Blockchain in Healthcare industry is one among the world largest and also the fastest-growing industry. With over 10% of the GDP (Gross Domestic Product) in almost all developed countries, healthcare is a major chunk in a country’s economy. For better administration and segmentation Healthcare industry can be categorized into
- Hospital administration
- Medical and dental practice activities
- Other therapy and treatments activities
- Healthcare equipment and services
- Pharmaceuticals, Biotechnology and Life sciences
The other therapy and treatment activities come under the supervision of, nurses, scientific or diagnostic laboratories, physiotherapists, residential health facilities, pathology clinics or any other allied health professions.
Health care equipment circle is a compilation of companies and individual entities that supply medical necessities, medical equipments and other vital healthcare services, such as hospital, home healthcare providers, on-call doctors and nursing homes. The latter listed industry group that includes companies that manufacture or produce drugs in biotechnology, pharmaceuticals, and other miscellaneous healthcare services.
Blockchain in Healthcare- What’s new?
Blockchain in Healthcare technology holds tremendous potential to rejuvenate the health care industry, placing patients at their center of the ecosystem and betterment of privacy, security, and interoperability of individual data. The technology would bring in a new model for health information exchanges by making electronic medical records disinter mediated, more efficient and secure. While the industry is still rapidly evolving, blockchain provides a playfield for investment, experimentation and proof-of-concept testing. Here are a few highlights of bringing in blockchain into the healthcare industry.
Privacy and authentication of patient’s health records and guidelines for information sharing regarding the record
Drug journey tracing where in every activity from manufacturer of the drug, wholesalers, retail pharmacists and the patient can be tracked and data can be stored to verify and secure drug product info. This could prove to be a solution for counterfeit drugs
Smart contract implementation where few rule-based methods or protocols are created for the patient’s data access.
One-on-one care where patients, doctors, researchers and providers can collaborate and develop exclusive and individualized care.
Clinical trials alteration or modification of data from clinical trials and other fraudulent activities can be eradicated.
Electronic health records (EHR)
Genomics research via access to genetic data secured on blockchain