Blockchain technology has been one of the most disruptive technologies in the world. Multiple industries have adopted blockchain technology to innovate different functionalities. Healthcare industry has not been an exception when it has come to blockchain adoption. In spite of the fact that the healthcare industry has some of the smartest people in the world, blockchain innovations have been slow in catching up with other technological developments in this sector. The healthcare sector is a complex network of functionalities with vertical innovations (focusing on one specific field) and horizontal innovations (focusing on the medical sector in general).
Blockchain: Adoptions in The Healthcare Sector
There have been several applications of Blockchain: adoption in the healthcare industry in different functionalities:
• Medical Data Management: One of the most popular applications of blockchain is in patient data management. Medical records are usually separated by health agencies and it is impossible to determine a patient’s medical history in entirety. Etherium blockchain systems are being used to prioritize patient agencies to provide an accessible and transparent view of medical history.
• Cost Cutting: Many medical institutions have blockhain projects that are focusing on cost cutting. Blockchain technologies use care coordination and financial forecasting to help providers in bundled payments get insights into what happens to patients when they leave the hospital.
• Medical Information on Blockchain: In order to improve seamless working between medical institutions and facilitate research blockchain is being used to put patient’s medical information (including images and other medical information) on blockchain that is increasing transparency between medical institutions.
These are some of the widespread applications of blockchain in the healthcare sector. Apart from these blockchain is also used to track counterfeit drug that is causing millions of deaths all across the globe every year. Blockchain is also used to make electronic medical records more accessible.
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