Role of Blockchain Technology in the Healthcare Sector?

Navdeep Garg
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Introduction

With all the talk about “blockchain technology” in the healthcare sector and the general market, it’s nearly difficult to turn a blank eye. Often people don’t see the scope of blockchain in the health care sector. The article will clarify the role of blockchain in the healthcare sector, but before that let us understand what blockchain is.

Blockchain is a revolutionary technology that allows many parties to securely share and access data. This is a fundamental difficulty in digital health, where the privacy and security of medical data are crucial while enhancing the quality of care requires increased coordination in patient data management throughout the healthcare system and the capacity to apply analytics to population-level medical data.

In brief, blockchain can benefit digital health by making it simpler to securely communicate data across widely fragmented healthcare systems with a patient agreement. Let us see the 5 blockchain healthcare use cases in digital health. 

5 blockchain healthcare use cases in digital health:

Blockchain-Healthcare

ss to more reliable and widely available population-level data would allow for considerably more sophisticated segmentation and analysis of targeted treatment results.

3. Insurance and supply chain settlements using smart contracts

Companies such as Chronicled and Curisium provide blockchain-based systems through which various players in the healthcare industry, such as pharmaceutical companies, medical device OEMs, wholesalers, insurance companies, and healthcare providers, can authenticate their organizational identities, log contract details, and track transaction of goods and services, as well as payment settlement details for those transactions. This environment goes beyond supply chain management to allow trading partners and insurance providers in the healthcare sector to work on entirely digital and, in some circumstances, automated contract conditions.

They can significantly reduce disputes over payment chargeback claims for prescription medicines and other goods by having shared digital contracts between manufacturers, distributors, and healthcare organizations logged on a blockchain ledger, rather than each player having their own version of contracts. According to Chronicled, because price structures vary often, over one million chargeback claims are lodged amongst these players each year, with more than 5% of them being challenged and necessitating long human adjudication.

Similarly, shared smart contracts may be used to manage medical insurance contracts for patients, where 10% of claims are challenged, according to Curisium. Insurance providers, as in other use cases, may utilize more advanced analytics to optimize health outcomes and costs if this data is digitized and freely available.

Blockchain-Medicine

4. Verification of medical personnel credentials

Similar to monitoring the authenticity of a medical product, blockchain technology can be used to track the understanding of medical professionals, where trusted health organizations and healthcare institutions can log the credentials of their staff, in turn helping to streamline the hiring process for healthcare organizations. ProCredEx, located in the United States, has created a medical credential verification system based on the R3 Corda blockchain technology.

The following are the key advantages of the blockchain system:

  • Credentialing for healthcare organizations throughout the employment process should be completed more quickly.
  • A chance for medical institutions, insurers, and healthcare providers to monetize their existing credential data on previous and current employees.
  • Transparency and reassurance for partners, such as organizations that subcontract new virtual health care models to tell patients about medical staff experience.

5. Remote monitoring of IoT security

One of the most significant developments in digital health is the usage of remote monitoring systems, in which various sensors tracking patients’ vital signs are utilized to provide healthcare practitioners with more insight into patients’ health, allowing for more proactive and preventative care. Many intriguing remote monitoring use cases have previously been discussed in our articles on 5G and edge computing in digital health.

However, security is a major concern in health IoT, both in terms of ensuring that patient data is private and safe and that it is not manipulated to provide misleading data. In some scenarios, when a connected device may be relied on in an emergency, such as informing an old person’s caregiver that they have had a fall or a heart attack, it is equally critical that the supporting systems are highly robust to DDoS or other service disruption attacks.

How blockchain technology may aid in the security of remote monitoring IoT devices:

Blockchain cryptography ensures that only authorized parties have access to personal data, which is stored on the blockchain as a unique hash function (any change in the source data generates a different hash function, and a user must have a specific set of cryptographic keys to decode the hash function into the source data).

Because blockchain is decentralized, IoT devices may interact directly with each other rather than going through a centralized server (like most IoT connections do today).
Disclaimer: This blog has opinionated information which does not make us liable for anything.

Frequently Asked Questions

No, it can work for fiat currencies, too. However, the use of cryptocurrencies as a medium of exchange enables accelerated transactions, real-time logging, and audit capabilities, thereby facilitating borderless transfer of ownership.

A PTP process backed by blockchain technology will enable you to achieve transparent, secure, and efficient transactions. Furthermore, the technology provides efficiency in crucial areas such as anti-money laundering (AML and brings trust to the process).

Providing tailored solutions based on a wide range of blockchain platforms allows us to meet the unique needs of your project. We specialize in Ethereum, a leading smart contract platform, leveraging Solidity for DApp and smart contract development. Our expertise extends to Ethereum-compatible networks such as Binance Smart Chain, facilitating seamless migration. Hyperledger Fabric, a permissioned blockchain framework, and Go and Node.js are used for enterprise-grade solutions.

Smart contracts are self-executing contracts with code that automates predefined actions when certain conditions are met. With our expertise in decentralized applications (DApps), we can create applications that operate on blockchain networks, offering enhanced security and transparency. Providing a controlled and secure environment for your business operations, we deploy private blockchain networks. In addition, we offer token development, blockchain consulting, and custom consensus mechanisms to meet your specific needs. Our technical proficiency and comprehensive blockchain solutions are poised to meet your unique objectives, whether you want to streamline supply chain operations, enhance data security, or explore the possibilities of blockchain-based applications.

Yes, We specialize in providing tailored blockchain development services tailored to the unique and intricate requirements of your project. Expert blockchain developers create custom solutions that encompass smart contract development, consensus algorithms, and decentralized applications (DApps). Our meticulous alignment of blockchain technology with your specific needs ensures the creation of a bespoke solution that maximizes functionality, security, and scalability. Our team has the expertise to deliver precisely tailored blockchain solutions to meet your technical and business needs, whether you require a private blockchain network, a complex DApp, or the implementation of a custom consensus mechanism.

Blockchain services offer transformative solutions with applicability across various industries. Sectors such as finance benefit from enhanced security and streamlined transactions, while supply chain management gains from traceability and accountability. Healthcare leverages data security, and real estate benefits from transparent transactions. Additionally, logistics, government, energy, and entertainment industries can optimize processes, reduce costs, and improve trust and efficiency through blockchain services, making the technology versatile and impactful across a broad spectrum of fields.

The blockchain services industry encompasses solutions and expertise aimed at leveraging the power of blockchain technology. A blockchain is a distributed ledger that offers transparency, security, and decentralization. With blockchain services, businesses can leverage this technology, resulting in several key benefits:

  • Data Security: Blockchain’s cryptographic techniques and decentralized structure enhance data security.
  • Transparency and Trust: A public ledger promotes transparency by recording transactions and data. A transparent company builds trust among users, partners, and customers, which is particularly useful in trust-sensitive industries.
  • Efficiency and Cost Savings: The blockchain eliminates intermediaries, reducing costs and speeding up processes.
  • Decentralized Applications (DApps): Blockchain services can enhance privacy and control over data in decentralized applications. User engagement can be driven by these DApps.
  • Efficient Supply Chain Management: Traceability and accountability are enhanced with blockchain in supply chain management. Fraud and errors can be reduced by tracking products.
  • Scalability: Blockchain services are designed to scale with your business, ensuring that your system can handle growing transaction loads as your project expands.

Navdeep Garg
Article written by

Navdeep Garg

I'm founder and CEO of Revinfotech Inc. I traits in leadership and brilliant practitioner in the Financial Services and FinTech. I helped ban in connecting to the FinTech ecosystem through payment acceptance in blockchain as a service and even help i... read more

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