How AI & Blockchain can combine to boost the Healthcare Industry

“It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change.”

‍- Charles Darwin

Blockchain in Health Care

Blockchain is gaining popularity as a tool that could help solve some of the healthcare industry’s timeworn problems that have resulted in wasteful spending and higher costs for providers, insurers, and patients. Once — uncertain competitors are joining strength to find out just what the technology can do and, in the process, are promoting new transparent business models.

Medical supply chain

The healthcare industry is no alien to the headlines, with ever-increasing costs on the world’s minds. It is a battle against rising prices, and many entrepreneurs are turning to supply chain management to improve processes and better control expenses. They assume that Blockchain will be the key to unlocking healthcare data-sharing barriers and ultimately enables an industry-wide shift to value-based care. Blockchain is admirable at tracking the chain of custody of an item from the manufacturer to the hospital and then eventually to its end-user. It gives clarity to item usage and movement. Blockchain in the Pharma Supply Chain could reduce counterfeiting and theft issues and help manage inventory.

Medical records

Keeping our critical medical data safe and secure is the most popular blockchain healthcare application at the moment, which isn’t surprising. Security is a significant issue in the healthcare industry. Blockchain’s ability to keep a trustworthy, decentralized, and transparent log of all patient data makes it a technology rife for security applications. Blockchain can make data more Logical and understandable, helping trace and determine the logic behind the algorithmic decision-making process. The distributed nature of the technology creates one environs of patient data that can be quickly and efficiently assign by doctors, hospitals, pharmacists, and anyone else involved in treatment. A Smart Contract-based EHR would modernize medications, problems, allergy lists, etc. to an association-wide trusted open-source ledger, so additions and reduction to the medical record are well understood and auditable across organizations.

AI in Healthcare

AI in healthcare mainly refers to doctors and hospitals accessing large data sets of potentially life-saving information. AI intends to teach others in the world, which will lead to improved treatment and, eventually, more excellent global health. Using AI in growing nations who do not have the resources will decline the need for outsourcing and can use AI to improve patient care.

Patient data analyzing

Companies and healthcare professionals use machine learning to explore patient data to determine possible patient results. Diagnostics Analytics, “a form of advanced analytics which examines data or content,” will discover why a health outcome happened. AI identifies patterns that may indicate potential risks by aggregating, cleaning, and analyzing client data and provides predictive insights on healthcare outcomes. AI enables to identify patients earlier who may require enhanced treatment options and improve overall risk management and quality of operations.

Symptom Tracking of Patient

An artificial intelligence tool correctly predicted which patients newly infected with the COVID-19 virus would develop severe respiratory disease. AI may reduce errors in cancer diagnosis and emerging methods for individualized medical treatment. By deploying AI at general screenings, it aims to detect cancer early and subsequently develop new therapies.

Blockchain is a distributed, decentralized, inflexible ledger used to store uncorrupted data. On the other hand, AI is the “brain” that will enable analytics and decision making from the data collected. Specific use cases for combining Blockchain and AI will depend on company needs, but the underlying theme will be data. Blockchain will ensure that data is protected, private, and accurate. AI models will make data to become more productive. Storing this data securely and maintaining privacy is a business need.

BirthVenue helps companies in building their customizable Blockchain and AI solutions by using their team of experienced developers. We make intelligent off-the-shelf solutions to all of the various verticals. Through our strong partnerships, we deliver quality like no other!.

By Lakshay Taneja

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This is a post in our on Medium blog, ‘Blockchain for Everyone’.

Sign up here to discuss any use cases. Thanks to Rohit Taneja for reflections and feedback.

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