All the major healthcare players across the globe are trying to embrace digital innovation, and one can’t help but think that Blockchain technology has quite a role to play. The stature of Blockchain continues to grow beyond just bitcoins and cryptocurrencies. There is a certain place and need for Blockchain technology in healthcare as the number of opportunities for the technology to make an impact is immense. Blockchain technology is the modern-day benchmark and healthcare institutions and organizations across the world are adopting it to further their digital ambitions. Let’s look at a few promising areas where Blockchain can be employed.
Electronic Health Records – Conquering Interoperability Challenges
Elimination of manual handling of data in healthcare in order to save cost and time has been a popular thing going around in the healthcare industry for quite some time now. However, there are challenges that still persist. In the case of data interoperability, getting all the system components to talk to each other is something that still needs to acquire operational perfection. When it comes to EHR updation, the ideal scenario would be for the EHR to display data from every database referenced in the ledger, instead of merely displaying data from a single database. The result of this is completely reconciled information about the patient, with enhanced security right from data generation to execution. The biggest benefit related to this approach is that the patient has complete control over his/her data, which further encourages him to share his health data with other parties and researchers.
Replenishing the integrity of Pharma supply-chain
Of late, the integrity of the pharmaceutical supply-chain has been compromised, leading to highly unfavourable circumstances. A lot of factors like drug counterfeits, and shortages pose serious threats to the supply-chain. Drug counterfeits alone cost pharmaceutical companies billions of dollars. This is the primary reason why pharma companies will need to figure out a way to safeguard their integrity. Blockchain in healthcare has the potential to provide the perfect solution to these problems and more. Blockchain technology not only provides enhanced security, thereby leading to a massive reduction in drug counterfeits and shortages, but also optimizes the supply chain. The optimization of the supply chain ensures cost-removals and efficiencies while managing the inventory, as well as provides transparency to it.
Restoring integrity and privacy of ‘clinical trial’ data
Blockchain technology also has a lot to offer to clinical trials. A significant amount of data is produced in every clinical trial. This data is not just shared with pharmaceutical companies but also to a lot of third party research organisations. Blockchain ensures that the integrity of the data generated by the clinical trials is maintained, but at the same time keep up the privacy levels. One of the biggest potential of Blockchain in healthcare lies in its’ ability to facilitate data sharing. Studies indicate that huge volumes of data generated from clinical trials go unreported. Blockchain Technology has the potential to change these inferences by ensuring that the data generated don’t go to waste and is made available for future use and reference. The Healthcare industry is sure to benefit from the same.