From handling transactions and recording assets to tracking data, blockchain has established itself as a revolutionary technology in just about every industry. Blockchain in the healthcare industry has the potential to allow patients to control their medical data and make it available to providers.
But before we dive into how blockchain can improve the healthcare system, let’s take a look at how blockchain works.
A blockchain is a virtual, public ledger that documents everything securely and transparently. It captures information about suppliers, partners, customers, goods, services, money, or any structured (or unstructured) data. It also records assets. These assets can be tangible, such as homes or cars, or they can be intangible, such as patents or copyrights. This data is recorded, digitally signed, and shared through a broad network.
Once data has been recorded inside a blockchain, it becomes connected to the data in front of and behind it, creating a growing list of records. This makes it virtually impossible to alter, meaning that data can only be added to the network. The data is then shared with the other users in the network. Instead of using a central entity to manage the chain, blockchains use peer-to-peer networks to secure the irreversible, permanent chain and preventing any block from being altered. When someone joins the network, they get a full copy of the chain.
The Benefits of Blockchain in the Healthcare Industry
1. Medical Data
Through the help of blockchain technology, physicians and hospitals would be able to share patients’ medical histories and update patient records securely.
2. Patient Privacy
Blockchain can help patients feel like their private information is safe and private. After all, patient privacy is one of the most critical elements of medical record-keeping. Rather than saving sensitive information on paper files in an unsecured file folder or old PC, blockchain technology can’t be accessed by any user who is outside of the network, which ensures that personal medical histories remain private.
3. Smart Contracts
Currently, smart contracts are the strongest argument for implementing blockchain into healthcare. Blockchain reduces inefficiencies, allows for swift payments of medical services and automatically bills insurers.
In recent years, healthcare has seen an increase in cybersecurity threats and fraud. In most cases, this is due to a lack of communication between providers, hospitals, and patients. Since blockchain uses a transparent, immutable ledger to track payments, prescriptions, and medical documentation continuously, fraud is greatly minimized.
5. Paperwork and Payments
Blockchain technology can be utilized to manage communication between hospitals, clinics, and insurance companies. Many healthcare facilities and industries have seen discrepancies between their billing and record-keeping when they lack comprehensive data and the ability to share that data.
DVO Consulting’s Blockchain Solutions
DVO Consulting is an emerging leader in the Blockchain Solution Services marketplace in Utah, Maryland, Virginia, and Washington DC. Through internal expertise and external vendor relationships, we provide evaluation solution services to organizations that want to adopt blockchain solutions.
We evaluate the market place, provide impact analysis, detailed functional review, and enable your business to evaluate if blockchain solutions are right for your organization’s goals.
Our engineers provide design, development, testing, implementation/deployment of blockchain solutions. We are partnered with leaders in this technology, developing the most cutting-edge advancements in the blockchain solutions space.
Contact our team today!