How will blockchain disrupt the health care industry?
There are several short-term and long-term implications of Blockchain in the healthcare industry.
Are you aware of how the blockchain can revolutionize the healthcare industry? The benefits of this innovative technology in the finance industry are immense. But do you know how it can change the way hospitals manage medical records, patients pay bills, etc.
Many people believe that blockchain is only useful for cryptocurrencies. However, it’s limited to virtual currencies and plays a vital role in various industries, including cybersecurity, supply chain, and more. Here we will only learn how it can disrupt the healthcare industry.
Blockchain for Healthcare Industry
From keeping patient records to paying medical bills, Blockchain can help the healthcare industry in the following ways:
- Managing Drug Supply
- Health Insurance Claim Authorization
- Efficient Medical Research
- Maintaining Patient Records
- Healthcare Apps
You will understand how Blockchain can disrupt the healthcare industry after reading this article. Meanwhile, you can Visit https://cfds-trader.com/ and check how people are earning through cryptocurrencies.
Managing Drug Supply
Do you know about Ethereum? Even though it came late in the crypto market, it has become one of the top Blockchain networks. It’s because of the wide applications it offers in different industries, especially in finance, supply chain, and agreements. A smart contract is the most valuable contribution of Ethereum Blockchain in the supply chain industry.
Drug and medical instrument supply management can be quicker and effective with Blockchain Technology. More importantly, it will also enhance transparency and reduce the cost of drug supply. With Blockchain-based smart contracts, the drug manufacturers, distributors, and retailers will be able to track drug transportation.
Health Insurance Claim Authorization
Patients struggle to claim their insurance as the authorization processes are complex and slow. Additionally, the existing processes are expensive because it involves data management. Blockchain can efficiently improve these processes through smart authorization and make them faster and less expensive.
More importantly, people can get prior authorization for insurance claims, so they don’t have to worry when there is a medical emergency. It not only save money but the lives of time patients as well. More importantly, it can also save someone’s life who needs emergency medical care.
Efficient Medical Research
Effective data sharing is important for medical research. Since Blockchain uses a 256-bit data encryption algorithm, it keeps sensitive data safe and secure. Medical professionals can use Blockchain for clinical research and trials.
Blockchain will ensure that medical professionals use the same standard of study material for their research. They will get real-time data with timestamps making the research process more efficient and transparent.
Maintaining Patient Records
Maintaining patient records is a challenging task, and it consumes a lot of time. Moreover, the process becomes more complicated when more patients are admitted to a hospital. The existing process of data storage is inefficient and involves the risk of errors.
With Blockchain, it’s easy to maintain permanent patient records that will help doctors and patients to keep the health records effectively. It will save time because it will reduce the complications with decentralization. It makes the process faster to find the patient data quickly from the database.
Many healthcare entrepreneurs are also planning to build healthcare apps based on Blockchain. Since these apps will be decentralized, they need to build a proper infrastructure for the smooth running of the mobile applications.
Days are not far away when patients will consult directly with a medical specialist through mobile apps. Hence, Blockchain can revolutionize the way doctors treat patients. With healthcare apps, patients can get medical advice for their health problems and follow-ups.
Blockchain and The Future of Healthcare Industry
There are several short-term and long-term implications of Blockchain in the healthcare industry. With proper planning and implementation, blockchain can revolutionize the way hospitals operate various activities.
No doubt, there are some drawbacks, and you cannot follow everything blindly. We will discuss the challenges to adopt Blockchain in the healthcare industry in a different article.