Whenever the term blockchain technology comes up, our focus immediately goes to cryptocurrencies. And true to that, crypto and blockchain are separate yet intermingling technologies.
However, blockchain’s role is more significant than just being a home for cryptocurrencies. Like machine learning, virtual reality, artificial intelligence, robotics, and the Internet of Things, blockchain has, over the years, shown the potential to change lives.
Blockchain technology has already touched almost every facet of life, including finance, governments, gaming, art, music, and even health. But how specifically has blockchain technology revolutionized health?
Today, this guide explores the role of blockchain in various facets of the healthcare industry.
Patient Records
The first facet of the health industry where blockchain can play a vital role is patient record-keeping.
One of the biggest problems in the global healthcare system is the improper record-keeping of patient data. Note that the data of every patient should be kept in such a way that it’s safe and easy to access.
However, in most health institutions, especially in developing and underdeveloped countries, the systems for storing patient records fall short of proper standards and are outdated and unmanageable. Some institutions have long paper trails and filing systems, making accessibility difficult.
Other institutions, primarily in first-world countries, leverage a digitized system. However, even then, there remain massive cyber security risks for the records.
In research published in 2016 by Johns Hopkins University, the third leading cause of death in the US was medical errors. One of the reasons behind the mistakes was problems with patient records.
Imagine a blockchain-based system that provides proper record-keeping of patients’ data. In this system, developers marry blockchain and electronic software to create an unbreakable system dealing with patient records. The system allows blockchains to record data as hash functions, which can only be decoded with a patient’s or doctor’s permission.
Blockchain-based solutions afford a wide range of benefits regarding patient data record-keeping.
The first is comprehensiveness. Blockchain-based patient data systems can constantly be updated in real-time, meaning they can hold all patients’ health data. Details of patients, including social security numbers, bank details, health records, and more, can all be saved on the blockchain. Furthermore, blockchain allows the owner of information to choose who can access it and for how long, bolstering confidentiality.
Secondly, blockchain data is easy to access anywhere—no need to carry massive volumes of files, just a wallet address.
The third is immutability. Once data is posted, it can only be changed if there is consensus within the network.
Supply Chain Management: Drug Traceability
Another major dilemma in the healthcare sector is the traceability of utilities and drugs and even confirmation of authenticity.
Imagine the impact counterfeit drugs could have on patients—catastrophic is the word. Reports indicate that counterfeit prescription medicine has caused thousands of deaths every year in developing countries.
In fact, according to statistics by the National Crime Prevention Council, over 10% of drugs going through the supply chain are counterfeit. Further reports suggest that over 70% of pharmaceuticals in the supply chain are fake in many other countries.
But what if you could know the authenticity of drugs and general hospital supplies by tracking them from their origin to the point of sale? Well, here’s how blockchain can be a solution.
Developers can create blockchain-based systems designed specially to trace items from the point of manufacture, the earliest stage of the supply chain, to the point of dissemination.
Blockchains can have blocks of data with hash values linked to drug information. These transactions are visible on the blockchain, making it possible for everyone to ensure the authenticity of the medical products purchased.
To achieve complete supply chain traceability, blockchain can link the drug batches with IoT devices that share live data on where the drugs are at any given time. Any changes in course during transit could be a red flag.
Blockchain can help deal with the supply chain dilemma by improving the traceability of drugs and even hospital machinery during transit. The advantages of such traceability include:
- Bolster the confidence of customers since they can follow the drugs from their point of origin, hence proving authenticity.
- Optimization of the supply chain: Companies can understand the market better with all data in one place.
MediLedger is an excellent example of a blockchain platform enabling companies to help patients access authentic medication.
Clinical Trials Redefined
The clinical trials market is a behemoth, with statistics indicating that as of 2023, the market value stood at $48.2 billion. This same analysis predicts that the market could hit ceilings of $73.2 billion by 2028.
The market’s growth is attributed to the increasing numbers of such trials and the surge in demand for R&D and drug commercialization.
But there is a problem. The processes involved in managing clinical trial data are inefficient and crippled by challenges, including regulatory compliance, recruitment of patients, etc. The lengthy process and complexity of sharing information contribute to the inefficiencies reported in the clinical trials.
Here is where blockchain comes in.
Record-keeping is a necessity in clinical trials. Blockchain’s immutability and transparency can help store clinical trial data, making traceability easy and the records incorruptible. Any changes to clinical data must pass through actual consensus on a blockchain before they take effect.
Every step is clearly and keenly recorded on the blockchain, enhancing traceability.
Clinical trials also demand proper patient recruitment processes. With blockchain-based systems, researchers can streamline and fast-track the recruitment process while maintaining efficiency and integrity.
Tracking Worker Records
Would you want your health problems or checkups handled by a doctor without credentials? The almost universal response to that question is no! Everyone wants a proper doctor to deal with their health issues.
Even before visiting a particular physician, it’s common practice to try and research the reputation of these individuals.
However, did you know there is a global rise in insufficiently qualified health personnel? In the southern regions of Africa, there have been multiple cases of bogus doctors and health officers operating private clinics, some in government hospitals. It’s almost a global pandemic now.
But blockchain could be the much-needed solution.
Imagine if the credentials of healthcare workers could be available with the utmost ease so that everyone could transparently check and verify. Healthcare workers can add their credentials and reputation to the unalterable blockchain network. While preserving privacy, these blockchains can still foster transparency and integrity in the said data.
Healthcare Payments
Well, the healthcare industry has to spend and receive money, too. Be it wages or even supplements, transactions must be made. In most cases, these transactions involve millions transferred through bank accounts. As such, bank and credit card details are constantly shared, exposing hospitals and patients to possible data breaches.
However, over time, blockchain has proven its reliability as a mode of payment; blockchain-based tokens make payments cheap and easy to transfer. The erasing of intermediaries within blockchains enhances speed and efficiency.
Other Impacts
The above-mentioned are the significant changes blockchain technology is already bringing to healthcare. But there is more, including:
- Interoperable health data exchange: Sometimes, patients may need to consult multiple doctors. Thus, their data should be shared between these doctors and health officers. Blockchain is the best platform for such data intersharing.
- Telemedicine and remote monitoring: This medical system allows people in remote areas to access health services. Blockchain ledger technology can be used for data exchanges to protect against cyber threats.
Benefits of Blockchain in Healthcare
Here are a few benefits that blockchain brings to the healthcare industry:
- Cost-effectiveness
- Top security and safety
- Data and cost efficiency
Final Word
This guide delved deep into the world of blockchain, explicitly talking about blockchain technology’s role in health care. Transactions and data were the primary matters of discussion in our guide. Blockchain has proven to be an excellent platform for data storage owing to its transparency, permanence, and immutability.
While we are still in the early stages, dozens of projects, including MedicalChain, BurstIQ, GuardTime, Akiri, and Novo Nordisk, offer blockchain solutions for health. More will come up in the future as blockchain continues to gain adoption.