Blockchain has taken the shape of an important asset in the 21st century with applications starting from practitioner’s authentication to supply chain management. The abilities of the robust privacy and interoperability of blockchain can change the healthcare space and improve the wide range of needs in healthcare.
Blockchain provides a reliable and standard chain of ownership along with complete access to data and also helps in tracking patients and the processes that have taken place, in a secured manner. The technology relies on three central principles, namely, private key cryptography, distributed ledgers, and authentication, which helps in giving a safe and sound digital relationship. Blockchain technology holds the capacity to abridge the complicated medical billing processes by eliminating the bulky validations.
Managing Health Data
Data security, sharing, and interoperability are considered as the leading challenges that are faced in population health management, but technology improves the security, data integrity, and data sharing abilities where people can legalize their data in the form of tokens. Enhanced data and sharability of population health data can give better care delivery from corner to corner.
The existing healthcare systems operate by a single database with the help of only one person of a company to manage it; this makes it easy for the cybercriminals to hack the system with a single access point. In the healthcare industry can help in securing the internal architecture of the organization as well as the multiple autonomous actors, which have various levels of admission on a blockchain ledger can serve as the much-needed solution. The blockchain ledger has encryption embedded within the blocks can protect organizations from threats and cyber attacks at any time.
Using cryptocurrencies in place of cash is another advantage of the blockchain, as bill processing utilizing the technology can avoid third-party involvement and reduce the potential frauds.
The main feature of blockchain, which is security, can help in drug traceability by time-stamping each transaction and adding a hash to every drug produced by the manufacturer. It can help in recording each transaction that takes place between the customer and the pharmacist in the blockchain and storing every other information permanently.