Every country spent chunks of the Gross Domestic Product on the healthcare sector. Nonetheless, hospital costs continue to rise due to inefficient practices, new required technology, growing labor costs, and increased litigation among other factors.
Additionally, health data breaches are also increasing rapidly, which can be improved by blockchain technology. The blockchain in healthcare can do a lot of tasks at a time while encrypting patients' data.
A few years ago, the size of the blockchain in the healthcare market was only about $48 million and it is obviously much larger now in 2022. As per the prediction, it is forecasted to experience a 65% CAGR from 2019 to 2025.
Blockchain: The Latest Technology In Healthcare
The technology can transform the healthcare sector by increasing security and placing essential data at the center of the ecosystem of healthcare. Incorporating this technology will give a new structure to health information exchanges (HIE). The latest and rapidly evolving field, blockchain in healthcare today, has many reasons to be incorporated into the healthcare sector. Here they are:
4 Big Business Benefits Of Blockchain In Healthcare
1. Securing Confidential Data Of Patients
Keeping the data securely and safely is the most important reason for using blockchain technology in the healthcare industry. Security issues have been a significant reason in every sector, including healthcare. More data is being exposed in data breaches, like banking information, credit cards, etc., which need to be stopped. This article says that the newest technology maintains a decentralized, incorruptible, and transparent log of every patient's data. Also, it secures your identity using secure and complex codes safeguarding the sensitivity of medical data.
2. Streamlines Care And Reduce Costly Mistakes
Miscommunication or lack of communication costs a huge amount to the healthcare industry. The tedious process of obtaining a patient's medical data leads to delay in patient care and exhausts staff resources. Blockchain technology and healthcare is a suitable way to avoid this issue. It has a decentralized nature forming an ecosystem containing patients' data, doctors or specialists involved in the treatment, etc. As a result, it leads to quicker diagnosis and better care without wasting time.
3. Breakthroughs In Genomics
The ability of genomics to improvise human health was a dream at one point in time. But now, it has become a financial and scientific reality after the development of DNA tests, etc. Medical blockchain technology fits the growing sector as it acts as a safe house for billions of genetic data points. It is a place where people can sell data in encrypted form to a wider database. In that way, scientists will have access to valuable data quicker compared to the past.
4. Managing The Medical Supply Chain
How much are you aware of your medicines? Can you be 100% sure that it is not being tampered with? Is the medicine coming from a legitimate service provider? These are a few questions that arise in the medical supply chain. Blockchain has many implications for medical supply chain management and maintains transparency in the shipping process due to decentralization. After a drug ledger is prepared, the origin point will be marked, and it continues recording data at every step. It contains details like who handles it, where it is now, etc., till the customer receives the drug. The entire procedure can reduce waste emissions and monitor labor costs.
Final Thoughts On Healthcare Blockchain Tech
The application of the newest technology is at an early stage. With an improvised blockchain and healthcare security system, it will be easy to promote synchronized transactions, manage a huge amount of data, etc. The unique capability will help in reporting real-time diseases and providing the right care to patients. Additionally, it will also guide experts to find the origin and various transmission parameters. Lastly, hacking can also be reduced to a great extent by incorporating technology as a significant aspect of blockchain in healthcare today.
And finally, eventually patients and healthcare companies will be receiving and paying with blockchain backed cryptocurrency. Overall blockchain technology will crucial for all aspects of the healthcare industry in 2022 and in the foreseeable future.
