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Blockchain technology has attracted a lot of attention to business and investment, but in the healthcare industry, it has not yet reached its full potential. Blockchain technology comes with a demand for revolutionary and evolutionary changes that have not yet entered into force in the healthcare sector. High-quality care is the goal of healthcare facilities and, coupled with the added benefit of affordable costs, translates into patient-centered service delivery.
Blockchain technology refers to the list of linked digital records. Each record is stored after verification by each network participant, according to pre-established rules. It provides industries with the benefit of making processes more efficient while eliminating middlemen. It also allows you to collect, store and analyze data on a large scale. In the healthcare industry, this means that not only will patient data be permanently available, it will only be accessed by trusted and authorized persons. While information can be added to the data, it is impossible to delete or copy.
The Blockchain application also presents other benefits for the healthcare industry.
Biopharmaceutical companies can use Blockchain to monitor and track products. Other bits of information included with the product stream are certain biological products. For example, sensors used in a shipment to monitor the temperature of products transmit the data to the Blockchain, helping to protect against substandard or counterfeit products. Biopharmaceutical manufacturers have also benefited from the Blockchain by capturing and recording interactions with regulators.
Another benefit of Bockchain technology for the healthcare industry is making it possible for companies to share information generated from clinical trials. Data on adverse reactions and patient demographics can be shared with regulators and sponsors. This system can facilitate the rate at which consent is tracked and managed across multiple sites, protocols, and systems.
Through Blockchain, it is also possible to ensure that insurance claims are accurate and at the same time avoid fraudulent claims, which is particularly important in Medicaid and Medicare, where payments are made between payers, federal governments, providers, and banks. The technology enables the creation of a smart contract that shows proof of award.
The industry is moving from Blockchain hysteria to the reality of transformation and the opportunities it can create. It is advisable for healthcare stakeholders to fully embrace Blockchain as it might not benefit the few organizations that invest in it in isolation. Changes and transformations may take longer to take hold, but it is worth the long-term effort.