Blockchain technology is rapidly evolving and promising in many industrial verticals including healthcare. In healthcare, it has several applications such as mobile health applications, insurance, storage of clinical research and trial data, patients’ health records, and information. The use of blockchain in healthcare can increase the security, privacy, and interoperability of health data as it places the patient at the center.

A blockchain-powered health information exchange can eliminate friction and reduce the costs of current intermediaries. As each block has information in its independent unit and a dependent link in the collective chain, it creates a network regulated by participants.

Though the research in this domain is currently limited, blockchain is bound to transform the healthcare industry. Let’s understand the uses of blockchain in healthcare.

Primary applications of blockchain in healthcare

Studies suggest that the value of the blockchain market will reach USD 3.49 billion by 2025. Many of the healthcare experts are exploring blockchain for their domain. Some of the major applications of blockchain in the healthcare sector are emphasized here. Take a look.

Personal health record data management 

Security is a major concern while maintaining the patients’ records. There are instances where millions of patients’ records got exposed in data breaches where the intruders stole credit card information, bank details, and genomic testing records as well.

With blockchain, the records can be maintained incorruptible, decentralized, and transparent. Also, it helps to conceal the identity of individuals and protect the sensitivity of medical data. It facilitates the doctors, healthcare providers, and patients to share the required information safely and quickly.

Promote clinical research

Electronic health records help to automatically update medical information which gets shared within an organizational network. With blockchain, researchers and other organizations can get access to data. The massive data from hundreds of thousands of patients would promote clinical research, identify events, and public health reporting.

Interoperable electronic health records

The implementation of blockchain helps organizations to submit and share data only through a specific security system. Storing data on the standardized chain with private encrypted links keeps the information tamper-proof and confidential. The use of authorization protocols and smart contracts supports connectivity.

Drug traceability and safety

Blockchain helps in the provenance of the medical supply chain. The decentralization nature of the technology facilitates full transparency throughout logistics. As the manufacturers create a ledger for a drug, it gets marked as the point of origin. The further records get continued on the same ledger till it reaches the consumer. The trail is helpful to track any mishaps or as required. Also, this process can monitor waste emissions and labor costs.

Maintain genomic data

Genomics is maintained so that it can improve the future of human health. However, the processing of a human genome costs about 1 billion. Blockchain helps the growing genomic industry to house billions of genetic data points securely.

Also, it facilitates the people to sell the encrypted genetic information and give scientists a wider database so that it adds value to their research.

The future 

Blockchain technology solves many of the challenges faced by the healthcare industry. In the future, it is going to further improve. The applications of blockchain in healthcare are bound to increase. Also, the technology would get integrated with other emerging technologies such as Machine Learning and Artificial Intelligence for improved healthcare care solutions.

To conclude…

With proper implementation, blockchain can create wonders in the healthcare industry. However, we find a shortage of blockchain professionals. There is a huge demand for talents in every industry as blockchain gets implemented across industry verticals.

If you are thinking of a career for the future, a career in the blockchain would be the best choice. Carve your niche in blockchain, the technology of the future.