3 potential use cases of blockchain in healthcare | Zoreum Blockchain Labs
The distributed ledger technology is now considered to harness much more potential than just possessing the ability to disrupt the financial industry. From retail to machine learning, from transport to healthcare, there are innumerable ways in which blockchain technology can be put to use.
It wasn’t until 2017 that the major part of the business world had understood the power of blockchain. But today, blockchain has become the center of almost all technological discussions. Industrialists and innovators in the healthcare industry, too, have realized how blockchain can add to the efficiency of various important procedures within the ecosystem.
Keeping in mind the expeditious growth of the healthcare industry in the recent times and the boost in the usage of technology to make things more sophisticated, the inadequate system for the exchange of information has somehow anchored the growth of the industry as a whole. However, the blockchain technology came to limelight just at the right time.
Continuous efforts are now being made to understand and utilize the power blockchain to disrupt the obsolete, inefficient functioning systems in the healthcare industry. Below are three such potential disruptive uses of the blockchain:
⦁ Supply Chain Management
Supply chain management in the healthcare industry has long been in question. Currently, it’s not only complex but also expensive. In consideration of this, major players in the healthcare industries are experimenting with the implementation of blockchain ledger to simplify and secure the drug supply chain.
This innovation of the supply chain in healthcare would increase inventory transparency and record a sorted and streamlined data. Also, due to its decentralized nature, using blockchain as an asset management system would entitle it as a dependable source of exact information, hence, negating frauds.
With the electronic health records being interoperable, the issue of health management across the nation and the world would be possible. However, EHRs still lack interoperability. But certainly, with the implementation of the blockchain to the health record systems, the issue can be tackled.
The ability to transfer patients’ data anywhere across the globe would mean that there can be more specific treatments given to different patients according to their history, environment, genetics and so on.
⦁ Claims Adjudication
It is estimated that almost 5 to 10% of the healthcare costs are fraudulent. Implementing blockchain for claims adjudication would refer to the automation of the complete process, hence, setting aside the role of intermediaries. This would, in turn, reduce the administrative costs and frauds.
In her book, Blockchain in Healthcare: A Rock Stars of Technology Event, Tamara StClaire stated, “To me, this is when we think about the whole process of claims as an area that can be completely disintermediated.” She highly recommended the use of Blockchain’s Smart Contracts that define the rules of contract execution and reaching consensus in the secured system.
Apart from the above mentioned three use cases of blockchain that could be implemented for the evolvement of the healthcare industry, there still are numerous others. While there is time before blockchain garners recognition on a much larger scale, and is understood by a wider audience, the best is being done to bring its uses to the world. In the meantime, we can all put our bets on the fact that blockchain will, sooner or later, revolutionize the healthcare industry alongside disrupting other industries, too.