Did you know that the blockchain technology has a wide range of applications meant for different kinds of industries? Even if you did, you probably cannot gauge the intensity of the impact that this technology can have on the healthcare industry. The healthcare system is well-known to be inefficient and flawed because of lack of a unified records system and grueling administrative tasks. Since this industry involves so many types of stakeholders, making small changes also becomes impossible. But, with growth of new technologies like the blockchain, one can see that changes are finally happening. Blockchain is the technology behind cryptocurrency trading as well. This bitcoin revolution review will explain you about how bitcoin is traded autonomously using the blockchain technology.
Why is the blockchain technology useful for healthcare industry?
Blockchain technology refers to a ledger system that is distributed and decentralized, storing and managing data securely, and increasing accountability for transactions. This allows it to solve many issues plaguing the healthcare industry, whether medical or administrative. In the world of healthcare, the blockchain has a lot of potential to improve data security, accessibility of records, make financial operations transparent, reduce billing cycle complexities, and lessen chances of administrative friction.
- The healthcare system records immense financial wastage because of insurance claims, patient reimbursements, payment processing, hospital management etc. But with the advent of the blockchain, there is the possibility of data getting stored on a safe platform in a way so that it is accessible to anyone needing the information at any point in time. Wastage happens when you have to bear costs of repeating medical tests, missed or unnecessary doctor visits, or even mis-administration of medical insurance. When you deploy blockchain, all these tasks can be simplified and streamlined.
- Centralized administration of patient data leads to a lot of wastage also. When the administrative system is decentralized using the blockchain technology, claims and payment processing becomes more efficient and secure. Data which could have been misplaced and damaged get stored in secure ledgers and can be accessed by both providers and patients.
- The healthcare industry was earlier affected by issues like lack of transparency and interoperability. When there is disconnect between the different elements in a healthcare system, patients end up suffering a lot. Costs are more because of errors in payment processing or delays in medical testing, thus leading to medical decisions being affected. A blockchain-based consent management mechanism can be the perfect solution to these problems. Such systems let patients determine which data they wish to share in a safe environment, and also with whom they will share such data. This system ensures that costs of error and the burden are also reduced. When there is a decentralized ledger, the access or control of data will be distributed amongst members in the network, and not in one person’s hands. Once data is recorded in the ledger it is immutable and cannot be tweaked or deleted. Since blockchain is traceable and immutable, patients will be able to transfer their medical records easily without fears of tampering or corruption.
- Patients can be incentivized for good behaviors through a system of rewards. So, you can offer them tokens for adhering to a care plan or for making an effort to remain healthy. They may be offered tokens for offering data that helps in research and clinical trials.
