How Healthcare Industry can benefit from Blockchain Technology
What people think of blockchain is essentially a technology that can enable a secure path for transactions. But blockchain has evolved more than that, it has now become a technology that is being used by different industries which are on the verge of digital transformation.
Healthcare is one such industry which is looking to implement blockchain to resolve data challenges in particular. We can have a never-ending debate on the possibilities of blockchain and it’s role in transforming industries digitally but many industry leaders believe in executing blockchain to transform the healthcare industry.
Today, nearly 40 percent of the data records maintained by the healthcare providers are plagued with errors or misleading information. Blockchain can make data storage reliable and information exchange secure & quick leading to improved medical interoperability and better patient experience. Blockchain can resolve and expedite most concerns of connectivity, privacy, and patient record sharing.
The key applications of blockchain in healthcare include: drug supply chain management, claim and billing management, data security in clinical trials, interoperable EHRs, digital identity, financial transactions, and HIE related applications. In the following infographic, we have made a business case for blockchain in healthcare through a glimpse of these applications.