4 Ways Blockchain in Healthcare is a Game-changer

Blockchain in Healthcare is a thing of the future. Almost everyone knows what blockchain is. Originally created by Satoshi Nakamoto, it’s a decentralized ledger which tracks transactions. This technology is secure because no one can change it due to its inherent design.

Many sectors have adopted blockchain technology, such as:

• banking,
• insurance, and
• financial services.

Among them is the healthcare industry. Here, an individual and the entire system can have adverse effects from botched data. This happens when dealing with clinical trials. The healthcare industry can enjoy Blockchain in four ways:

Blockchain Medical Records

All information on a blockchain is mathematically validated rather than human validation. Thus, blockchains can ease the danger of manmade faults in patient records. Through leveraging public and private keys, patient data can also be shared in a well-organised and secure way among many parties. The patient would be empowered to control all their medical records and history. Access would only be granted to selected teams and departments of his/her liking.

As data sharing accelerates, patients can recover sooner. The waiting time minimises between appointments. This lead to a reduction in the likelihood of conditions deteriorating. It also enhances healthcare productivity.

Tokenized Blood

Another intriguing application of Blockchain in Healthcare is Blood tokenisation, powered by NFTs. non-fungible tokens may store distinct data about a particular topic. In contrast to fungible ones, like Ethereum, which are interchangeable. This means one Ethereum in your pocket and of someone else are equal.

The EY OpsChain blockchain is capable of storing every data point. This includes everything from:

• discovering the donor,
• temperature of blood while in route,
• GPS traces from the lab until the health centre and
• ultimately the storage of transfusion recipient details and more.

A barcode used to tokenize the blood is scanned while the whole procedure goes on. This generates real-time updates that the required parties can view.

Through blockchain blood tokenisation, it is possible to precisely track donations of blood. Also you can pinpoint regional or type-specific scarcity, and do it without the risk of man-made flaws.

Crowdsourcing

COVID-19 has inspired a wave of innovation in the medical sector. It transformed how researchers and analysts can solve some of the most challenging medical issues.

Lately, IBM employed blockchain for crowdfunding campaigns. This is to:

aid healthcare institutions in swiftly identifying new suppliers

supporting COVID-19 vaccine development, serving as a centre for the secure and transparent sharing of verified virus-related data.

Internet of Things

This is yet another use of blockchain in healthcare. The Internet of Things makes it workable for medical providers in many ways:

• constantly keep an eye on patients in ways that were unfeasible a long while back,
• lowering expenses and
• avoiding readmissions.

The blockchain is critical in guaranteeing that data is inalterable and that device interoperability is maximised so that sensitive data may be shared and gathered safely by devices that are then interpreted by people.

The blockchain has what it takes to be a crucial player in the development of wearable devices. Which may offer a plethora of information to patients, doctors, and hospitals to make life simpler for them.

Data Security

Another blockchain use case in healthcare is for data security. With the usage of blockchain in healthcare, patient data security may also be greatly enhanced.

By ensuring that private data is only accessed by the medical professionals who choose to view it and no one else. Immutable information stored on the blockchain may be utilised to:

• protect physician-patient privacy
• making private data available to all authorised parties.

Blockchain makes a compelling case for averting significant attacks in the healthcare sector. The difficulties in breaking into an outdated hospital database are much lower. Than those in breaking into a secure blockchain network.

Data can be exchanged safely using the blockchain. Thus, researchers might at any moment have access to a subset of a patient’s data, improving the growth of medical research.

Final Thoughts

Adopting blockchain in healthcare in this way, millions of people, healthcare organisations, researchers, and providers will collaborate to exchange enormous quantities of data that will be disseminated to all facets of life with privacy protection and security assured.

This incident may result in the development of precision medicine and medical research. It will open the door to better health and early illness prevention.