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Transformation of the healthcare industry using blockchain technology

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Everything we need to know about blockchain in the healthcare industry.

In this world, everyone needs to save themselves from everything. The universal truth is no one can save anybody but we can give precaution to them.

No need to worry, here we see what the problems are in the health care sectors? 

We hope you know very well about the fresh updates and changes which are happening in blockchain, and also you must be well knowledgeable about how the healthcare industry applies and innovates continuously.

In recent days, the major crisis which every health care industry faces is data protection. Blockchain plays a vital role here by enhancing trust, transparency, and privacy in data saving.

Data protection is the key to running a successful healthcare industry. By enhancing trust, transparency, and privacy in data sharing, blockchain technology may aid in the acceptance of digital health solutions.

It’s time to discuss what are the major problems in the healthcare industry.

4 important challenges in the healthcare industry:

Health Care Industry: An Ocean Of Medical Data:

Hope you know that the healthcare industry is a very big grid.  We can explain it as an Ocean Of records. The count of patients, type of medicines, Doctors, hospitals count, and more things are growing every day. And we are damn sure that this extension will not end and never. 

Because the different lifestyles of people have interchanged dramatically, and the lack of healthy foods grows the sickness count and patients count. This becomes the pain point for hospitals to start and utilize these challenges for their business growth. 

The Real Challenges of Healthcare sectors:

Getting treated in a multi-specialty hospital is very expensive.

All patients’ information is recorded in the hospital database. And every single pursuit or process (it may be purchasing the medicines, accommodation, use of other facilities) will be kept the path of by the hospital within a secured database.  

Let us think like this, If you occupy a hospital for 5 days, there will be a minimum of 50 data kept in your name. Based on the treatment you take the count may be different. If a single person makes these numerous data, imagine how much data s will be stored in one hospital per day, per month, or per year. 

Data breaches in the Healthcare industry:

Hope we had a small recap about the healthcare industry and its current state, now let’s debate how Blockchain will be the best treatment for all the pain points which are overlooked by the healthcare industry.

Blockchain Started to Hear your Heart Beats:

Blockchain was fundamentally invented for bitcoins and cryptocurrencies. This was assessed as a public ledger technology.

Data will be kept in a secured encrypted block, so only authorized people will be able to access those data. This technology and its use cases created a huge revolt in bitcoin cryptocurrency exchange transactions. 

By experiencing the security, integrity, and transparency of this huge technology, many industries began to grab it for their increased data storing and recovery methodologies. The banking industry was the first to adopt it, and after that SCM, e-commerce, and now the health industry. This chain will continue further with the food industry, fashion industry,  Power energy supply industry, Telecom industry, Marketing, more and more.

How does blockchain blend into the healthcare industry challenges?

 Let’s see what all the challenges are in the healthcare industry, and how Blockchain could resolve them.

There are many challenges, but the main challenge of a hospital or healthcare sector is continuing the data. So based on this maintaining the data challenge the following four facts are established to be the risk elements that are faced by hospital management.

 Meeting the HIPAA Compliance

HIPAA (Health Insurance Portability and Accountability Act ) is government regulation, it is a set of security regulations. Every hospital has a different data management structure and that data should be accessible for medical practitioners, clinics, diagnosticians, Pharmacists, and other medical specialists.  So that data management should be encountered in the HIPAA for HER(electronic health records).

Improving security, privacy, and reliability of data exchange and interoperability:

  • Experts believe it is better to store medical data in the cloud. This authorized users simple access to their data than when that data. Anyhow, with the latest cloud storage standards, interoperability remainders a challenge. For example, different care suppliers and networks cannot always commune with each other in a seamless way. Besides, the honesty and originality of records stored in the cloud remain questionable.
  • Blockchain is a technology that could inscribe these issues and potentially increase the honesty and steadiness of swapped health details. Patient data are transferred from dissimilar contributors to companies by blockchain technology.
  • A smart contract is flexible using blockchain which can be used as a better alternative.
Minimizing fraud related to prescription drugs:

Prescription drug fraud is a major challenge. Fraudsters use numerous techniques to cheat the healthcare structure by duplicating prescriptions to “doctor shopping” to get as numerous original prescriptions as feasible from different doctors.

A leading Blockchain development company Brugu came up with a narrative solution for this problem. It involves providing prescriptions with a machine-readable code that is related to a block of details, such as the name of the drug, its amount of quantity, and a timestamp. A pharmacist scans the code (for example, by using a smartphone) and the prescription is contrasted against the blockchain. In this way, the accuracy of the prescription is checked instantly.

Different stakeholders are awaited to take part in this fraud-prevention plan, comprising insurance contributors, hospitals, and pharmacies. Each of these functions can only access the information to which they are qualified. Specific data is accessed supplying the correct cryptographic keys, which helps ensure patient privacy.

Tracking and preventing the sale of counterfeit drugs and devices:

Most people around the world do not have access to high-quality drugs. Besides, drugs and medical devices exchanged in the growing world are sometimes an emulation of the original. A blockchain-based system could make the healthcare supply chain more transparent and provide all parties with a sound tracking system, tracking a legal product’s delivery from the manufacturer to the patient. From the above-explored points, we could impart that “maintaining data in healthcare ecosystem requires a back paining effort”

From the above-surveyed points, we could reveal that“maintaining data in healthcare ecosystem requires a back hurt effort”

Blockchain Revamps Health care Industry by Sweeping the Risks

By exploiting this massive technology in the health care system, experts predict that health Information exchanges (HIE) will be more secure, efficient, achievable, and also interoperable. The technology used to attain this goal is private Blockchain implementation ( i.e) Permissioned Blockchain- only legalized people can access data.  This kind of Blockchain found the system will reduce the abrasions and cost for intermediates complicated in medical data exchanges.

Here is the list of goals that we can achieve with the help of Blockchain technology:

1. Data Provenance and integrity

2. Data Security

3. Data Transparency

4. Drug Traceability

5. Easy to maintain Electronic Health Records( HER)

6. Patient Data Management

7. Easy to maintain the SCM of Medical accessories

8. Prevents Data breaching ( especially sharing patient details to third parties)

9. Medical insurance claims process will be diluted

10. Easy to maintain clinical research results.

11. Can Achieve unchangeable medical Data’s

12. More Secure Standards

But in general, Blockchain will meet all these needs and bring more security for data contravention. By registering all these factors many branches in the healthcare industry (pharmacy, private, public hospitals, etc) now started to embrace Blockchain technology.

How Brugu can help health care industries?

We are proud to tell you that At Brugu Blockchain Development Company provides services for industries, corporate and small businesses to integrate Blockchain technology.  After understanding the scope of Blockchain in healthcare, we enlarged our services for hospitals and their branches too.  

We have a separate offshore development center with 60 + Blockchain developers and also Brugu lets the clients hire committed blockchain developers for custom Blockchain application development.

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