The use cases for blockchain technology are myriad, but none are more critical than within the healthcare industry. In addition, blockchain technology has emerged as a means for tracking medication shipments. It can also provide immutable records of patient history and clinical trial data, which is needed now more than ever due to medical data breaches and cyber-attacks on sensitive information systems. If you are wondering about Ethereum, see how Ethereum and ICO can it change crowdfunding.
Ethereum is an absolute must.
The use of Ethereum technology in healthcare is also on the rise, becoming increasingly critical as more and more medical practices adopt electronic medical records. It would include anything involving prescription drugs, medical records and even medical devices. And cryptocurrency could go a long way to facilitating such transactions – as it allows users to transfer funds seamlessly without the need for oversight or intermediaries, thanks to innovative contract technology. So again, hospitals stand to benefit from such technology.
Since there is already widely used across the globe in finance and other sectors, including healthcare, there is a reason why doctors and hospitals have embraced this technology. Indeed, the transition to an electronic medical record is long overdue. There are so many benefits linked to this move that hospitals need to make it happen soon to ensure they get vital profit.
The main problem with current healthcare systems is that transactions take too long to process – even wire transfers can take a week or more. It also costs money because transfers require human interaction or involve multiple steps, making the process time-consuming. Blockchain technology could eradicate these issues through smart contracts, making payments and transfers between patients and doctors very easy.
However, one of the main problems with adopting blockchain technology in healthcare is that it still needs to be understood entirely. There are a lot of myths regarding the advantages and applications that this new form of technology can bring to healthcare – but if more people start understanding it, there will be more incredible medical innovation as well. The more people know about Blockchain vs other technologies, such as bitcoin, the better.
Blockchain and EHR integration:
Hospitals can use blockchain technology with electronic medical records (EMR) to protect data and medical records. Patients and pharmacies could also benefit through personalized, real-time medication history on their mobile devices. The best part is they can share this information with whomever they choose. The only downside is that it will take some time before the healthcare system catches up to the tech offered by startups.
Another reason why hospitals should adopt blockchain technology is because of patient privacy issues. For example, suppose a hospital needs to be wired electronically or have up-to-date equipment. In that case, it will be harder for them to handle the privacy aspects of patient information.
Interoperability in healthcare:
Interoperability is the ability of different systems to work together. For example, healthcare refers to the sharing and exchanging of electronic health record (EHR) data among healthcare providers, patients, payers and other stakeholders.
The interoperability of electronic health records is critically important for the future of healthcare. It will lead to innovations in patient care and allow providers to provide high-quality care at a lower cost. It will also enable a customer-centric approach that ensures better patient experience while improving outcomes. When your treatments are coordinated across multiple providers, there are more opportunities for you to benefit from the latest research and treatments. Ethereum can facilitate the exchange of information in some ways.
For example, a health system could rely on blockchain protocols to ensure patient confidentiality and security in its EHR systems. These systems will also support privacy and security so that insurance companies can share patient data with the right providers for treatment.
Patients can also win through greater interoperability in healthcare:
For example, imagine having a chronic disease such as diabetes, hypertension, or heart disease. Your local hospital has a doctor specializing in individualized care for these diseases – but there needs to be more communication between them because they use different healthcare platforms.
The process can be confusing and time-consuming because they must call multiple providers to set up appointments or operations. Ethereum could fix that problem for you and all other patients – as it could provide a platform for your healthcare provider to connect with other specialists and help coordinate your care.
And blockchain technology is one of many solutions needed to solve healthcare interoperability problems. Information exchange and secure messaging protocols can also be used. The future of healthcare is bright, and Blockchain has the potential to help us get there by providing a secure, interoperable environment for patients, doctors and other stakeholders. It may take longer than expected – but blockchain technology will eventually make its way into the healthcare system to help us achieve these goals.
The future of Blockchain in the Healthcare Industry looks bright thanks to various developments in this field by different startups. These startups have invested heavily in research and development regarding the use of Blockchain in healthcare, which has resulted in quite a few good use cases.