The last half of the 20th century and the beginning of the 21st century have seen some vast inventions that have changed our world forever – whether the computer or internet and now the new sensation of blockchain technology. Wonder why blockchain with the internet? Many experts strongly believe blockchain is the most significant invention since the internet. Blockchain is the latest and hottest buzzword in the tech world. With the rise of Bitcoin and other cryptocurrencies, blockchain gets the spotlight in all industries – whether finance or healthcare.
Blockchain in the Healthcare sector? This technology can revolutionize the entire healthcare industry, from placing the patient in the healthcare ecosystem to enhancing the security and privacy of sensitive medical data. This technology makes electronic medical records more efficient and secured by providing a new model for health information exchanges. In the healthcare market, global blockchain technology is projected to reach 4,720.96 million by 2027.
Here is more important are the scopes and applications of blockchain technology in healthcare. Before that, let’s know about blockchain technology to better understand its scopes and applications in the healthcare industry.
What is blockchain technology?
Blockchain technology is defined as a decentralized, distributed and public digital ledger. It is used to record transactions across many systems so that any included record cannot be changed retroactively without changing all following blocks. This technology exchanges and transacts in a database that can be shared across authorized users.
Now, it’s time to know about the scopes of blockchain in the healthcare industry.
Scope of blockchain technology in healthcare
The scope of blockchain technology in healthcare is massive. In 2018, this technology was valued at approximately $34.47 million. In 2024, it will see a steep rise with revenue close to $1415.59 million. Here are some key factors that make blockchain solutions so essential for the medical field.
Scope # 1 – Decentralized
Blockchain technology has a decentralized system that prevents medical data from getting compromised. All hardware in the hospital can be operated on these systems, resulting in providing foolproof security. In addition, researchers use the power saved by decentralized systems to make complicated calculations for finding the right treatments for different diseases and disorders.
Scope # 2 – Cost-effectiveness Cures and Process Simplification
Blockchain technology creates a single system for stored and constantly updated health records for safe and rapid treatment. By avoiding miscommunication between different healthcare professionals, several mistakes can be prevented, faster diagnosis and interference becomes possible and care can be customized to every patient.
Scope # 3 – 24×7 monitoring & access of data
In the healthcare industry, blockchain with IoT and wearables is ideal for storing and updating valuable patient data like blood pressure and sugar level in real-time. It helps doctors monitor patients 24×7, which are more prone to significant risk and alert their caretakers in case of an emergency.
Scope # 4 – Data security and privacy
Security and data integrity issues obstruct the relevant coordination and collaboration between doctors and patients. The cyber-threats and confused interoperability standards put data at risk. Blockchain technology provides security for both public and private information from cyberthreats. While general information is open for all network participants, confidential information is encrypted and accessed only by authorized users. Hence, blockchain-enabled devices protect EHHRs and ePHI as well as improve the privacy required by HIPAA.
Scope # 5 – Perfect billing management
Blockchain’s structure gives a high-integrity tracking option and allows for stimulating data instantly. All the blocks in the system should claim any effort of data modification. After confirmation, new data becomes a permanent part of the database and can’t be modified or erased. This technology can eliminate the risk of financial failures and stop illegal data shifting.
The Final Thought!
The scope of Blockchain technology in the healthcare industry looks splendid and promising as it helps resolve some of the issues afflicting the sector. As blockchain is decentralized, unlike the majority of the centralized healthcare records, we imagine a progressive future. The applications of blockchain come with different technical challenges. The process to record, find and get the data can be complicated; however, with the help of emerging technologies like Machine Learning and Artificial Intelligence, these issues can be resolved eventually.
Do you need reliable solutions for the protection of patients’ sensitive information? If so, get in touch with a dedicated mobile app development company! They will manage your healthcare supply chain to emerge with capabilities necessary to thrive in an enhancing demanding ecosystem and emerge stronger. Professionals provide successful blockchain solutions across the industry value chain, from big pharma to biotech and from the medical device to CRO.