Ever since Bitcoin and other cryptocurrencies took the internet world by storm owing to the trust value, it promises to the financial sector. The underlying technology-the blockchain has been gaining much attention from all quarters, especially the healthcare.
However, what is this blockchain that everyone is talking about? The blockchain is a technology that creates unchallengeable and distributable data records which are shared peer to peer between networked database systems. The digital events are recorded in a way that does not allow for the data to be changed or recognised until it reaches the recipient. This is the most significant advantage of blockchain in the financial sector, and healthcare is looking forward to it.
Here is how blockchain can benefit the healthcare industry
- Medical Data Management
Medical records are vital as they are the ones who support the doctor about the correctness of treatment and almost every medico-legal battle is won or lost. A medical record serves the interest of the medical practitioner and his patients. So, its management is of utmost importance and blockchain technology can help. By enabling health IT systems with the technology, all the challenges that the healthcare industry faces such as security, privacy, reliability and even data interoperability are met with. Blockchain gives timely access to information that healthcare professionals can use to make an appropriate diagnosis and provide the correct treatment. All in all, healthcare data becomes more easily managed while saving money for payers, patients and even the providers.
- Provides Security
Blockchain technology has the power to improve the security of healthcare delivery. For instance, fraudulent Medicare bills cost the healthcare system billion per year. However, establishing an immutable blockchain in which patients are informed about all the changes in their healthcare record and bills would eliminate the possibility of such abuse. There are also security issues related to centralised medical records making them frequent targets for cyber attack, but implementing blockchain will help.
- Master Patient Indices
When dealing with healthcare data, records often get mismatched or duplicated. In addition to this, different EHRs have a different schema for every single field with varying ways of entering and manipulating the most straightforward data sets. With blockchain, the entire data set is hashed to a ledger, and there is no chance of records being mismatched or duplicated.
There are just a few of the ways how blockchain technology can revolutionise the healthcare sector and if you are a healthcare service provider looking to streamline your process and provide security to everyone involved, get in touch with One Stop Blockchain and Cloud Solutions today.