The entire world would have now realized the importance of healthcare due to the sudden outburst of Covid-19. Undoubtedly, healthcare is one of the largest industries around the world that requires immediate transformation. With the help of advanced technologies, we could eliminate malpractices in the industry and cure even deadly diseases.
Is Blockchain Really Necessary In Healthcare?
The answer is simply YES.
Even though there are multiple advancements in the healthcare sector, we cannot guarantee 100% transparency and security with the current system. But we can achieve it through the implementation of blockchain technology.
Due to the decentralization of blockchain, there will be no space for counterfeit or falsification of data. Health organizations will not be able to cover up any information favorable to themselves. Thus, we can eliminate medical fraud and can improve patients’ trust in the organization.
To improve the existing healthcare system, all you need to do is to get help from a professional blockchain development company. They will take care of the technical side of blockchain and provide you with the most suitable solution.
Re-forming the healthcare sector
When it comes to any healthcare organization, it is its primary responsibility to maintain the security of patients’ medical records. As the possibility of hacking is high, it is tough for a hospital to keep its data safe. In such a case, blockchain would be the best possible solution to provide high-level security.
The offerings of blockchain to healthcare are not over yet. Check out other major real-world applications of blockchain technology in the medical industry.
Streamlined Data management
In general, it will be difficult to access a patient’s medical record from a pile of stacked data. But blockchain helps doctors acquire and transfer patients’ records securely. All information will be organized from patient admission to the payment process. There will be no human error or mismatch.
Healthcare insurance claims can be collected and processed seamlessly within the blockchain network. This will increase productivity, reduce fraud, and saves cost & time.
With traceability, we can keep track of drugs as well as medical records. If counterfeit activity is discovered, it can be tracked easily. This helps the healthcare industry to stop fake drugs and expired medicines. We can trace the conveyance of an organ from one hospital to another.
Blockchain will help healthcare institutions with facilitated clinical trial monitoring in an effective manner. So, there will be no fraud and data manipulation in patients’ clinical records.
The payers can perform smooth transactions in a matter of seconds. Blockchain eliminates the dependency on third parties and thus saves transaction costs as well as time. The smart contract is the core element in enabling faster transactions as it automatically executes transactions once the necessary conditions have been met.
Hyperledger in Healthcare Industry
Hyperledger is an international enterprise blockchain project hosted by Linux Foundation. It provides the necessary framework, guidelines, standards, and tools to build open-source blockchains and affiliated applications.
Hyperledger has a transaction speed of about 3000 transactions per second which is the best of all other blockchain frameworks. Also, the transaction cost is comparatively less in amount. Therefore, Hyperledger gained a leading position as a go-to option for healthcare-related applications.
Here are the requirements of a healthcare institution for building a blockchain
- Parallel tests
To be noted, all of these requirements are satisfied by using the Hyperledger framework. With the help of Hyperledger, we can easily build an efficient blockchain for performing easy and secure transactions between the provider and the payer.
Ultimately, the necessity of blockchain development services arises in the healthcare industry. As soon as they adopt blockchain technology, they can acquire efficiency in their organization.