Though the later half of the 20th century and the initial times of 21st centuries have seen some massive inventions and discoveries that changed our world ever. Be it the computer, the internet, and now the new sensation, which is the impact of Blockchain technology on healthcare sector.
Also read: The Benefits of Blockchain Technology in Supply Chain
What’s blockchain?
Wiki defines blockchain as a decentralized, distributed and public digital leger that’s used to record transactions across numerous computers so that any involved record can not be altered retroactively, without the change of all subsequent blocks.
Blockchain derives its name because the ‘blocks’ or records (transactions) are checked and connected to the former ‘block’ therefore to form a long chain.
In easy terms you can imagine blockchain as a huge Google documents file train with one major difference that in this anyone can view and add but cannot change the information.
Why Is It Such a Big Deal?
Blockchain is a revolutionary invention as it solves numerous digital challenges like:
Transparency– Blockchain offers a great deal of transparency as every transactions made is recorded and checked.
Invariability– All the data written in the blockchain can not be altered by anyone once it’s entered.
This also includes the system director and the third parties. This helps people to prove that their data is genuine and unaltered.
Security– In Blockchain the data is stored across all the systems rather of a centralized database which enhances its security and makes it hack proof.
Reduced costs of transactions– Blockchain fully eliminates third parties and indeed banks by allowing peer- to- peer transactions therefore reducing the transactions costs.
Innovation– Blockchain provides a great platform for new & innovative business models to grow and contend with conventional businesses.
Impact of Blockchain Technology in Healthcare
The impact of blockchain technology in healthcare is immense. This is supported by a report which says that the global blockchain development technology in healthcare which was valued at roughly $ 34.47 million will see a steep rise in 2024 with profit close to $ 1415.59 million. Also, the CAGR growth will be around 70.45 percent between 2018- 2024. The stats look promising, but what are the crucial factors that makes blockchain so pivotal for healthcare. Let’s have a look at those factors one by one.
Decentralized System
As mentioned above, the Blockchain has a decentralized system which makes it hack proof and prevents every single copy of data from getting compromised. All the hardware commodity in the hospital can be made to run on these decentralized systems. This will exclude all man made and indeed natural disasters, assuring reliable security. Also, the power saved by these systems can be used by the experimenters to make sophisticated computations to find cures, medicines, and treatments of different conditions and diseases.
Single Data Source
We studied before that in blockchain all the transactions are stored and added to the chain only after getting verified by majority of actors. Also, the data recorded cannot be changed which proves 100 percent of authenticity and security. The experimenters can use this property to study a massive quantum of undisclosed information of specific group of people. This assists longitudinal studies which are used for the development of precision medicines for effective treatment.
24 * 7 Monitoring and Access of Data
The impact of Blockchain technology for healthcare can be used for storing and streamlining useful case data like blood pressure and sugar levels in real time with the help of IoT and wearables. This assists the doctors to cover patients 24 * 7 which are prone to high threat and to inform & warn their caretakers & family members in case of an emergency.
Cost Effectiveness
The impact of Blockchain technology fully eliminates the third party and middleman systems out of the equation. That is generally involved in costing and transferring data. The absence of this system results in achieving great cost effectiveness in the healthcare system. According to the most recent study made by Global Market Insights Inc, the impact of Blockchain technology in the healthcare market size is anticipated to record a valuation of USD 6.1 billion by 2027.
Consistent Norms Through Smart Contract
Smart contract is nothing but a computer protocol that digitally verifies, facilitates, and enforces the concession. In healthcare it helps in the development of a consistent rule grounded process for different associations to access patient’s data.
Operation of Blockchain Technology in Healthcare
We have seen the impact of the Blockchain technology in healthcare, now let’s see what can be its possible operations.
Supply Chain Operation
The current healthcare supply chain is both insecure and drawn out. First, the medicines are manufactured at the manufacturing centers. They’re also transferred to the noncommercial distributors. The noncommercial distributors also transfer it to the retail companies which eventually vend it to the consumers. To add to the woes there’s a major trouble to the authenticity of the medicines as unacceptable and fake medicines can enter the cycle with ease.
The invariability of Blockchain healthcare can break several issues at one go.
- Check medicine constituents- Blockchain assists the manufacturers to keep a track of all the constituents used in a medicine. It ensures that all the constituents used are as per the medical norms.
- Blockchain offers traceability of fake medicines- With the operation of blockchain technology the healthcare and pharma associations can get relieve of fake medicines. It allows the traceability of all similar medicines and helps to find the source of counterfeiting.
Also read: The Role of Barcode Technology in Patient Safety and Identification
Conclusion
Blockchain is fairly a new technology which is in its early stage. It’s huge success in the form of Bitcoin has clearly raised the bar of prospects. In coming times we may see Blockchain dismembering the healthcare assiduity. And with that there will be boost in the healthcare app development using the blockchain technology. Nonetheless, it’s also true that perpetration of blockchain in the healthcare might not be a cakewalk. As it might face some serious challenges as discussed in the composition. At last one thing is for sure that Blockchain will make healthcare sector fast and secure than ever.
