Blockchain in Healthcare
Introduction
Blockchain technology is an emerging technology that has taken over every sector of the industry across the world. It revolutionizes the healthcare sector.
To give a better idea, consider Emma’s story. Emma never questioned the clinic she grew up in since she was young. She was diagnosed with a rare condition, and after that, she was sent to a specialist hundreds of miles away. It was always uphill with her medical records. She wanted to make sure she was missing no details, and each of the facilities requested different papers. Suppose a single system could secure her medical history, allowing it to be available instantly with her and her doctors anywhere she goes. That is the blockchain database.
What is Blockchain Technology in Healthcare?
Think of a digital system where any data is safely stored inside a clear but not breakable safe. That is what blockchain offers. The method for storing and recording data on a decentralized and secure mechanism. Thanks to that, no single authority needs to monitor the operations.
What this means is, as new information—from transactions, or any record—is created, it becomes a ‘block.’ Chronologically, they link these blocks up to form a ‘chain’. After you add it, it becomes virtually unchangeable. For industries as diverse as finance, it’s a game changer, and now, the unthinkable, it seems, is happening in healthcare.
Blockchain in healthcare solves age-old problems, such as data breaches and inaccessible medical records in a healthcare setting. Imagine the above story being different, had all the health information of Emma been stored on a secure blockchain. This meant her new specialist could access her records instantly and that delays and errors would be reduced.
That said, this technology is not theoretical. Blockchains are many hospitals’ choice for the easy management of electronic health records. It also boosts the authenticity of medications by dealing with supply chains.
How Blockchain Boosts Data Security in Healthcare
In the field of healthcare, data security is a very sensitive issue. A patient must trust that the information he or she shares will not be divulged to the wrong hands. Unfortunately, data is the common myth today. Thus, now, hospitals and clinics are also often attacked by cybercriminals. Blockchain comes into play as a shield in this situation.
Blockchain is the design of keeping each piece of data encrypted and dislocated across a number of nodes (computers) across the network. Imagine storage of your most valuable items in several secure lockers scattered at different locations: even if one is attacked, others remain untouched. It is almost impossible for hackers to alter the recorded data; each time a new record is added to the chain, strict verification is required to be done across the network.
It simply means that the information related to patients is stored securely, and it will only be available to authorized individuals. This is also useful while traveling. Take, for instance, a patient traveling overseas who is suddenly in need of emergency care. An information trail consisting of a blockchain system could be used by healthcare providers to access their information in seconds.
Blockchain also comes with the solution for unauthorized access to data. Patients continue to be in charge over who can see their records before building trust between the individual and the doctor. Additionally, this level of security covers other areas like the protection of the integrity of clinical trial data.
With blockchain, the healthcare systems will no longer be a single point of failure. Rather, they function upon a powerful and transparent system that is making everyone who is part of the healthcare ecosystem safer.
Blockchain Use Cases in Healthcare
Blockchain technology is not limited to cryptocurrency. It also has applications in healthcare. Now, let’s read about its use cases in healthcare.
1. Clinical Trials
Clinical research is highly reliant upon trust and accuracy. Blockchain plays a role in maintaining the integrity of trial data by creating an immutable ledger. Each step of the process — from patient recruitment to publication of results — is timestamped and stored by the researchers. Forcing transparency and reducing the risk of change helps the company.
2. Drug Supply Chain Management
The problem of counterfeit medicines is a global one that costs billions of dollars each year. Drugs can be tracked from manufacturer to pharmacy, and their authenticity can be verified at every point by Blockchain. Thanks to blockchain’s transparency. For instance, the patient can fill a prescription and be confident that his/her medication is genuine.
3. Medical Billing
Common points of errors and fraud in billing are patients and healthcare providers. By using blockchain, the claims process of all transactions is simplified, as it offers an accurate and verifiable record. This lowers the controversy and takes out any extraneous middle man.
4. Patient-Centered Care
Blockchain enables patients to retain their data control. Smart contracts allow patients to specify which people have access to their information and for how long. It channels trust and encourages active involvement in one’s healthcare journey. Blockchain is not just a new technology, it is a transition of healthcare into a new paradigm.
5. Electronic Health Records
Patient record management is one of the main challenges in health care. Providers are frequently forced to manage Electronic Health Records that are in silos (functions of a business, both internal and external, that are separate and without integration) making it difficult for them to view a complete medical history. This is changed by blockchain, which enables a unified system where records can be securely stored and shared between the authorized entities without involving a third party. As such, a patient who is switching doctors or who is moving to a different city can allow for their full records of medical history as well as continuity of care.
Challenges of Blockchain in Healthcare
While blockchain has many advantages in healthcare, its adoption is not without challenges. Let’s read about its challenges.
1. High Initial Costs
Building a blockchain-based system requires lots of investment in infrastructure, software development, and training. Smaller organizations are always struggling to budget for the necessary resources. This issue will remain limited to blockchains to larger institutions and leave smaller players behind.
2. Compatibility Issues
One of the strengths of blockchain is its decentralized nature, but this can cause compatibility issues. Healthcare providers often use different systems and standards that are difficult to combine with blockchain.
3. Regulatory and Legal Uncertainty
The healthcare industry is always heavily regulated due to strict laws governing patient privacy and data protection. While blockchain can enhance security, its decentralized nature raises questions about compliance with existing regulations like HIPAA in the United States or GDPR in Europe.
4. Scalability Concerns
As blockchain networks grow, the process of verifying and adding new blocks can become slower and more resource-consuming. In healthcare, where real-time access to data can be a matter of life and death, scalability is an important concern. Blockchain technology still has room for improvement in this area
5. Resistance to Change
Like any groundbreaking technology, blockchain also faces resistance from those obsessed with traditional systems. Healthcare professionals may be hesitant to adopt a system they do not fully understand or trust. Educating stakeholders who are still in doubt about the benefits of blockchain.
Conclusion
As we now read about blockchain in healthcare. We can say that blockchain technology has the potential to revolutionize the healthcare sector.
However, it also faces challenges. As we read above, its costs, scalability, and regulatory issues. Despite these challenges, the growing interest in blockchain in healthcare is increasing day by day. Developers and the healthcare industry struggle hard to overcome its challenges and collaborate.
Scholars and data scientists predict that in the coming future, blockchain will completely change the healthcare sector. I am leaving the exciting question for you. Do you think blockchain use in healthcare will increase or decrease in the future?