sharing with caring. This technology can share multiple items with multiple sources and remains fully anonymous to outsiders. In addition, the technology is a savior for the healthcare industry as it allows you to track the transactions using the ledger technology. Here is a quick read on the benefits of Blockchain technology in the healthcare industry:

Accurate Data Analysis

Blockchain enables you to fetch and upload data accurately at different stages of the Industry. The technology can reduce the tampering of documents to zero as it is impossible to edit or change a document once uploaded.

Improved Interoperability

Blockchain technology allows you to share documents with infinite users where anyone can visit and view a particular record in its original form. It will increase the interoperability and reduce the time required for fetching documents from different sources. For instance, if a doctor needs to see a patient's previous prescription issued by any other organization, they can quickly bring the data using the Blockchain ledger system. On the contrary, it wasn't possible with traditional technology. It will also benefit the healthcare industry by interconnecting elements like insurance companies, pharmacies, distributors, manufacturers, and hospitals. It will pace the prolonged processing system, facilitating functions like verifying patients' legal documents.

Security Issues And High Costing

Statistically reported, approximately 43% of health data was stolen by hackers during the last decade in the United States. However, the number has significantly reduced with the introduction of blockchain technology. Another critical issue the industry faces is the increasing cost that makes them unaffordable for ordinary people.

Pocket Friendly

lockchain is not as expensive as the traditional systems, but it is way more effective than others. Despite being low-maintenance technology, blockchain can handle large amounts of traffic better. To give you a slight idea of the enormously fast Blockchain platforms, they can quickly process 3000-10000 transactions in a second.

Real-time Traceability

Blockchain offers better traceability that is especially helpful for the healthcare industry. It allows users to trace drugs or any other operation in real-time. One of the significant problems with the traditional systems is their inability to track medications, which leads to counterfeiting on a large scale and costs lives. A blockchain platform can eliminate this problem with the best-in-class real-time tracing of any operation like drug status, report status, insurance claims, or any medical history report. There is no expiration date for any document once uploaded, and it cannot be altered or edited once it is uploaded.

Top-notch Security

Blockchain became famous for its best-in-class security protocols. Industry experts believe it to be a boost for the healthcare industry's security protocols. It will reduce the chances of system break-ins from outsiders. At the same time, it will allow organizations to share their resources with other institutions for a better and more fast-paced end-user experience.

Blockchain development for the healthcare industry will enhance resource management drastically. The ledger distribution technology is especially beneficial for managing the resources better.
Blockchain comes with decentralized and distributed ledger technology that enhances the healthcare industry by reducing the friction between processes. It offers a seamless and streamlined approach to reducing friction between different departments and better resource and data sharing.
Blockchain proposes an excellent and feasible solution for the healthcare industry that facilitates data sharing and enhances security simultaneously.

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