4 Areas of Healthcare Where Blockchain Has Use-Case

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• Welcome In OnGraph Technology

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4 Areas of Healthcare Where
Blockchain Has Use-Case

• In the healthcare industry, the information or
  data shared between a lot of stakeholders.
  Hospitals, doctors, clinics, pathology labs,
  blood banks, equipment manufacturers, and
  patients are the primary sources who keep the
  information. Since the nature of information
  comes under confidential and personal data,
  security and privacy for this set of data is the
  most crucial priority.
• Though securing medical data is crucial, on the
  other hand, it can't be locked in silos. Medical
  data is an essential asset for every stakeholder
  as it allows seamless functioning of an
  establishment is providing healthcare services.
  Thus, ease of access to this data is required
  therefore it calls a secure transfer of
  information among various users simultaneously
  need information available on-demand only to
  authentic users.

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Blockchain provides ease in disguise for
healthcare companies!

Why?

Blockchain ensures security and privacy of the
data due to its nature of immutable transactions.
The blockchain is a network of distributed
systems, meaning every transaction when occured
in its network required validation. However, if
it's failed to validate, a transaction couldn't
happen that ensures complete encryption.

According to Statista," by 2025, 55 percent of
healthcare applications will have adopted
blockchain for commercial deployment."

Let's look at four areas of healthcare industry
where blockchain has a use-case

1. Keep Data in Compliance With EHR and HIPAA

HIPAA (Health Insurance Portability and
Accountability Act) has strict privacy and
security standards for the use and disclosure of
PHI ( Protected Health Information). In the
traditional system, the risk of a data breach is
significant.
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Blockchain due to its decentralized nature secure
PHI in unprecedented new ways. The new digital
system possesses the potential to support the
system with technology which ensures a better
quality of care for patients in health care
settings. The decentralized network provides the
transparency and interoperability essential to
EHR adoption.

2. Unbiased Clinical Trials

Every drug development companies go through
immense pressure to ensure their produced drugs
passes the clinical trials. It is common among
the industry to influence the test reports by
hiding the test findings of the original study
protocol.

Blockchain development services that include the
use of smart contracts provides the solution to
the problem. The smart contract is a pre-defined
rule-based system which kept every kind of data
validated. Likewise, smart-contracts keep the
original data of study protocol and showcase to
the world about the unbiased trials which help
acquire more clients and help build reliability.
Blockchain stores data in the form of
cryptographic hashes, thus no tampering with data
would be possible.
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3. Eliminate Counterfeit Drugs

A number of criminal activities have been
recorded over decades around counterfeit
medicines and medication. According to the Health
Research Funding Organization, there are about
10-30 percent drugs out of 100 in developing
countries are fake medicine. While criminals
supply such fake medicine, often good medicine
comes under counterfeit drugs when not stored and
supplied with adherence to ISO standards.

There are medicines which require special
packaging, storage even when supplied to one
place to other. Hire blockchain developers to
develop a comprehensive blockchain based system
using IoT and allied technologies that enable you
collect such significant data thus shows
potential to eliminate the number of counterfeit
drugs from the market.

4. Reduce Insurance Fraud

The U.S. faces a loss of around 60 billion in
health care fraud, according to NHCAA (National
Health Care Anti-Fraud Association). Here FBI
estimated fraud in the billing of health care
programs offered by public and private
institutions. However, it is a falsification of a
patient's medical condition too, including test,
etc. that bring up the costs of healthcare
insurance for everyone. The immutable ledger of
blockchain records everything. Therefore it
wouldn't be possible to do any falsification with
the data. Cross-verification will become smooth
while minimizing chances of fraud.

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