For instance, a single drug manufactured in one country might have to pass through three more countries before reaching the end user. If you want entirely automated trading services, then you can visit websites like Immediate Connect, where you will get all the advanced bitcoin trading features. With increased regulations and standards and a need to share data across such complex supply chains, blockchain technology has a lot of potentials to help solve these problems.
Blockchain tech could provide more transparency around issues like vaccine tracking ability, drug counterfeiting, serialization of medical devices, patient data access rights and more. In the healthcare industry, it is critical to ensure the authenticity of meds and that the same pharmacies and facilities distribute the same drugs.
The exciting aspect of blockchain in healthcare is that this technology could be used as a trial marker for value chains. For example, drug manufacturers could use a blockchain to track medications from any source, manufacturer, exporter or retailer. It could help trace the medication back to where it came from and what it was supposed to be used.
In the insurance industry, blockchain can provide immutable validated transactions and transactions. The immutable blockchain technology could solve many areas of the IoT industry. People could use it to track everything from vehicle data to patient health records, supply chains, and payments.
Benefits of blockchain in the healthcare industry:
Blockchain and healthcare go hand in hand in many ways, with the benefits of a secure, reliable, optimized, and participatory system with much to offer. Furthermore, with a greater global collaboration on the use of blockchain in healthcare and IoT systems, several other industries will have access to these savings.
Research showed that healthcare spending alone could save over $22 billion. Still, this figure can only increase as more industries take advantage of blockchain services which people can further share with others. In addition, blockchain technology in healthcare and IoT industries has the potential to improve transparency without compromising patient data privacy. The benefits of blockchain tech in healthcare are endless, with the potential to overcome a number of inefficiencies, especially in supply chains and sharing transactions.
- Patients can monetize their medical data:
With blockchain technology, patients can monetize their medical data, which they can sell to pharmaceutical companies looking for new treatments. For example, a patient with type 2 diabetes will be able to receive compensation for their data which can help in finding treatments that are relevant to their condition. In addition, monetizing medical data will allow people to seek treatments from a wider variety of sources than they can now.
It also means that the medical data will be more accessible as it will be recorded in an immutable ledger, making it transparent for everyone to see. The patients, on the other hand, can access drug trials relevant to their health condition and thus make informed decisions on their health status.
Using decentralized ledgers in blockchain healthcare would mean that cryptographic keys protect the patient’s records, and no single entity could control or access the patient’s records without them providing permission.
- Smart contracts:
Blockchain technology has lots of potential in terms of smart contracts. These programs can improve the transactional processes between different parties without having a centralized authority involved. With smart contracts, all agreed-upon terms will be recorded and stored on an immutable and transparent blockchain simultaneously, eliminating the need for intermediaries such as lawyers or notaries public. Smart contracts in the insurance industry can help prevent fraud, issues with transparency, or disputes between the buyer and the seller.
- Trusted data system:
With blockchain technology in healthcare, trusted systems will be able to share data across various industries so that they can work towards improving processes and finding more innovative solutions. With a global healthcare network with blockchain technology, real-time data could be considered more reliable than ever before. Not only is it better for patients, but it also helps to keep track of health trends, resulting in better analysis of disease patterns and preventative measures.
- Doctors can tokenize their treatments:
Users can also use blockchain technology to monetize doctors’ work. For example, doctors could tokenize the treatments and services they provide to patients. Patients could pay the doctor in tokens instead of cash. In addition, using blockchain will reduce the administrative burden on doctors as they do not have to deal with administrative paperwork and other related burdens.
Blockchain technology will also provide a unified record of treatments done by any particular doctor with a clear track record of their efficiency and quality of service. As a result, it will help doctors be more efficient with their work, preventing them from overworking, doing the same work or accepting payments for treatments not done, which is quite common in today’s system.