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10
December
2018

The Power of Blockchain Technology

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. Blockchain technology has definitely emerged as a big break-through impacting several industries. Healthcare is no different really. The scope of Blockchain in healthcare is massive and wide-scale adoption of the technology has already started across the globe. Let’s look at a few promising areas where Blockchain can be employed.

The Power of Blockchain Technology

The Perfect Solution for tracking Pharmaceuticals

Blockchain technology is also the perfect solution for tracing pharmaceuticals as it elevates the trust level through heavy consensus and immutability in supply chain. Companies and distributors across the globe share the common endeavour of improving supply chain security and traceability. Blockchain technology plays an essential role in achieving the same. When it comes to the drug supply chain, there are a few vulnerabilities present, especially at points where drugs transfer ownership on their way to patients. Both manufacturers and other stakeholders have negligible visibility to track the authenticity of products. This is where Blockchain plays a significant role. It can provide barcode-tagged drugs scanned and entered into digital blocks which are highly secure, whenever there is change of hands. This record is completely real-time in nature, and all authorised parties including patients can view these records anytime at the far end of the supply chain.

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.

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.

About Abhishek Mitra

Content is King and Abhishek Mitra firmly lives by it. He is highly committed & passionate in what he does and it's evident through the content that he produces. An MBA Graduate in Media & Entertainment from Whistling Woods International (Mumbai), Abhishek has acquired expertise on developing content pertaining to various verticals overtime due to the sheer knack for it. Apart from being an inspirational scriptwriter in his teenage days, he has worked as an academic research writer in the past. Presently, he handles the content for Tickto.

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