The Healthcare Industry has seen a new lease of life with the development of blockchain-based innovations. These health solutions are gaining momentum and disrupting the healthcare industry. According to a study by Frost & Sullivan “Blockchain in Healthcare, Forecast 2017 -2025”, the global blockchain market value will reach $5.61 billion and believed to grow at a CAGR of 63.85% from 2018 to 2025. The expert team of Reactive Space has great command over blockchain best practices and believes several industries can capitalize on blockchain’s advantages. Interested to know about the Benefits of Blockchain in Healthcare? Listed below are the core applications of the revolutionary technology in one of the most important fields in modern day practice.
Blockchain Use Case in Healthcare – Drug Traceability
Drug fraud is a grave issue of concern in the pharmaceutical supply chain. There is no trusted network to trace the originality of medicines. According to the World Health Organization, 1 out of 10 medicines in developing nations are forged and their underground market is almost $200 billion per year. The main problem with counterfeit drugs is not the authenticity of drugs but the wrong dosage of the right active ingredients. This uneven blend of ingredients and dose can be extremely injurious to health. In 2015, Singapore took part in a multinational operation that seized above $9.8 million worth of counterfeit drugs. Even though governments take safety precautions to avoid the issue, fraudsters are often found to lead crimes.
Blockchain based Healthcare Solution
Blockchain applications in drug traceability ensure a transparent system to record medicine and supply chain information. Every data entry recorded into a block is tamper-proof and immutable, providing both a broader view and trivial details of each transaction. Hence, blockchain in healthcare can transform the sector by making it convenient to access the drug’s life cycle in real-time. Also, blockchain healthcare enables the transparent discovery of fake antidotes hovering in the market.
Blockchain solutions for healthcare have already been practiced by tech giants such as IBM and Walmart to enhance supply chain integrity.
Blockchain in healthcare tackles two primary challenges in drug traceability. Firstly, it offers
firms to view the complete life history of a product, down to the supply chain. Next, it helps labs to uncover the accurate location of their drugs, in case of complexities.
Blockchain Use Case in Healthcare – Medical Records Management
Patient record management systems have three main issues in the healthcare industry.
- Common prescription strategies might go on the blink because of inter-individual differences.
- Fragmented and siloed patient records.
- Privacy protection and security systems.
A single treatment strategy might or might not work for two distinct individuals. Thus, complete medical history is important to provide personalized care. A big obstacle for scientific advances is that the patient’s sensitive medical information is not divulged through secure networks. Health records are being kept in diverse locations, and are not secured in a single medium.
Another issue is that patients do not have full control over their medical data. This limits them from sharing a single and comprehensive version of their record, with each organization in their medical network.
Healthcare Blockchain Solution
Blockchain in healthcare can help in sharing data via a secured structure. After a patient consults a doctor, a treatment program is added to a block into the blockchain. Next, a smart contract manages patient data access. By using an API, authorized parties can query blockchain to locate a patient’s data anonymously. This allows patients to share recognizable information with physicians and non-recognizable data with pharmaceutical industries. Only after the patient’s approval, data is shared with the relevant person in the network. This prevents data theft and centralized control.
Blockchain Use Case in Healthcare – Clinical Research
Clinical research is a branch of medical science which involves research carried out on humans to determine effectiveness and safety of medicines, devices and diagnostic products. Clinical trials is a term used in clinical research in which patients volunteer to test the efficiency of medical products. Mostly, these trials take years to complete and the results are not usually positive. Due to this, pharmaceutical companies avoid reporting clinical trials outcomes. This causes knowledge gaps between all stakeholders.
Clinical trials produce a tremendous amount of data such as safety, quality reports, statistics, blood tests, etc. A huge number of middlemen are involved during a clinical trial, making it prone to fraud and hard to trace. Here, fraud refers to amending or concealing original data that can damage brand image.
Healthcare Blockchain Solution
Blockchain can validate the authenticity of the documents by providing proof and evidence of said documents. Before a transaction is added into the blockchain network, its accuracy is verified through the majority of nodes. Hence, modifying a piece of single information demands updating a large number of computer’s data in the secure network. Such secure and a tamper-proof records system for clinical trials can decrease result changing, data snooping, and fake reports.
Medical blockchain systems can deploy trustworthy protocols which share patients’ results widely. This drives astonishing cooperation between all members.
Blockchain can make a transformative impact in the healthcare sector. Its possible advantages will certainly disrupt the healthcare industry as blockchain in healthcare draws near to commercialization. Many large healthcare companies have already joined hands to design and create a blockchain system which brings transparency and interoperability in the industry.
If you wish to transform your industry through a streamlined healthcare blockchain industry revolution solution, feel free to discuss your idea with the Reactive Space expert team.