Impact of Blockchain Technology on Healthcare Sector

Impact of Blockchain Technology on Healthcare Sector

Blockchain technology has great impact on Healthcare sector. Health is very important for life and it should be properly managed and cannot be taken for granted. In hospitals, it is usually seen that the medical documents or other medical records are not properly managed and placed. So due to this, patient’s data and information could not be found on time and place when it is needed. To manage all medical data properly Blockchain has been adopted in the medical sector. And blockchain technology has very much impact on healthcare sector. Web Development company in Thane Mumbai providing blockchain technology services and it has great impact on Healthcare Sector.

Concept of Blockchain

The concept of blockchain is very simple, blockchain is a decentralized system, and it is distributed and public digital ledger. It is used to record transactions across many computers so that any saved record is not altered retroactively. The blockchain is based on the distributed ledgers which contains information or facts. A block is a record of new transactions (data like medical device logs, patient vitals or the location of cryptocurrency). When the new block is completed, it is added to the chain of previously created blocks. Through this way, a huge system of blocks is created, where information is stored and can be accessed anytime.

In a blockchain system, there is no central authority; instead, transaction records are stored and distributed across all network participants. Interactions with the blockchain become known to all participants and require verification by the network before information is added. It enables trustless collaboration between network participants while recording an immutable audit trail of all interactions. Blockchain technology is one of the most important and disruptive technologies in the world. Multiple industries are adopting the blockchain technology to innovate the way they function.

Traceability of Drugs

The major issue is the traceability of drugs along with fake drugs. It certainly happens because some developing countries are making fake drugs, so this results in the loss of the billions. According to Health Research Funding Organization (HRFO), report almost 10 to 30 percent of drugs in developing countries is fake. While the U.S. healthcare industry alone bears a loss of approximately $200 billion annually due to these issues. This dealing in fake drugs also results in a huge amount of death rates. In order to stop this happening, drug traceability help us to differentiate between the real drugs and the fake drugs. Hence, Blockchain is Immutable and traceable, patients can easily send records to anyone without the fear of data corruption.

The Integrity of Medical Records

Impact of Blockchain Technology on Healthcare Sector
Electronic Health Records

The integrity of all medical records is very important for patient as well as for doctor also. It should always be taken into consideration and this could be easily done with the implementation of Blockchain technology. And this would be done in the way as whenever the medical record is created. It should be kept in the blockchain ledger for the valid proof as the record which is kept in the Blockchain ledger could not be changed.

The trouble of Identifying Patients

Web designing company in Thane Mumbai is the best web development company. When there is no recognized patient identifier health sector suffers from lot of problems like identifying patients, finding their reports. But now the use of blockchain a unique patient identifier is created that will easily solve the problem of mismatched patient EHRs (Electronic health record) which has in the past led to several errors in patient care and increased the likelihood of patient harm.

Decentralized System

Impact of Blockchain Technology on Healthcare Sector
Decentralized System

Website Designing company in Thane Mumbai is the most reputed company. Blockchain has a decentralized system that is hack-proof.
This syswill help in preventing a single copy from getting compromised. All the hardware and system is made to run on the decentralized system of the blockchain. This will help a company to eliminate happenings of the disasters. Saved power is used for other important purposes like finding treatment for a disease and methods for drugs.

24/7 Monitoring and Data Access

Blockchain is very useful for healthcare sector as it allows to gathering and updating patient reports. It can be promptly done through internet of things and other wearables. It also helps doctors to monitor their patients for 24/7 who are prone to high risk.. And to inform & alert their caretakers & relatives in case of an emergency.

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