Healthcare is a crucial part of every human society and constant improvements are being made in this sector. Let us take a look at how blockchain is transforming the healthcare industry
Health and Healthcare are often referred to as the root of a robust and fast-forward society. Our healthcare system is dynamic because it must adapt to the changing requirements of both patients and medical practitioners. There has been much excitement in recent years about the ways in which blockchain technology can transform the medical industry.
Blockchain and its relationship with the Healthcare industry
The blockchain is a distributed digital ledger that can be used to store accurate and immutable records. An immutable and verifiable record of all past transactions and events is kept in the form of “blocks” that are added to a “chain” of other blocks.
The healthcare industry was not a primary emphasis in the early stages of blockchain development. A blockchain-based decentralized health information exchange, however, was the goal of the “MedRec” project, which was founded at MIT in 2015. Gem Health, a blockchain-based healthcare platform, was released in 2016. It was hoped that this would be a safe and open platform where healthcare providers and patients could exchange data.
In order to investigate the potential of blockchain technology for healthcare data management, a group of healthcare providers the following year formed the “Synaptic Health Alliance,” which included both Optum and Humana.
The Food and Drug Administration (FDA) recently announced a pilot initiative to investigate the potential of blockchain technology for improving the safety and visibility of the pharmaceutical supply chain. In 2019, the WHO announced a pilot project named “MiPasa,” which planned to employ blockchain technology to monitor the spread of infectious illnesses and ultimately slow it down.
The global spread of COVID-19 has underlined the importance of safe and open healthcare data sharing. As a result, a number of projects were created to employ blockchain technology to build trustworthy and functional systems for exchanging information. The “COVID-19 Credentials Initiative,” for instance, sought to leverage blockchain technology to issue trustworthy digital health credentials for demonstrating immunization or diagnostic testing.
Recent years have seen a rise in the use of blockchain technology in healthcare applications. Nebula Genomics, a business that uses blockchain technology to manage health records, received $4.3 million in 2021 to develop and extend its platform.
How is blockchain transforming the healthcare industry?
The blockchain is a digital ledger system that enables private and public record-keeping to take place simultaneously. The recording of each transaction or occurrence is done in the form of a “block,” which is then joined to a “chain” consisting of other blocks to produce an auditable and unchangeable record. This technology can be utilized in a variety of settings within the healthcare industry, including:
- Secure and efficient data sharing
- Patient data ownership and control
- Clinical trials and drug development
- Supply chain management
Secure and efficient data sharing
Blockchain technology can be used to develop a system that is both secure and efficient for sharing health data between patients, doctors, and other stakeholders in the healthcare system. This type of system would benefit all parties involved in the healthcare delivery process. This could include medical photographs, electronic health records (EHRs), and any other sensitive information pertaining to a patient’s health.
Patient data ownership and control
Patients can utilize blockchain technology to own and manage their health data, which enables them to grant or withdraw access to their records as they see fit and gives them the ability to grant or revoke access to their records. It is possible that patients would have a bigger say in the decisions regarding their healthcare, which would improve their overall health results.
Clinical trials and drug development
Both clinical trials and drug development can benefit from the use of blockchain technology, which enables the creation of a safe and open database for the tracking of clinical trial data and the development of drugs. This has the potential to enhance the efficacy and safety of clinical studies, as well as the precision and comprehensiveness of trial data.
Supply chain management
Tracking the supply chain of pharmaceuticals and medical equipment can be made more secure and open to scrutiny with the help of blockchain technology, which is employed in the management of supply chains. This could assist in preventing fake medications from being sold on the market and in ensuring that medical devices are maintained and serviced in the appropriate manner.
Challenges of blockchain in the healthcare industry
The application of blockchain technology in the medical industry is not without its obstacles. The following are some of the most significant difficulties:
- Interoperability
- Regulatory challenges
- Technical challenges
- Adoption challenges
Interoperability
Because data pertaining to healthcare is frequently compartmentalized and stored in multiple systems, it can be challenging to share and integrate this information among various healthcare providers and organizations. In order for blockchain technology to be useful, it will need to be compatible with the protocols and specifications already in place.
Regulatory challenges
The healthcare industry is one of the most heavily regulated industries, and the implementation of blockchain technology will require compliance with a wide variety of laws and regulations, such as the Health Insurance Portability and Accountability Act (HIPAA) and the General Data Protection Regulation (GDPR).
Technical challenges
Blockchain is a decentralized ledger that is notoriously difficult to install and keep up to date. In order for blockchain technology to be useful in the healthcare industry, firms will need to make significant investments in the appropriate infrastructure and technical resources.
Adoption challenges
Stakeholders in the healthcare industry, such as patients, providers, and payers, will need to be persuaded of the advantages offered by blockchain technology and be willing to implement it. Because of this, efforts to educate and reach out to the community may be required to develop trust and encourage adoption.
In Conclusion
The use of blockchain technology in the healthcare industry enables unique opportunities to minimize complexity, facilitate trustless collaboration, and provide information that is both secure and unchangeable. But, in order to fully realize this potential, it will be necessary for healthcare institutions, technology providers, and legislators to engage in meticulous planning and teamwork, as well as make financial investments.
