Blockchain for tracking health records
The current medical records system is this: Room after room after room in a hospital filled with paper files. — Timothy Murphy
Blockchain is a peer-to-peer result that doesn’t need a centralized body to task correctly. It utilizes a consensus model to reach consent for the transactions and other activities carried out in the network. Blockchain networks are also immutable, protected, and transparent.
Blockchain can improve the pharma industry as it introduces three essential elements in the industry: privacy, clarity, and traceability. It will aid with the industry’s laws, practices, privacy, and global regulations. It can also help pharma to record and trace drugs using blockchain.
For instance, clinical trials will aid hugely due to entry to more transparency and correct information. There are other use-cases where blockchain gloss, and to get a better understanding, we need to go through the critical use-cases of blockchain in pharma and how it can record and trace.
The current pharmaceutical industry is patient-centric. Also, if you are a patient who has an underlying disease, your doctor has a higher prospect of going through a patient-centric treatment.
Blockchain can aid with the patient-centric approach and help pharmaceutical companies record the patients through the blockchain. To ensure patients get the proper guidance, the pharma companies need to collaborate with the medical community. They can precisely take feedback from the patients and then use those data and knowledge to find out the communicating value and justifying price.
Blockchain is an impetus for changing processes and business models across enterprise companies in healthcare. Let’s find out exactly how blockchain is becoming an unruly force, particularly in the healthcare sector.
Drug Supply Chain rectitude
Blockchain can be used to speck the origin of the product until it reaches a consumer. When the physical product moves, the blockchain token changes hands and mirrors its real-world chain of custody.
As A.I. and machine learning increase in healthcare, the industry undoubtedly must deal with more data than it ever has before. Not only that, but this data will have to be highly shareable among the patient, doctors, medical facilities, and healthcare providers. This large amount of data contains sensitive information, and blockchain will allow for significant data discovery and democratization without posing a security risk.
Securing Electronic Health Records
Let’s picture a plot where you only have to fill up your medical forms only once and not accord with any paperwork ever again! Blockchain in healthcare can offer you an individual portal with all of the data in digital formats.
Better Insurance Claims and Audits
Blockchain and healthcare can create an incredible ecosystem where insurance claims are handled at a greater speed. In the real world, we all need health insurance to pay our medical bills. But the process is highly time-consuming and a bit tedious.
Verifying Clinical Trials
This is another one of the use cases of blockchain technology in healthcare. In reality, medical testing or clinical trials depends heavily on the data verification process because valuable lives depend on it. However, the data is not 100% verified in many cases, giving a scope of fraudulent activities.
Birthvenue has been working towards adding value to India’s blockchain ecosystem by contributing not only through our enterprise solutions work but also through our learning and development division. We have built platforms to accommodate multiple use cases and deliver our solutions through robust partnerships with industry leaders.
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This is a post in our Medium blog, ‘Blockchain for Everyone.’
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