In the latter half of the 20th and early 21st centuries, we witnessed major inventions and discoveries that changed the world forever. The computer, the internet, and the latest sensation, blockchain, have all changed the world. We should mention blockchain as the most important invention since the internet. Many experts believe that blockchain is the greatest innovation in history. Others call it "the new internet" or the "next Internet."
Blockchain technology is a buzzword that has been gaining popularity in the technology world. Blockchain has certainly benefited from the rise of Bitcoin and other cryptocurrencies. Experts believe that Blockchain technology isn't a trend, as it doesn't just revolve around cryptocurrencies. It promises to offer much more.
What is Blockchain?
Blockchain is an open, decentralized, and distributed digital solutions ledger that tracks transactions on many computers. That ensures that records cannot be changed retroactively without affecting all following blocks.
Blockchain gets its name because the blocks or records (transactions) can be verified and then connected with the next block to create a chain. You can think of blockchain in terms that are easy to understand. Imagine it as a large Google Doc; the major difference is that anyone can add and view but not change any information.
What is The Big Deal About It?
Blockchain technology is revolutionary as it addresses many challenges in the digital world, such as:
- Blockchain provides high transparency, as each transaction is publicly recorded and verifiable.
- Immutability is the inability of anyone to alter the data once entered into the blockchain.
- The system administrator, as well as third parties, are included. It helps the user to verify that their data has not been altered.
- Security, Blockchain stores data across multiple systems rather than a central database. That increases its security by making it more hack proof.
- Blockchain allows peer-to-peer transactions, allowing third parties and banks to be eliminated. That reduces transaction costs.
- Blockchain is a platform that allows new and innovative business models to compete against conventional businesses.
Blockchain Technology and Healthcare
Blockchain technology has a huge impact on Healthcare. A report confirms this. It states that blockchain technology is a global development in the healthcare industry.
The company's revenue, estimated at approx $34.47 million in 2018, will reach close to approx $1415.59 million by 2024. The CAGR will also be 70.45% from 2018 to 2024. What are the main factors behind blockchain's importance in Healthcare? We'll look at each factor one by one.
Decentralized System
As we have discussed previously, the blockchain has a decentralized system. That makes the blockchain hack proof. It prevents all copies of data from being compromised. These decentralized systems can run all the standard hardware at the hospital. It will be possible to eliminate artificial or natural disasters, ensuring complete security. Researchers can also use the energy saved by these systems to perform complex calculations to discover cures and drugs for various illnesses and disorders.
Single Data Source
As we have seen, in the blockchain system, all transactions are recorded and only added to the chain after they receive majority approval. The data can not be altered, ensuring all information's security and authenticity. Researchers can use this feature to collect a large amount of information about a specific group. It is used to support longitudinal studies that are essential for developing precision medicine and effective treatments.
Monitoring & Data Access 24-7
With the aid of IoT, wearables, and blockchain for Healthcare, useful data such as blood pressure or sugar levels can be stored and updated in real time. It allows doctors to keep track of patients who are at high-risk 24 hours a day and alert family members & caregivers in the event of an emergency.
Cost-effectiveness
Blockchain technology eliminates all third parties and intermediary systems that are usually used to fetch and transfer data. This system is absent in healthcare systems, which results in great savings. Global Market Insights latest study estimates that the Blockchain market in Healthcare will reach approx USD 6.1 Billion by 2027.
Smart Contracts Provide Consistent Rules
A smart contract is a protocol for computers that facilitates and enforces negotiations by digitally verifying, facilitating, and enforcing them. It helps to develop a consistent process based on rules for different organizations that access patient data. This principle is usually the basis of blockchain digital health insights applications. Developed an app integrating blockchain technology into a mobile technology doctor-patient application.
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Blockchain Technology for Healthcare
Let's look at the possible uses of blockchain:
Supply Chain Management
The healthcare impact on the supply chain today needs to be more secure and long-winded. The first step is to manufacture the drugs at the production centers. Then, they are transferred to wholesale distributors:
- Wholesale distributors sell the product to retail firms, who then pass it on to customers.
- Additionally, substandard or counterfeit drugs are easily available to enter the drug cycle.
- Blockchain technology can be used to solve several problems at once.
- Blockchain helps manufacturers keep track of the drug's ingredients. The system ensures all ingredients are in line with medical standards.
- The blockchain allows for the traceability and elimination of counterfeit medicines. Traceability is possible, and it helps find out the origin of the counterfeiting.
The Integrity of Medical Records
The blockchain can ensure that all medical records are accurate. The reason is that every time a new medical record comes out, the records can be saved in the blockchain. That will give proof of its authenticity as it can never be altered. It is a big plus, as the medical records are important from a legal and medical perspective.
