Well, blockchain has already created a lot of buzz, and if you ask someone what it is, you’ll surely get an answer that it’s a technology that creates distributable and immutable data records that can be shared using a networked database system. Although the term ‘blockchain’ is mostly used when it comes to financial transaction or discussions about cryptocurrencies, the scope of blockchain is not limited or restricted to just that. In fact, the potential of this new age technology is endless, and there are several industries that can be benefitted utilizing it. While the financial sector has largely explored the blockchain benefits, industries like healthcare is yet to explore the same.
Let’s take a look at the different issues of the healthcare domain that can be addressed by blockchain, and how?
- Drug traceability – One of the major problems that the pharmaceutical industry faces is managing the drugs, and checking their authenticity. According to several research reports, a large percentage of drugs that are being manufactured in the developing countries, are fake. These can not only cause harm, but also can turn out to be fatal for the patients. By registering their products in a private blockchain network, organizations can easily detect the fraudulent drug dealers. Using the blockchain transparency, the entire journey of drugs – from manufacturing to delivery – can be traced and tracked.
- Patient data management – In order to follow the HIPPA compliance, it’s essential to ensure the privacy of patient data strictly. There are situations when patients need to share their personal records with third parties. In situations like these, blockchain creates a hash for every single PHI block, along with the patient ID. Using the API, the required information can be fetched without revealing the identity of the patient.
Blockchain is a reliable and secure method of storing, sharing and recording sensitive data. This is why, it can be assured that the entire healthcare industry can enjoy plenty of benefits using this technology. This will also help them stay HIPPA (Health Insurance Portability and Accountability Act) compliant as it ensures trustworthy digital protection.