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 the banking and food safety, to try to integrate cryptocurrency’s secret weapon into their own systems.
Now, blockchain is once again in the spotlight as it attempts to positively disrupt one of the most important and powerful industries in the world, the healthcare sector.
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 solution this year.
The innovative ledger technology has already come a long way. Many people once perceived blockchain as an overhyped technology, but it is proving skeptics wrong as blockchain now ventures into the world of medicine.
The following are five usages for blockchain in the healthcare sector, which are expected to create a bold impact on the industry.
- Healthcare uses blockchain in order to check patient records.
The ledger technology has the capability to 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.
- Healthcare uses blockchain in order to distribute 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, systems, and sites.
- Healthcare uses blockchain in the supply chain system.
Biopharmaceutical firms are also onboard with incorporating the technology of blockchain into their work system. They utilize it in order to supervise and track various medical products. The ledger technology could also help biopharmaceutical companies to prohibit substandard and counterfeit products.
- Healthcare uses blockchain in order to provide accurate directory.
The directories of general practitioners and hospitals that utilizes blockchain technology have the ability to control the decentralized agreement of the blockchain. It will allow healthcare plans and providers to renew their listings faster.
- Healthcare uses blockchain to check 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 the ledger technology into their system to create bold impact in the healthcare industry.
Medscient Changing the Face of Healthcare Through Blockchain
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 is a healthcare-only blockchain framework, 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 a truly exciting 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 Medical Industry
Patientory – Patientory is a startup company that has been catering 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 an estimated total funding of $7.2 million.
Patientory’s healthcare application allows users or patients to make their profile in order 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 a projected total funding of $10.4 million.
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 an estimated total funding of $24 million.
Medicalchain has a 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 definitely is proving itself a worthy contender of positively disrupting the field of medicine.