How Can Blockchain Usage in Modern Day Healthcare Help?
Blockchain has slowly entered into the healthcare world, with at least 16% of health executives planning on incorporating blockchain’s technology. Many expect this technology to help reduce the cost of health facilities, provide better access to medical records, and also bring down the cost for consumers. Most people have never heard of blockchain or how its services can help healthcare operations, so today we will look into blockchain technology.
What Is Blockchain?
Blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. Blockchain’s ability to shrink transaction complexity reduces the reliance on intermediaries for validation. Blockchain builds a block, based on each transaction, creating a new block before and after. This ability gives the block the power to keep track of every single transaction, change, or update made inside its chain. Blockchain is also secure because it requires a consensus for all part members. Moreover, all transactions are permanently on record. With blockchain, enterprises can free up their capital, lower transaction cost, speed up processing, and provide security.
Block Chain Usage in the Industry
Blockchain is already active in healthcare operations, creating secure and versatile applications for medical records. Records are coded and then in the blockchain preventing alterations while improving accessibility for clients. The chain also has the ability to track the distribution of medications in their inventory and how much. The ability of the chain to keep track of records from one source allows the elimination of errors that might happen from multiple sources. The platform also has the ability to provide peer-to-peer payment systems for patients and hospitals. Reimbursing medical providers is instant and can reduce the wait time on some third-party payers. This will also lead to a decrease in costs for consumers and hospitals alike due to the reduction of incumbent staff.
Healthcare consists of clinical trials, patient records, confusing billing, medical research, and much more. Disorganization is all over the industry, and blockchain can help fix the mess. With so many ventures entering healthcare, we can expect an even greater need to organize all the data flowing around. We can expect many hospitals to implement blockchain technology, as well as other methods, this fall in order to fix this growing problem. Stay tuned for more healthcare updates as we approach the selling season!