Transformative potential of Blockchain in Healthcare

Transformative potential of Blockchain in Healthcare

Our medical records grow longer after every visit to the doctor. Our weight, symptoms, blood pressure, and other data gradually builds up in the Electronic Medical Records (EMR), which are messy to handle. Every doctor and hospital have a different way of storing patience data, which suggests it’s not always easy for healthcare providers to collect your medical records.

This situation, coupled with a medical emergency, can have potentially disastrous consequences.

A Software development company have a pivotal role in developing the Blockchain technology, which has the potential to impact not one or two industries but the complete aspect of how business is done. A survey of 200 healthcare executives showed, 16% expect to have a commercialized blockchain solution this year itself. The healthcare sector and supply chain management are possible adaptors of blockchain solutions.

How and why apply Healthcare Blockchain?

  1. Patient Medical Verification

When a patient visits a fully separate provider from an independent medical organization and if within multiple organizations both the providers have a blockchain app with patient’s data, they can re-visit last X-ray or blood test results, in the chain with patient’s authority.

Medical records are not stored in one location, which improves care towards the patient.

  1. Enhanced Security & Backups

Blockchain can be implemented to protect internal foundation within the organization. We have several examples of the blockchain ledger in healthcare industry with autonomous agents, who have access to different copies under lock as we have never seen previously. What follows if a hacker unofficially, gets access to the database and encrypts it? If executed accurately, blockchain would shield against these type of ransom attack and other sorts of catastrophes like hardware failure or data corruption.

  1. Bringing Down Healthcare GDP

If we leverage healthcare blockchain, for frauds and with the use of medical billings technology, we duplicate the charges for different procedures, which could bring down the spend on the US GDP.

With Blockchain we can track down all charges across this technology to see where the patient has been treated and when. We would have a better balance and check to what billing has been completed and who covered for a patient.

  1. Cryptocurrencies for Patient Payments

It is expected that in coming days, the health sector will accept the different cryptocurrencies as the payment option from their patients and for the larger companies to accept the cryptocurrencies would be very beneficial for them. This change will occur on a large scale in the health insurance companies and in the whole industry. Healthcare and Medicare industry would have to play the vital role in order to support and implement the acceptance of cryptocurrencies. Various insurers in the US follow the Medicare industry, so, it is expected that if the medicare industry start accepting these payments then we will see a rapid response from others as well to accept the same type of payments.

Healthcare Industry and medical Industry is showing reluctance in accepting the latest technologies and they are still operating on fax machines and paper. We have to see how the new payment system of cryptocurrencies has been accepted by the healthcare industry.

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