Treatment Regime
Blockchain can be useful for research in medical fields. Researchers can study the effects of a specific treatment on a large fraction of patients by gaining validated access. This type of research can significantly improve treatment methods for that section of the patient population.
Single Patient Identification
It is common for healthcare records to be mismatched or duplicated. The different EHR schema makes it more difficult to work with, as they introduce new methods of manipulating even the most basic data. With blockchain, the data is all hashed into a single ledger. When searching for addresses, you will come across multiple keys and addresses. However, they all give out the same patient ID.
Settlement of Claims
The healthcare industry is harmed by the time spent on claim processing. Blockchain smart contracts define the terms and conditions of the contract between payers and providers. The system is activated when the claim has been submitted. The claim is processed in real-time, and the provider pays.
Changes in Business Model
Blockchain can create innovative business models for Healthcare when integrated into the operation. Blockchain Healthcare is a good example of how blockchain can change the business model of stakeholders.
Companies That Offer Medical Treatments and Products: The Blockchain platform will enable pharma companies to collect real-time data, allowing them to provide a wide range of customized treatment options for patients.
- Blockchain makes it easy for pharmacies to do their job.
- These data can guide patients on how best to take the medication.
- Any healthcare professional, including doctors and nurses, can access patient data easily.
Wearable devices can also provide professionals with real-time information on the patient's current state and alert them in an emergency.
Read More: 5 Ways That Blockchain Technology Is Changing the Business World
Blockchain Technology Challenges in Healthcare
The blockchain in Healthcare appears to be a technology with many applications and benefits. It isn't easy to introduce a technology such as blockchain into Healthcare, especially on a massive scale.
What are the challenges blockchain in Healthcare might face?
Uncertainty
We have yet to see other successful applications of blockchain technology apart from cryptocurrency. We have yet to see many blockchain-based healthcare initiatives or startups, which causes a feeling of doubt and uncertainty.
Ownership of Data
No formal process exists to determine who owns the data or has given permission for it to be shared.
The Cost of the Product
The total costs of implementing and maintaining blockchain in the healthcare sector are unknown. It isn't easy to justify the cost of this technology if you don't know what it costs.
Rules & Regulations
Blockchain technology is not yet regulated in the healthcare industry. It also needs to be clarified how new regulations and rules regarding blockchain in Healthcare will be implemented, especially with existing privacy laws such as the HIPAA Act.
Storage Capacity
Blockchain technology can be used in Healthcare to store all medical documents, lab reports, and images. Theoretically, each participant will also have a copy. This volume can easily exceed the current blockchain storage technology, which could cause issues.
Seven Blockchain Healthcare use Cases in Digital Health
1. Transparency of The Supply Chain
As in other sectors, a major problem is to ensure the authenticity of medical products. Customers can have complete visibility of their purchases by using a system based on blockchain to track the items at every stage in the supply chain, from manufacturing to distribution.
It is an industry priority, particularly in emerging markets where fake prescription drugs cause thousands of deaths yearly. Medical devices are also becoming more important as they increase rapidly with remote monitoring and attract the attention of criminals.
Pioneering example of blockchain technology that allows companies in the supply chain of prescription drugs to validate the authenticity and expiration dates of medicines and other vital information.
Blockchain and AI:
- Confidence of the Customer: The ability to track packages from manufacturer, wholesaler, and shipping all through.
- Compliance: To ensure the safety of patients, medical devices and pharmaceutical manufacturers must report a lot. Aggregating supply chain data in one system can help streamline compliance. For instance, a blockchain-based system notifies law enforcement when it detects an issue.
- AI-driven Supply Chain Optimization: After all data has been collected, AI is used to predict the demand better and optimize supply.
Supply chain transparency and management is an advanced blockchain use case outside financial markets. For example, the partnership between IBM, Walmart, and others to guarantee food safety within the supply chain. That will be the biggest short-term impact on Healthcare due to the proven technology and ROI.
2. Electronic Health Records Centered on Patients
In every country, healthcare systems are dealing with data silos. That means that patients and providers of care need a complete picture of their medical history. University released research in 2016 that showed medical errors caused by poorly coordinated care were Americans' third most common cause of death. That included planned actions which needed to be completed or omissions in patient records.
A blockchain-based medical records system linked to existing software for electronic medical records and acts as a single, overarching view of the patient's file could be a solution. Each new record added to the chain, such as a doctor's prescription, lab results, or physician notes, is translated into unique hash functions - small strings of numbers and letters. Each unique hash function can only be decoded with the consent of the data owner, in this case, the patient.
Every time a change is made to a patient's record, or if the patient agrees to allow others to see a part of the record, the transaction is recorded on the blockchain. Medicalchain, a Healthcare provider-focused company that implements blockchain EMRs, is an example.
