9 Benefits of Blockchain in The Healthcare Sector
One sector that holds great potential for blockchain technology is the Medical sphere. Many schools of thought are of the opinion that “Blockchain technology is the future of Medicine.”
Therefore, in this article, you will discover essential aspects of blockchain tech and its potential in the medical sector. Before moving forward, let’s briefly discuss a significant challenge facing the medical sphere.
Two Major Challenges in the Medical Sector
1. Hacks and Data Breaches
Medical data breaches currently pose a massive threat to the entire health care sector. According to reports, Data breaches cost an average of $429 per patient. That is an estimated average of $6.5 million. Also, nowadays, data breaches are nearly impossible to fix and require a lot of resources and time.
Also, other consequences of medical data breaches also result in damage to reputation, general downtime, and loss of clients/patients’ trust, etc.
2. Vulnerable Security points in The Healthcare Sector
On the other hand, these are the following security issues in the healthcare sector:
- The use of old and outdated medical devices
- Primitive software with a lot of vulnerability points
- Most times, implanted and connected devices are not hack-proof, etc
Here is a summary chart showing the number of patents in different parts of the world. This indicator reflects the technological development in healthcare:
Now, let’s see more about the benefits of Blockchain in healthcare and which companies are implementing them.
Blockchain Technology in the Healthcare Sector
Many people mistake viewing blockchain tech solely for the finance sector. However, this couldn’t be farther from the truth. Blockchain technology can revolutionize several top spheres of the world, healthcare inclusive.
Therefore, Blockchain will help improve the healthcare sector by facilitating an effective and reliable way to share data. Also, blockchain wearables can help monitor conditions like Blood pressure, Sleep Apnea, Epileptic seizures, Narcolepsy, Diabetes, etc.
How? Wearables will be directly connected to a hub that contains all patient records. Therefore, health professionals will have instant access to patient data irrespective of their geographical location. Also, this will, in turn, ensure patients receive top-notch, precise, and personalized health care. Also, paramedics will also have access to these data.
Benefits of Blockchain Applied to Healthcare
Moreover, several benefits have also been attributed to the use of these blockchain wearable devices, for example:
- Improved security
- Enhanced patient trust
- Errors are reduced to the barest minimum
- Creation of a reliable audit trail
- Seamless data exchange
- Better transparency, etc
Also, through the process, patients can also earn rewards for good behavior, such as;
7. Strict adherence to prescribed medications
8. Attending doctors appointments
9. Also, taking part in surveys, etc
Companies Exploring Blockchain Technology In Healthcare
On the other hand, some of the top companies in the healthcare sector have recognized and are exploring the benefits of blockchain technology in the healthcare sector.
- Chronicled – Designed MediLedger, a blockchain-based, P2P messaging platform helping to connect trading partners.
- ShareRing – a decentralized and unique sharing ecosystem.
- Curisium – a secure contracting arrangement platform.
Keeping customer data up to date in pharma is very difficult. Staying aligned with trading partners is harder!
THE ANSWER – Customer Proposals on the MediLedger Network. Just released this new video summarizing it! Check it out: https://t.co/xrQ7fUjmZe
— Chronicled 🦖🚀 (@ChronicledInc) October 14, 2021
Moreover, other important companies include Ever (Ever Medical Technologies), Patientory, etc.