Cryptocurrency would not be where it is today without the help from one of its major components, blockchain. Its newfound success has opened doors for other industries, such as banking and food safety, to try and integrate cryptocurrency’s secret weapon into their systems.
Once again, one of the most important and influential industry in the world attempts to disrupt the blockchain in healthcare industry positively.
IBM, a well-known company that develops and sells computer software and hardware, has conducted a study called Healthcare Rallies for Blockchain. In the report, researchers were able to discover that 16% of medical executives who answered the survey had solid plans to execute a commercial blockchain in healthcare this year.
The innovative ledger technology has already come a long way. Many people once perceived blockchain in healthcare as an overhyped technology, but it is proving skeptics wrong as a new venture.
The following are five usages for blockchain in the healthcare industry, which are expected to create a bold impact on the industry.
- Blockchain in healthcare for checking patients records.
The ledger technology can link digital archives; that is why it is going to be successful in assessing a person’s health records. Medical officials could either access the information through readable data or audio recordings.
- Blockchain in healthcare for distributing information taken from clinical trials.
When blockchain is used to collect and share data, there is an assurance for the companies that the process will be secured. Not just that, blockchain in healthcare systems will have the ability to help track and manage informed agreement in different protocols, policies, and sites.
- Blockchain in healthcare for the supply chain system.
Biopharmaceutical firms are also onboard with incorporating the technology of blockchain into their work system. They utilize it to supervise and track various medical products. The ledger technology could also help biopharmaceutical companies to prohibit substandard and counterfeit products.
- Blockchain in healthcare for providing accurate directory.
The directories of general practitioners and hospitals that utilize blockchain technology can control the decentralized agreement of the blockchain. It will allow healthcare plans and providers to renew their listings faster.
- Blockchain in healthcare for checking claims and spot frauds.
With the blockchain-powered system of smart contracts, companies can ensure that all healthcare claims are accurate and that fraudulent claims are spotted.
Despite all the good possibilities, there are still people who see blockchain technology as unimpressive and something that needs a lot more adjustments.
According to Mike Jacobs, a Senior Engineer at Optum, “The technology is still a nascent one. Its capabilities are transitioning from those of a public blockchain from things like bitcoin into enterprise capabilities where we have regulatory, security, privacy, and scalability concerns that are not necessarily addressed by some of the technology stacks today.”
However, not everyone supports the statement made by Jacobs because companies like Medscient has been utilizing ledger technology into their system to create a bold impact in the healthcare industry.
Medscient Changing the Face of Blockchain in Healthcare
The Florida-based startup has been stepping up its game by using the blockchain technology to speed up the process of peer-to-peer communication channels in the healthcare sector.
Medscient has recently developed a Health Insurance Portability and Accountability Act (HIPAA) compliance, which blockchain in healthcare framework only, intended to update or modernize machine or human interface issues for health and life insurers.
Dr. Andrew Dahlke, the Vice President of MSD, said, “This is an inspiring project. The distributed ledger is a transformative technology that offers a definitive solution to the problem of pre-authorization that can benefit all parties – patients, doctors, nurses, hospitals, and insurers.”
Other Companies Proving That Blockchain Is Good for The Healthcare Industry
Patientory – Patientory is a startup company that has been catering to the healthcare sector since 2015. The Georgia-based firm is creating a blockchain-based electronic medical record storage network. Cherissa McFarlane is the Founder and CEO of Patientory. It has estimated total funding of $7.2 million.
Patientory’s healthcare application allows users or patients to make their profile to monitor the history of their health.
Gem – The California-based company has been contributing top of the class services to the healthcare industry since 2013. Gem is an application program interface that incorporates Bitcoin into services and applications for various developers. Micah Winkelspecht is the CEO of the startup company, and it has projected total funding of $10.4 million.
The gem is currently finding ways on how to support patient-centric healthcare and customized medicine.
Medicalchain – Medicalchain is a well-known company that focuses on delivering blockchain electronic health records. Abdullah Albeyatti is the Co-founder and CEO of the company, which has estimated total funding of $24 million.
Medicalchain has telemedicine into its platform, allowing both patients and doctors to communicate with each other through online sessions and share medical data.
These are just some of the firms that have taken the chance to see the technological prowess of blockchain boldly influencing the healthcare industry.
Many consider blockchain as the new kid in town; however, it is proving itself a worthy contender of positively disrupting the field of medicine.