3. Blockchain-enabled EMRs have the Following Key Advantages
Each patient's medical record is consolidated into a single, comprehensive source of truth. That creates a more positive experience for both patients and providers. Patients can see when their records are updated, and they have the option to consent to share them with other healthcare professionals or providers. They can choose whether to share all or part of their records with researchers and can limit how long third parties can access their information.
The medical insurers receive instant, validated confirmations of Healthcare directly from the patients without having to pay for an intermediary.
Medicalchain, beyond creating blockchain-based records for medical care, is developing a platform on which other companies can develop digital health solutions. That includes a virtual consulting service and a data exchange where patients may exchange their anonymous medical data in return for Medtokens to help support the development of digital health applications, such as. Population-level analytics solutions.
Read More: How Blockchain Technology Works and Is Changing the World!
As more sophisticated analytics are developed, the impact of a much larger and more comprehensive patient database will be profound on the market. The development of personalized medicine, for example, is severely hindered due to the need for more high-quality data. If we had access to reliable, widespread data at the population level, segmenting and analyzing targeted medicine results much better would be possible.
In addition to its supply-chain solution, it has developed a support solution for gene and cell therapies. Several research programs are exploring using AI and Blockchain to advance personalized medicine.
4. Smart Contracts for Insurance and Supply Chain Settlements
Blockchain-based companies such as Chronicled and Curisium allow players from the healthcare industry, including pharmaceuticals, medical devices OEMs, wholesalers/retailers, insurers, healthcare providers, and insurance agents, to authenticate themselves as an organization, track transactions of goods and services as well as payment settlement information for these goods and services. The environment allows trading partners, insurance providers, and healthcare providers to work on fully automated and digital contract terms.
They can reduce the number of disputes regarding payment charges for prescription drugs and other products by having digital agreements between manufacturers, distributors, and healthcare organizations logged in a ledger on a blockchain instead of each party having its contract. Recent reports that 10 percent of medical claims are challenged. Once this data has been digitized and is easily accessible to insurance providers, they can also use advanced analytics to optimize health outcomes and costs.
5. Verification of Medical Staff Credentials
Blockchain technology is used in a similar way to track the provenance and experience of medical practitioners. Trusted medical institutions and healthcare organizations can record the credentials of staff. That helps streamline the process of hiring healthcare providers. A US-based company has created a system for verifying medical credentials using the R3 Corda protocol.
Blockchain technology has many benefits:
- Credentialing healthcare organizations faster during the hiring.
- Medical institutions, insurance companies, and providers of Healthcare can monetize the data they have on their past and current staff.
- Transparency for all partners. Organizations subcontracting locum-tenens or emerging virtual health delivery models to inform patients about medical staff's experience.
6. IoT Security for Remote Monitoring
Remote monitoring is one of the most important trends in the digital health industry. All kinds of sensors are used to measure patients' vital signs, giving healthcare professionals more insight into their health and enabling proactive, preventative care. Our previous articles about 5G and digital health covered several promising remote monitoring applications.
Security is an important issue for health IoT. It is essential to ensure that patient data is secure, private, and not altered in any way. Some connected devices, such as a heart attack or a fall, may be relied upon in an emergency situation. It is important that systems that alert an elderly carer to a fall, heart attack, or any other emergency are highly resilient against DDoS attacks or similar disruptions.
7. Blockchain systems can help to secure IoT remote devices.
Blockchain cryptography ensures that only authorized parties have access to personal data. This data is saved on the chain as a hash (and any change to the data source will result in a new hash). A user needs to possess a set of cryptographic keys to translate the hash into the original data.
As soon as patient data has been recorded in the blockchain (as a hash function), it becomes nearly impossible to alter since it requires access to every copy stored.
Decentralized blockchain allows IoT devices to interact with one another directly rather than going through a centralized IoT server. This makes it difficult for DDoS attacks and man-in-the-middle attacks. For more information on this application, a recent report "Moving beyond the Lab: How blockchain can pay."
Although blockchain may improve IoT security, it's still early in development. It needs to be clarified if blockchain will work best. A blockchain is a good option for digital health firms looking to secure remote monitoring devices. However, this should only be part of an end-to-end strategy.
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Wrapping Up
Blockchain technology is relatively new and still in its infantile stage. Bitcoin's massive success has raised expectations. Blockchain could disrupt the healthcare sector in the coming years, leading to a boom in healthcare apps using blockchain technology. It's true, however, that implementing blockchain in Healthcare may be challenging as there are some challenges to overcome. One thing is certain: Blockchain technology will improve the healthcare industry's speed and security.
