How will blockchain technology affect healthcare business industry ?
Healthcare is one of the quint essential industries and also the one where issues are legion. Healthcare industry bears losses amounting to millions of dollars each year through counterfeited drug or data breach. Apart from the loss to the healthcare industry, all the patients and other users connected to this industry suffer at large. There are no positive signs, even after rigorous efforts from different organizations and governments throughout the world.
At Alwintechnologies, we are trying to figure out the ways in which blockchain technology can alter the current state of the healthcare industry. Let’s find out together.
Every problem does have a solution
The biggest issue with the whole healthcare industry is that this industry involves lots of personal and crucial data. This data is not only patient-centric but includes more important data related to clinical trials. In addition to this, there is a lack of transparency which always haunts everyone.
Blockchain developers and experts at Alwin technologies are pondering over the point that for tackling these issues, blockchain is the correct tool. Blockchain ensures that while the vital data remains available to all the required ones along with preventing it from the breach. In order to ensure the authenticity data can be easily verified. Thanks to blockchain!
Now, what if an allowed user tries to alter the data on-chain or add a new one? At first, once data get on the blockchain, it is almost impossible to alter that data and second, no one person or node is capable enough to add/alter data on the blockchain. So, to alter the data the only way possible is changing data on every connected node, and to add new data consent needs to be obtained from majority of nodes. This makes data on blockchain safe and decentralized at once. Also, this is a better option than currently used centralized database solution.
Additionally, blockchain makes data ownership a real thing. By attaching identity tag data can be linked to any person. And by using Smart Contract, it can be ensured that who can view and what! It makes simple, to keep data at a single place to be used by the different organization and people like doctors and researchers. This limits the reach of personally identifiable information and data of medical trials, and ensures access to only those people who need it.
Blockchain – Immunity Against Fake
Another topic which always remains hot in the healthcare industry is counterfeit drugs. The negative impact of fake drugs is multifold. These drugs resemble hurricane; affecting everyone en route, right from pharmaceutical companies to the patient. The only way out of this problem is to eliminate counterfeit drugs.
The blockchain technology can be used in multiple ways to wipe out the demon called ‘fake drugs’. One way is to create a private blockchain and allowing its access to all the required entities. The entities can be a manufacturer, wholesaler, and retailers. Through the smart contract, everyone can be provided with specific rights and powers. All the data needs to be uploaded on the same blockchain and can be verified easily in transit to consumption point. This act will bring transparency and each entity can be held responsible for the act. It ensures that no one in the game tries to cheat. To take things further, even the government can use the blockchain solution and easily track down the mandatory certification and inspection requirement, so as to retaliate the bad player.
Another scenario is such where supply chain includes external or third parties, in the form of a logistics provider. When such a case occurs, the drugs are exposed to a large number of new and unknown entities. Alwin technologies think that in this case as well, blockchain is the solution. To ensure that the product remains intact, blockchain-based applications can be deployed in collaboration with sensor-based tracking. Firstly, this will give transparency about the products' location and secondly, will assist in monitoring of temperature or other specific requirements.
In either of the cases if something odd happens, then using smart contract the loss can be auto indemnified from the party at fault. Moreover, the system can act faster to remove the unusable product and replace it with the utile one.
Use blockchain; Say no to trespass
Healthcare industry witnesses a large number of unlawful acts and wrongdoings, each day and every hour. The list of these acts is exhaustive and beyond imagination. It contains everything, starting from over-billing patients and doing useless treatment/ surgery, until stripping profits from insurance companies through false information. These malpractices are burdening healthcare with increased losses that are increasing at a steady rate every year.
All the credit for this goes to opaque infrastructure that acts as a lifeline to a multitude of loopholes. With so many players and so much data, there is a much need for data security. Therefore, blockchain can be integrated into the current infrastructure so that every piece of information is available for regulating and decisive authorities with safety at the core.
To understand let us take an example: Sam with insurance cover visits hospital. A team of doctors diagnose him of heart disease and then prescribes him some medicines and surgery. Being in the best hospital he has no other option and accepts the only option, thereby continuing as per the directions. After treatment, he is healthy and claims amount from the insurance company.
Its normal scenario, Right! Probably not! In this case, except for that team of doctors, no one knew about the prescription and treatment procedure. Whether Sam needed those tests? Even Sam required surgery and the medicines prescribed? Amount billed to Sam was only of those services offered? Lastly, who will ensure that Sam made no effort and succeeded in claiming a higher amount from the insurance company? Now, it’s a totally different case and no one knows answers to these questions.
By putting data on blockchain we can allow multiple parties to view this data securely. Allowed partied might include government authorities, insurance companies and patient itself. This way everyone will remain aware of the activities and smart contracts will ensure the access level of each of the parties. Thereby making the healthcare industry more transparent and barring all wrong moves.
The bottom line
The healthcare industry has much more issues than what we discussed above, some minor while some major. Issues like identity theft, cybersecurity, and abuse of prescription drugs is still a major challenge for most of the world. The reasons are many and solution the blockchain technology is capable enough to take care of all those. With this piece of information, we aimed to make people aware of the potential of the blockchain. Healthcare Industry is just one part of the whole game. In fact, we are trying to use blockchain technology at as many as possible places and bring the best of it for the betterment of everyone.
I’m the one striving to change the paralyzed state of the healthcare industry!
If you are the one among those who are thinking and acting positively to bring the much-needed change to the healthcare industry, then Alwin Technologies is always ready with a team of experienced blockchain developers and experts. We have 10+ years of experience in development with command on the blockchain.
So whatever your need is, you can always consult us. Our passionate blockchain development company such as Alwintechnologies and its team uses best practices and takes all responsibility for every work done. It’s our dedication and your faith that allows us to deliver the best. Just come with your idea or problem and we assure you that you leave with satisfaction and a blockchain based solution. So allow us to join you and let’s together make this world better with this technology.