QANplatform Use Case Story: Healthcare
Learn about blockchain solutions in the healthcare industry and how businesses can build quantum-resistant applications on QANplatform.
Many global industries are leveraging blockchain technology to improve processes, increase efficiency, and enhance security. Arguably one of the most important industries where blockchain is making an impact is in healthcare.
Read on to learn more about how blockchain is disrupting the healthcare industry and how healthcare businesses can build quantum-resistant blockchain applications on QANplatform.
The Global Healthcare Market: A Brief Overview
The healthcare industry aims to maintain and improve health in society. The industry is divided into three major branches: services, products, and finance. Each branch is further subdivided into numerous categories that combine to meet society’s health needs.
Healthcare has proven to be one of the fastest-growing industries in the world, accounting for more than 10 percent of the GDPs of many developed nations. This is no surprise as citizens’ good health leads to the increased wealth of a nation.
The importance of this industry to a nation is visibly seen in its large workforce. According to the World Health Organization (WHO), there are over 19.4 million nurses and midwives, 9.2 million physicians, 2.6 million pharmacists and other pharmaceutical personnel, 1.9 million dentists and other dentistry personnel, and over 1.3 million community health workers worldwide.
Information technology is considered as one of the most important factors that help the industry to function properly. A lack of proper ICT management in the industry could damage global health.
How Blockchain Is Disrupting Healthcare
Blockchain technology in the healthcare industry was valued at $248.7 million in 2021, and is predicted to grow to $513.1 million in 2028 with a CAGR of 50.6% within 2022–2028.
The main reason blockchain technology is seeing such growth in the healthcare industry is its amazing capacity for effective data management.
Data in the healthcare industry is growing exponentially with the increasing information of medications, drugs, clinical trials, medicine, exercise, insurance data, variable symptoms, prescription, laboratory reports, etc.
Without a proper management system, the increase in health data can lead to a series of problems, including slow healthcare services, the prevalence of diseases, and data security threats.
Healthcare data is very delicate. A small error in analysis or computation can potentially lead to the loss of lives. Unfortunately, studies show that medical errors are one of the leading causes of death globally.
Blockchain technology can vastly improve the security and reliability of health. Instead of having a central database, blockchain can cryptographically secure health data and distribute it across several computers. This process improves the privacy of medical records and reduces the chance of costly mistakes occurring as there will be copies of ledgers operated by nodes that have to reach consensus to ensure the validity of records.
Additionally, the sale of counterfeit drugs is on the rise as the OECD considers the fake pharmaceutical market to be worth around $200 billion every year. The World Health Organization (WHO) estimates that about 10% of prescriptions worldwide are fake, with the rate being even higher in some regions of Africa and Asia. This has resulted in the deaths of an expected one million persons per year.
Blockchain technology — known for its ability to prove the authenticity of transactions and ownership of assets — can effectively help in reducing the number of counterfeit drugs in the market.
Blockchain systems’ immutable and transparent nature gives insight into the supply chain trackability of drugs by enabling people to track and verify if a drug comes from the original manufacturers.
Beyond the provenance of drugs, blockchain can also help verify the credentials of medical staff. This can speed up the hiring process and help institutions avoid hiring less qualified medical personnel.
Blockchain Healthcare Use Cases
Several platforms have leveraged blockchain technology to create innovative solutions that improve healthcare services. Below, we have outlined a few platforms and the different innovative services they bring to the healthcare industry through blockchain technology:
BurstIQ
BurstIQ tackles challenges in managing medical records through blockchain technology by securing and safely storing user’s data. It can detect drug addiction early in the lives of users helping reduce the misuse and abuse of drugs. BurstIQ also provides interoperability between health information exchanges (HIEs) and personalized insurance benefits plans.
DocAI
DocAI uses artificial intelligence and blockchain technology to consolidate medical services by allowing users to share their medical records and genomic data with researchers in a privacy-preserved manner. These functions can accelerate research and help in predictive modelling. One of the stand-out solutions on DocAI is its Serenity app, which allows for virtual mental healthcare through chat-based mental and behavioural health protocols.
Akiri
Akiri applies blockchain technology in running a network-as-a-service tailored at helping protect patients’ data when it’s being transported. The platform ensures that healthcare data is secured and available for only authorized parties at the different times it’s needed.
Blockpharma
Blockpharma is a platform owned by Crystalchain that allows users to track drugs throughout their journey in the supply chain — from manufacturer to their end consumers. Hence, it helps combat counterfeit drugs and inferior pharmaceuticals. To provide this service, Blockpharma integrates with several stores and information systems that release product information and QR codes through the Crystalchain blockchain. This information is made available to consumers through an application interface.
Medicalchain
Medicalchain is a blockchain platform that maintains the health records of users securely. Researchers can request users’ health records with an assurance that the information they will receive is accurate and streamlined to their specific inquiries. The platform also has an application, MyClinic.com, which allows patients to share health records with doctors and book online consultations. The consultation is paid for using MedTokens.
Building Healthcare Blockchain Solutions on QANplatorm
While blockchain technology stands to bring many benefits to the healthcare industry, many blockchain platforms of today lack in areas that can potentially help developers build capable blockchain systems. QANplatform aims to close these gaps through its innovative features and capacities that allow for amazing healthcare solutions to be built on its blockchain.
QANplatform takes a multi-language smart contracts development approach that opens its blockchain for up to 28 million programmers, allowing developers to build solutions in widely used Linux Kernel compatible languages.
After building a solution, QANplatform’s Rapid cloud platform deployment enables users to launch QAN private blockchains in less than five minutes on top cloud platforms like Amazon AWS. This proves that QANplatform is the fastest blockchain to deploy on the market. The platform also plans on boosting its adoption rate through additional integrations to DevOps technologies (Docker, Kubernetes), Indexing and Oracle APIs (Chainlink, Band Protocol), and other major cloud platforms (Microsoft Azure, Google Cloud Platform).
Another exciting feature of QANplatform is found in its consensus mechanism. QANplatform utilizes a unique consensus mechanism, Proof of Randomness (PoR), which lowers the barrier of entry in being a validator in the network. As a result, anyone with a mobile phone or Raspberry Pi can validate transactions in the network, making QANplatform one of the greenest blockchains in the market. This enables healthcare solutions to utilize blockchains while staying eco-friendly and decentralized.
Additionally, healthcare solutions built on QANplatform will be resistant to future attacks when quantum computing comes around as its unique Lattice-based post-quantum cryptographic algorithm implemented in Rust programming language will secure the platform from quantum computer attacks.
What’s more, developers who use QANplatform to build healthcare solutions are rewarded after each new smart contract deployment and MainNet transactions. Especially when their code is reused by other developers.
With these amazing features, QANplatform stands as one of the best blockchains to build solutions that will take the healthcare industry to another level. You can get started on the QAN TestNet to enjoy the amazing features of QANplatform before the QAN MainNet launches.
The QAN blockchain platform will allow anyone to build quantum-resistant healthcare blockchain applications.
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About QANplatform (QAN blockchain platform):
QANplatform is the quantum-resistant Layer 1 hybrid blockchain platform that will allow developers and enterprises to build quantum-resistant: smart contracts, DApps, DeFi, DAO, NFT, tokens, Metaverse, and Web3 solutions on top of the QAN blockchain platform in any programming language.
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