Blockchain relevance in the healthcare industry
With an estimated growth rate of blockchain technology to about 84% from 2022 to 2032. We can say this technology is not only aimed at changing the financial sector.
Its use cases would branch out to various industries like supply chain, travel and mobility, government, healthcare industry and many others.
In today’s article I would be focusing on how blockchain technology can improve the healthcare industry.
No knowledge on blockchain technology ?
Go here to learn about it before reading this article.
If you are familiar with it already continue reading
- Accessible medical records
Inability of doctors to properly care for patients’ needs is one of the major problems in the health system. It’s due to the improper medical record of a patient.
Most times, when a patient registers in a new hospital for treatment. There is no proper documentation of the patient’s previous medical history,drugs they have been administered too and important medical information.
Therefore it’s hard for a medical official to render his help to the patient.
With the help of this technology. It’s easier to store patients medical records, clinical assessment on the ledger.
It improves the transfer of data of a patient through hospitals and proper medical attention is given.
MedRec is a blockchain company focused on solving this problem.
Read more about them here.
- Privacy & Confidentiality
The medical industry has suffered from lack of privacy regarding a patient’s illness.
In a case whereby a patient is diagnosed with a disease like HIV/AIDS, or Sexually transmitted infections (STI). The person’s information getting out of the necessary quarters can cause social stigma.
A blockchain database with information about different patients can be created and made in such a way that only necessary professionals are given access to such information. This can be achieved with the use of a smart contract.
- Supply chain
According to a research done by word health organization (WHO), one of the major causes of deaths in developing countries is counterfeit drugs.
The is due to the complex system of transfer of drugs from their place of manufacturing to their required destinations. Monitoring and tracking of products is not really effective thereby counterfeit drugs can be included in the system.
With the help of smart contracts, health officials can trace the products with minimal human intervention and notice when there’s a change in the journey.
It will reduce the number of counterfeit drugs available in the marketplace.
MediLedger is an example of a leading Blockchain company that helps verify the authenticity of a product.
Though there haven’t been much adoption of these use cases yet. I believe with time, we will recognize the power of blockchain technology in the health industry.
I hope you got value from the article, You can turn on post notifications so you will be notified when I post new articles.🤗