In healthcare, blockchain is basically about cutting out the middle man. It is also about increasing the security of a number of transactions in the healthcare space. It also aims to eradicate the bureaucracy and manual ineffectiveness which in turn will improve the quality of care.
It is a decentralized list of digital records all linked by cryptography. Each record is a ‘block’ and every block consists of a cryptographic hash of a previous block. Simply put, this is an algorithm, a data of that transaction and a timestamp. Blockchain was developed to securely open a ledger to keep track of digital transactions and be managed by a peer-to-peer network.
The traditional blockchain tech has over the years been associated with cryptocurrency coming mainstream back in December 2017. The nature of blockchain being a secure public ledger make it suitable for the healthcare industry. A report made by HIPAA in 2018 showed that there was a daily breach of healthcare records and between 2009 and 2018 more than half the US population had had their healthcare records compromised.
According to Digital Authority Partners, in these times of data-insecurity, the healthcare industry should focus on taking advantage of blockchain technology. This is because there is more to it than just the transactional activities but it also involves the secure sharing of data previously termed impossible to extract. In this article we will discuss 5 outstanding things about blockchain that healthcare executives and all other stakeholders should understand:
1. Inequality in Pharma Data
This might just be the most troublesome data problem that pharmaceutical companies face. This most common when it comes to drug development. Pharma data is usually recorded and stored away in silos and accessed through different platforms. What is worse is that each individual department uses a different data structure.
This is where blockchain comes into play to deliver efficient and accurate results.
2. Time-Consuming and Resource Heavy Data Analytics
Taking into consideration that pharma companies deal with tons of data sources it is clear there is a problem when it comes to collecting, handling and eventually the analysis of data. Some crucial data might be overlooked and disappear between the cracks during the collection phase. This might lead to wrong conclusions and insights from the analytics.
3. Inaccurate Data and Ambiguity around Relevance
In the pharma space, there is too much ambiguity surrounding the accuracy of available data. It is often hard to be certain if all the data is still viable and insightful. When blockchain is leveraged correctly it will help the pharma record, store and sort their data in such a way it remains always relevant and unambiguous.
Blockchain can also:
- a) Improve the drug supply chain
- b) Manage and access drug trial data for research purposes.
- c) Bookkeeping for clinical trials
- d) Get the right people for medical trials faster.
4. Fill Up Forms for Hospital Intake
Kalibrate Blockchain will soon be awarded a license to one hospital in each market to allow the hospital to embed a FormDrop SDK in its own mobile application. This will allow patients to fill out forms and submit their healthcare forms automatically to their healthcare providers from their smartphones.
5. Blockchain for Healthcare Smart Contracts
In the healthcare industry, there are several contracts between patients and hospitals, organizations, healthcare providers and vendors. A smart contract, on the other hand, is a computer protocol set to digitally verify, facilitate or enforce negotiations of a contract.
The blockchain is gradually proving to be essential in the healthcare industry and is a promising technology which can assist in solving some of the most complex problems the healthcare and pharma industries are facing.
This article comes from JGBilling, a medical billing company