From the production of medicines to medical devices to laboratory testing, a complicated web of people, logistics, and paperwork are needed for every piece of the supply chain. Platforms like the bitalpha-ai.io develop the best trading algorithm that is extremely suitable for beginner bitcoin traders.
Blockchain technology has been touted as the answer to many problems in this industry because it can streamline this process and make it easier for everyone.
In a recent survey, 60% of healthcare professionals said they would consider using blockchain technology in their business over time; these numbers are expected to reach 80% by 2023.
Blockchain technology offers several benefits to the healthcare industry because, unlike traditional systems where multiple systems interact and single points of failure can cause patient issues, blockchain technology simultaneously permits data access to multiple parties.
There are several uses for blockchain technology in the healthcare industry: data exchange, data security, and data validation. Data exchange allows for easier access to information between disparate systems, giving healthcare professionals better visibility into how their supply chain is working, who is involved in the process, and anything out of the ordinary that may be happening. Data exchange also provides better audibility of processes and tracking of where all information is stored.
Data security combines encryption and anti-tamper measures to ensure only those parties with permission have access to sensitive information or files. In addition, data validation gives these same permissions to parties that have been verified by a trusted third party, lowering costs and ensuring the validity of parties throughout the supply chain.
How Blockchain Can Improve Healthcare
Blockchain technology has the power to transform how healthcare is done today completely. This technology can provide improved security, transparency, and trust in everything from medical devices and pharmaceuticals to clinical trials.
For example, when a patient goes into the doctor’s office, they can be sure that information is being stored and shared via blockchain technology, so there’s never a question of where it went or who had access to it. Let’s explore the potential benefits of blockchain in healthcare.
1. Health records:
Today patients can take their health records from one doctor to another and a myriad of third parties—each with access to different information. Blockchain technology can create a system where every patient’s records are stored on the blockchain, giving them better control over who has access to their information.
It helps protect patients’ privacy as it gives them more control over what information they share with whom while simultaneously making it easier for doctors and clinics to keep track of all that’s going on with a patient.
2. Scientific data:
Medical research is often collaborative between multiple institutes, as well as shared between many countries and even different industries.
Blockchain technology will help improve quality control, safety reporting, and peer review by allowing data to be stored in one place and shared between many parties.
3. Medical devices:
Blockchain technology can improve quality control for medical devices and ensure their safety with higher transparency. In the past, patients needed help tracking where their medical devices were being tested, with what materials, and what the results of those tests were, leaving them vulnerable to the possibility of unreliable or unsafe products.
With blockchain-enabled medical devices, this information can be tracked throughout its entire lifecycle and is immutable.
4. Collaborative approach:
There are countless supply chains in healthcare for millions of different products, which can be challenging to manage because of the many stakeholders involved.
Blockchain technology can help streamline these processes by allowing specific stakeholders to access certain parts of data or information while others don’t. All parties are aware of which information they have access to and can be held accountable if they go beyond this.
Medical devices today come with labels, certifications, markings, and other information that can help patients know what they’re buying and how people made it.
5. Incentivizing healthcare:
People can also use blockchain technology to incentivize patients (and their doctors) to make healthier decisions. For example, a patient may have access to information about a specific medical device, which has blockchain-recorded usage data collected over time that shows certain people respond well to this device and others do not. It could help patients decide whether or not to go through with treatment.
6. Tracking medical devices:
Medical devices can have a long lifecycle as they must often be replaced as technology progresses. Blockchain technology makes tracking where these devices went and where they are now much easier for healthcare professionals and patients alike.
Companies can also use blockchain technology to track waste and measure performance data for drugs, medical devices, and pharmaceuticals, which we call ‘track and trace.’
7. Medical device recalls:
If a medical device malfunctions or causes an unsafe condition, blockchain will help avoid problems from happening again.
Tracking information on each device as it passes through a process can identify and fix any abnormalities before the patient receives their newest piece of tech. Blockchain can also help make recalls easier when there are safety concerns during manufacturing or after use by patients.
