Getting to The Basics – What Is Blockchain Technology?
Blockchain technology explained in a nutshell refers to a distributed, and permanent record of digital events shared between different parties present in a particular network. Today, blockchain is commonly associated with bitcoin, having said that it would be interesting to note that with several applications that blockchain has, bitcoin is only a tip of the iceberg. What makes the this technology popular and look so promising is the property of data integrity and rigidity.
When it comes to the healthcare industry, blockchain technology is undoubtedly disruptive, but will positively act as a medium to solve the emerging problems in the digital health ecosystem. What we will have to wait and watch is how far the healthcare industry players are successful in implementing this revolutionary technology into healthcare systems.
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What are the Most Promising Applications of Blockchain Technology in Healthcare?
So far the blockchain technology has spread its magic in the banking and finance industry, and now it is slowly paving its way to the healthcare sector. Various healthcare authorities and governments are hopeful about the achievable and the potential speculative applications that this technology could provide to the healthcare industry. What are they, you wonder? Let us help you decode some of the realistic healthcare applications of the blockchain technology:
Clinical Health Data Exchange and Interpretation
Blockchain-enabled healthcare IT systems provide solutions to various data-related challenges such as data integrity, security, and transferability. This will help healthcare providers gain seamless access to patient real-time and historical data and at the same time ensure that the data storage and exchange are cryptographically secured.
Monitoring Claims and Billing Management
Blockchain technology aims to provide realistic solutions to avoid medical billing and claims related frauds. This technique helps medical companies to eliminate administrative staff and other intermediaries in the billing cycle, ensuring that fair and legit transactions are being processed at the time of releasing claims or billing.
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Promoting Clinical Trials
In many cases, investigators often do not report clinic trials and share the results of their studies. This creates various knowledge gaps for various stakeholders in healthcare, which could later pose as a crucial safety issue for patients. With the help of this technology, healthcare providers can negate fraud and errors in clinical health records.
Cyber-Security Of Healthcare Database
This technology is highly secure, promoting the data security of patients by preventing incidents of health data breaches. This technology is also by large immune to various ransomware and hacking techniques.