Blockchain technology has attracted a lot of attention for business and investment, but it has yet to reach its full potential in healthcare. The Blockchain technology comes with a demand for revolutionary and evolutionary changes yet to be made in healthcare. High quality care is the goal of health care facilities and coupled with the added benefit of affordable costs leading to patient-focused services.
Blockchain technology refers to the list of linked digital documents. Each record is saved after verification by each network participant, based on preset rules. It offers industries the benefit of making processes more efficient and removing middlemen. It also makes it possible to collect, store and analyze data on a large scale. In healthcare, this means that patient data will not only be permanently available, but will only be accessible to trusted and authorized individuals. Although information can be added to the data, deletion or copying is impossible.
The application of Blockchain also offers other benefits for the healthcare sector.
Biopharmaceutical companies can use Blockchain to monitor and track products. Other pieces of information that come with the product stream are certain biologics. For example, sensors used in a shipment to monitor the temperature of the products send the data to the Blockchain, helping to protect against substandard or counterfeit products. Biopharmaceutical manufacturers have also benefited from Blockchain by capturing and recording interactions with regulators.
Another benefit of Bockchain technology for healthcare is that companies can share information generated from clinical trials. Adverse event data and patient demographics may be shared with regulators and sponsors. This system can reduce the pace of consent tracking and management across multiple sites, protocols, and systems.
Blockchain also makes it possible to ensure that insurance claims are accurate while preventing fraudulent claims, which is especially important in Medicaid and Medicare, where payments are made between payers, federal governments, providers, and banks. The technology makes it possible to create a smart contract that shows proof of assignment.
The industry is moving from the hysteria of Blockchain to the reality of the transformation and opportunity it can create. It is advisable for the healthcare stakeholders to fully adopt Blockchain as it may not benefit the few organizations that invest in it in isolation. Changes and transformations may take longer to take root, but they are worth it in the long run.