Wherever disruptive technology goes, innovation follows, and the same has happened with blockchain, a technology that has revolutionized every sector that it has made its way into. The healthcare industry is no exception to this rule, having benefited greatly from blockchain technology in the past few years, and continuing to seek new ways to leverage it to enhance services and products. So, let’s take a look at the ways blockchain technology is reshaping the healthcare sector and explore its potential, which companies operating in the medical world have been striving to unlock.
- Blockchain technology is transforming healthcare data management
Streamlining processes surrounding medical data has always been a top priority for the healthcare system, and as the growing amount of information has become increasingly difficult to manage, medical organizations have had to find superior solutions to such pressing issues. And blockchain, with its decentralized approach, has all the answers to these challenges. In this sense, by integrating blockchain solutions, healthcare services providers will be able to access patients’ information easily, in real-time, and store health data effortlessly. This contributes to an increased level of accuracy and better decision-making, as patients will be receiving improved medical services. What’s more, this emerging technology assists health systems in sharing patient records securely, both locally and on an international level, which translates into enhanced collaboration between medical professionals, and improved diagnosis respectively.
- Adopting blockchain technology brings top-notch security
Blockchain-based solutions provide a level of security that patients have never experienced before; whether it’s laboratory results, drug prescriptions, treatment plans, or other patient data, all of this information that is stored in the blockchain network, can never be tampered with, thanks to the immutable nature of the technology. Those turning to healthcare services can thus rest assured that their sensitive medical data is protected and can never be lost or altered. And it doesn’t stop here, for patients are not the only ones taking advantage of the cryptography tools that blockchain technology includes and that are responsible for this increased security, pharmaceutical companies are also enjoying the perks. In this regard, pharmaceutical supply management is being given an upgrade as well, as blockchain enhances transparency and allows companies to easily identify any suspicious activity in a timely manner, therefore reducing fraud.
- Blockchain technology changes the face of supply chain management
We have already briefly touched upon the impact of blockchain on the supply chain management earlier, but this emerging technology goes beyond improving security in this area. In this context, companies carrying out their activity in the healthcare industry, that have chosen to adopt blockchain-based solutions, have seen how the latter can assist them in reducing expenses and gaining more control, by enabling them to track transactions with ease, and avoid costly errors. Apart from cost-efficiency, healthcare providers and pharmaceutical companies are able to speed up the authentication process involving suppliers as well, which means fewer delays and timely delivery of medical products and medicine. Moreover, blockchain technology can also be used to generate batch records containing information on drugs’ ingredients and origin, therefore helping to eliminate counterfeit products of the market. Tracking, identifying, and establishing drugs’ authenticity is possible due to this disruptive technology too, as manufacturers, distributors, and those receiving medical products can make use of distributed ledger systems to view such data in real-time.
Healthcare is one of the most important sectors, so naturally there has been an increasing interest in finding advanced solutions that leverage available technology, to improve processes and medical services and products. And blockchain technology-based solutions are some of these innovative strategies. They have been transforming the medical scene from the minute that they’ve entered it, and are set to change the healthcare industry even more in the next decade. From the way that it helps medical organizations and pharmaceutical companies manage data more efficiently, to the elevated security that it comes bundled with, and the positive impact that it has on supply chain management, blockchain technology has been making a statement, indicating that it is here to stay.