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Blockchain can link patients to their data, rather than to
their identity. According to a recent survey, the healthcare
industry is planning most aggressive deployments of
blockchain, with 35 percent of health and life sciences
planning to deploy it in the coming years. Furthermore,
blockchain verification can help increase the trust and
integrity in clinical research publication. The decentralized
ledger allows for a simpler, more efficient and cheaper way
to share peer-reviewed research and is highly applauded by
clinicians.
Let’s look at some of the ways in which blockchain is
transforming healthcare:
Drug and Organ Traceability
Currently, counterfeit drugs cost pharmaceutical companies
an estimated $200 billion in losses annually. Employing
blockchain will enable every transaction between drugs
manufactures, pharmacists, wholesalers, and patients to be
tracked to verify and secure drug product information
which is important for tackling issues like counterfeit drugs.
It also facilitates new drug development by making patient
results more widely accessible.
Blockchain-based systems could help drive unique
collaboration between participants and researchers to
promote innovation within medical research, predominantly
in the fields of precision or personalized medicine.
Patient Data Access
Informed patients know that data is critical in increasing
their care and safety. This safety is beyond the data hacks.
Blockchain provides ability for the healthcare providers to
have access to information that will help them better treat
the patient. There has been an inclination towards educating
patients to manage their health and embrace wellness and
prevention and that may also include the data that is
generated out of this practice. Precision medicine in clinical
trials presents another big opportunity for blockchain
innovations.
Medical Research
Moreover, it also provides a platform for tracking blood and
human organs. These products are critical to human health
and they often have a tight time expiry. Blockchain helps in
safely tracking it each step of the way. Centralizing the results of clinical trials and patient
outcomes for new treatment protocols can improve care and
patient outcomes. Scientists can quickly find and enroll
patients for their clinical studies and even complete their
entire research project using online datasets. Researchers
can cumulate research data across all the clinical trials a
person has completed to gain unique insight which was not
possible with a smaller dataset. Thus, blockchain could
provide the access to make medical innovations quicker.
Precision Medicine Claims and Billing Management
The lack of interoperability among data systems in a
personal health network is impairment on patient care. Employing blockchain could reduce admin costs for billing
by eliminating the need for intermediaries with automated
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