How will Blockchain Technology Impact The Healthcare Industry?

By August 4, 2022August 14th, 20224 minute read

The healthcare sector in India is undergoing a massive shift, one that will offer better solutions to patients and their needs. This change is, at its core, driven by AI and blockchain technology. These technologies have the power to transform the implementation of medical functions. Blockchain has already made considerable waves in the industry and continues to make waves with each passing day. It has the prospect of being a game-changer for healthcare in terms of completely restructuring various functions in the sector with greater security, privacy, and accessibility for all parties involved.

We have curated a list of industries that can benefit from Blockchain technology. You can check all the blogs here:

What is Blockchain?

A blockchain is a series of blocks, as its name implies. The block is digital data stored in a public database. Every time the blockchain includes new information, a new block is added. Blockchain was created as a distributed ledger system, which allows data to be stored on multiple nodes at once. This means that it becomes difficult for malicious elements to access or tamper with data, which is especially essential when dealing with sensitive information like patient records and medical history.

Blockchain-based solutions can quickly aggregate data to help industries realize their full potential while integrating other cutting-edge technologies, like augmented reality (AR), the internet of things (IoT), and 3D printing. 

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Healthcare Industry

Improvements in the nation’s healthcare industry are the need of the hour. With a pandemic on our heads, it has become crucial to consider ideas to ensure that the sector provides cost-effective care for all. Increased ability of healthcare organizations to provide cost-effective care can be guaranteed by improved data sharing between healthcare professionals, which increases the likelihood of correct diagnoses, more efficient treatments, and overall effectiveness of care. 

By enabling them to track the origin of the medical ailments in a patient’s records and any other modifications made, blockchain can enable different stakeholders in the Indian healthcare value-chain to share access to various networks without compromising data security and integrity.

How can blockchain disrupt healthcare?

Blockchain in healthcare is not just about the technology itself. It’s also about how it can improve the quality of care and make it more accessible to patients. Various industries have started integrating the technology over the past few years, but there are still many undetermined answers about how the technology will impact healthcare organizations going forward. 

Some experts believe that blockchain can help improve security in health records by creating a secure and immutable database; that can only be accessed by authorized users; others believe that blockchain could protect the patients’ data from hackers.

However, there are some promising cues suggesting that blockchain could have an impact on healthcare organizations in the years ahead:

Patient Data Management

One of the most compelling and vital developments in this area is the idea of using blockchain to store patient records and consent to access them. This would allow patients to retain control over their data while still allowing access to health professionals who need it.

Pharmaceutical Logistics

Blockchain can benefit capacity monitoring and environmental control in the pharma supply chain if integrated with IoT. For example, vaccines can be tracked and transported such that they are delivered on time. In addition, the technology will curb the spoilage of perishable pharma goods and ensure the transport of containers to healthcare facilities within the stipulated time of them exhausting their inventory. 

To understand how blockchain integration can help the logistics industry as a whole, read here. 

Identity Management & Patient-Provider Transparency 

In the healthcare industry, accessing complete and correct patient data can be cumbersome and time-consuming. Blockchain-based medical records can help solve this problem by creating a single data ecosystem that physicians and healthcare facilities can consult. In addition, the technology’s decentralized structure creates a single ecosystem of patient data that can be swiftly and effectively consulted by physicians, medical facilities, pharmacists, and anyone else involved. This is how the blockchain can result in quicker diagnoses and individualized treatment strategies.

Research

Numerous studies delving into genetics, genomics, and understanding ailments through genetic disorders require securely storing enormous volumes of genetic data points. This is where blockchain technology can be beneficial. Blockchain applications are a great approach to strengthen genomics understanding and assist scientists in gathering and securely storing essential data.

Transactions

Blockchain can enable smart contracts that automatically handle bills and payments. Hence, reducing processing times, ensuring correctness, and preserving and sharing digital data. Furthermore, this will also allow insurance companies to process the policies faster and according to the prescribed guidelines. Patients can also make their payments through crypto.

Conclusion

Though still in its infancy, blockchain technology’s research and initial applications are promising. We have already seen an explosion of technological solutions that have significantly impacted medical care. Further, implementing blockchain technology will create numerous opportunities for the healthcare industry, allowing for a significant transformation of the sector. Its implementation will provide all stakeholders with substantial benefits. As blockchain technology is still a novelty for most participants in the healthcare sector, its implementation may significantly develop in the future. A massive transformation for the Indian Healthcare sector is coming!

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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