Ever since blockchain technology arrived it has revolutionised several industries globally. So, what actually is blockchain technology? Well, it is defined as the technology which creates set, fixed or distributable data that can be shared between networked database systems.
The technology allows to record digital events and no change can be made in the data recorded until that data reaches to the recipient. This security of the data is the most significant advantage of this technology which is the main reason of the increasing immense popularity and widespread use of it by several organisations. According to the reports, blockchain startups raised $1.4 billion in 2016 and the figure is consequently rising with $1.8 billion in first half of 2018. Banks around the words are also using this technology and are saving whopping amount in form of billions of dollars as the banks using this technology are able to save $8-$12 billion dollars annually.
When it comes to Healthcare sector the blockchain technology provides numerous advantages. There are several blockchain startups such as Patientory which was launched in 2015 and has its own digital currency called PTOY, by which user can get a platform to store and secure health information. There are also several startups such as GEM, GUARDTIME, Chronicled etc which are working to transform the healthcare sector with this technology.
With the increased use of blockchain technology, it has led to the establishment of several Blockchain development companies which aims to build blockchains. These company develop blockchains which provide or give easy and secure records of transactions as security and transparency are the main motto of the technology. Thus, the demand of blockchain developers have increased, A blockchain developer is skilled in several areas such as computer networking, algorithms, cryptography etc. The work of the developer includes designing of blockchain technology around a certain model, analysing requirements and building and launching of the blockchain network.
As we all know day by day a lot of data is being generated in the medical field. Hence, it is difficult to manage all these data records due to cumbersomeness it creates. Here the adoption of Blockchain technology in healthcare sector will provide management of all these data by storing them. The stored data can be accessed according to the desires and needs of healthcare providers and other users. For this purpose, MedRec is being used which is a prototype that uses blockchains.
It acts as a one-stop point to know the entire medical history of the patients and along with that if the patient want to share the data for the research workers the data will be directly provided to the researcher without involvement of any third party, use of this technology also saves both time and money and is bubbling up as breakout technology in healthcare sector.
A lot of medical frauds occurs worldwide with U.S marking more than $30 million loss due to these frauds. Hence, the use of blockchain technology in healthcare sector could help in minimizing these incidents. Also it can result in, reduction of admin costs for billing and other observations. Blockchain technology in healthcare sector also promotes elimination of the intermediates which ultimately result in increment of overall efficiency.
Data security of the patients is one of the chief concerns in the healthcare sector. However, the current system is not efficient enough. Healthcare providers are struggling to keep the data safe as it was reported that in the year 2015-2016 around 140 million patient records were breached which is an alarming figure for the entire sector. Thus, proper use of blockchain technology in healthcare sector will provide the right infrastructure with potential to keep the patients data secure.
Currently the system that we have is quite disconnected. Due to this cumbersomeness, the data around is all scattered. There is no way to process all the data generated and to record it for treatment possibilities. However, with the use of blockchain technology in healthcare sector, all these data can be centralised at a single point and thus can help in medical innovations and discoveries in less time.
With the help of blockchain technology several new drugs can be developed as the records of the patients will be easily accessible and thus according the data that will be gained drug development can be done. Also, it will help to reduce the counterfeit drug implication loss to the companies.
The use of blockchain technology in healthcare sector provides transparency which is one of the top advantages of using it in the industry. The patient can see the data of several different companies and chose the best for them thus it is beneficial both for the patient and the developer.
The use of the blockchain Development Solution in healthcare sector grants the user the authenticity of any document that is registered in the system, thus it provides existence proof by adding data in form of transaction. In case of blockchain the data once entered is fixed so this property will allow result storage in a more secure way as it is not possible to modify the entered data.
Thus, the blockchain has shown a lot of potential for the healthcare sector and has numerous benefits but adopting it has brought up several challenges as well such as it would take a major cultural shift as most of the doctor around are still stuck on papers and to shift them from that paper to electronic healthcare records is a big challenge along with this it is hard to implement the technology with healthcare being distributed. Also, there are several policies which stops organisations to share the data among each other and certainly a lot of focus is required for being a change that will change the entire landscape.
Nevertheless, there is no doubt that blockchain has taken up the healthcare industry by storm and the landscape of the industry is quite changed with its arrival in the market and certainly the technology is going to progress more in the field and will be the key pillar of change in the health sector.