Every business and industry demands a need to bring revolutionary changes as time and technology progresses, especially in the healthcare industry where the urgency of growth grows to higher levels. Quality healthcare services backed up with the latest technology is the need for today. In 2018, the healthcare industry spent approximately $117 million in blockchain solutions for healthcare and the value is expected to increase up to $5.6 billion by 2025. Blockchain technology consumer solutions are causing old systems to evolve which increases efficiency while decreasing cost across the healthcare industry.
According to Forbes, in 2017, up to 50 percent of clinical trials went unreported, and almost 90 percent of trials on ClinicalTrials.gov had no results. The smart contracts manage permissions for doctors to edit information in a patient’s record. This allows only those doctors who are involved in the patient’s care to have access, while other doctors can still see the documents. So with blockchain solution for business, the results are stored, and only certain doctors have the permission to edit, and any interested doctor can have access to see the trial. This enables an easy way to share data across researchers. The information gained from a trial could be stored in the blockchain, which eliminates the need to report anywhere else.
Almost 30 percent of drugs in developing countries are fraudulent, and these counterfeit drugs cost U.S. businesses up to $200 billion annually. The implementation of enterprise blockchain solutions gives access to the transaction through which the drug manufacturer can track the pathway of the drugs. So, this will eliminate drugs counterfeiting as every transaction starting from the manufacturer is recorded.
In Boston, 4.5 million residents have to maintain their information in 26 different systems while using different languages. With blockchain technology, the entire record will be available in one system in just one language. Moreover, the patient’s reports can be easily shared across the patient’s healthcare providers. Also, smart contracts ensure that HIPAA privacy laws are not violated.
Sharing patient’s data between doctor’s offices is a tricky process. The process is even complex when the patient is involved with multiple private practices or has to see various specialists. Blockchain technology is a decentralized system that is centered on the patient instead of the data holder. So, this allows us to create a shared database of patient data. There are dozens of systems that manage electronic health records (EHRs), and they are all centralized as per the company.
Blockchain technology provides some benefits in telemedicine. The doctor can keep a detailed patient history which compiles of their procedures, treatments, test, and lab results. Also, the records of medical history are stored electronically which makes the entire process more efficient to transfer, secure, and reduces the use of intermediaries. Moreover, the enterprise blockchain development can help with legalities as with blockchain it is easier to ensure whether the claims are correct or not. Hence, it will cut down on patient claims and insurance fraud. This is crucial when payments are coordinated between providers, payers, banks, and the government.
Satoshi Nakamoto may have initially conceived blockchain technology as a way of verifying digital currency, but its applications can revolutionize the healthcare industry. The blockchain development company can provide benefits like securely sharing patient’s data and payment for medical care. Moreover, it is also useful for protecting data against breaches and securing a drug transaction.
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