Blockchain is one of the most significant technologies since the internet. Government and states, locally and globally, have started to explore the Blockchain technology for rationalizing back-office paper trails and business operations. It has been at the center of media attention largely due to Bitcoin, an upcoming digital currency that uses blockchain technology. Blockchain technology is particularly helpful to streamline processes, minimize fraud, lower operational costs, eliminate duplication of work and generate new ways to integrate in a sharing-based economy.
Simply put, blockchain is a distributed, absolute ledger or database that stores records known as blocks, which further stores various kinds of information. These blocks, which collectively form a “blockchain,” are stored on various storage devices, which ensure that no single person or entity can manipulate the ledger or database without everyone else knowing.
While blockchain is being considered for many uses, its potential to revolutionize healthcare is apparent. Having an open blockchain for medical data can prove useful as most healthcare data is now segregated amongst different providers, who often use different database systems. These systems often have crucial information which is scattered and inaccessible. Such a scenario can prove to be dangerous in an industry where even a few extra seconds or minutes can make a difference. Blockchain systems built for healthcare can make important healthcare-related data more easily accessible leading to a better and faster treatment.
Blockchain can link patients to their data, rather than to their identity. According to a recent survey, the healthcare industry is planning most aggressive deployments of blockchain, with 35 percent of health and life sciences planning to deploy it in the coming years. Furthermore, blockchain verification can help increase the trust and integrity in clinical research publication. The decentralized ledger allows for a simpler, more efficient and cheaper way to share peer-reviewed research and is highly applauded by clinicians.
Let’s look at some of the ways in which blockchain is transforming healthcare:
Drug and Organ Traceability
Currently, counterfeit drugs cost pharmaceutical companies an estimated $200 billion in losses annually. Employing blockchain will enable every transaction between drugs manufactures, pharmacists, wholesalers, and patients to be tracked to verify and secure drug product information which is important for tackling issues like counterfeit drugs. It also facilitates new drug development by making patient results more widely accessible.
Moreover, it also provides a platform for tracking blood and human organs. These products are critical to human health and they often have a tight time expiry. Blockchain helps in safely tracking it each step of the way.
