Blockchain Technology in Healthcare

Securing the Healthcare Industry with Blockchain Based Technology Solution

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Blockchain Technology in Healthcare

Blockchain Technology in the Healthcare Sector

Blockchain, in itself, has the potential to revolutionize the energy sector. Being one of the top players in the Blockchain world, we have the sources to democratize the energy sector with a Blockchain-powered solution. The utility landscape is, after all, slowly moving towards distributed power generation, which requires utility firms to invest in upgrading the grid infrastructure, smart meters et al. This rapid movement of the industry towards the distributed generation of resources, along with the penetration of smart devices has paved way for service providers, demand response aggregators, and other stakeholders leading to a more complex industry ecosystem. To sustain themselves, utilities require a robust technology platform that can help them tackle the challenges while establishing trust amongst the stakeholders for ensuring efficient operations. Blockchain, a distributed ledger technology built on shared network infrastructure and public-key encryption, is one way for utilities to provide a trustworthy and secure platform for the distribution grid and smart device usage. Blockchain in power sector, as per a reliable analyst, is predicted to witness a spike from a few million dollars currently to the north of 10 billion dollars by 2025. For those who still may not know, Blockchain has a few discrete advantages in the power and energy sector, the most crucial one being that it saves costs by only enabling the user to provide or use as much energy as needed. This is also very helpful for the environment, as there is no excessive energy flow and it’s therefore used very cautiously without much negative impact on the environment.

We recommend using Blockchain, as it can be the perfect solution for all the hurdles in healthcare. A technology built on distributed architecture can help address the pain points of the healthcare industry while drive better industry performance, improve the quality of healthcare at a reduced cost. Amongst other nifty things, Blockchain technology in healthcare also makes sure there’s some kind of authorization keeping in mind the healthcare data of an individual needs to be extra safe. In this case, public blockchains should not be used to store such information because then the data could be widely accessible. Some of the key applications that can be facilitated blockchain in healthcare can be managing electronic medical data, personal health data management, genomics management, and on top of that, it also allows for the protection of healthcare data, that is if the user gets proper encryption and keeps it in out of the hand of unauthorized users that, of course, relies on the patient’s private password. Therefore, in recent times, Blockchain technology in healthcare has proven to be the best solution for potential patients.

Data Fragmentation:

Data constitutes lot of significance for patients, providers, payers, researchers and other healthcare participants. However, since, the data is fragmented and dispersed amongst various stakeholders, including payers, providers, financial institutions and regulatory bodies, its effective utilization becomes difficult. An IoT powered Blockchain system allows decentralized storage of data across a chain of nodes or computers thereby making the data accessible to every participant that too in real-time.

System Interoperability:

Traditional and centralized method of data storage and sharing have been prone to errors and duplication. Blockchain, allows seamless sharing of information while eliminates all the inconsistencies of the legacy system. The smart contract functionality offers an in-built authentication control that aptly manages patient contracts by eliminating the need for intermediaries. This increases efficiencies and reduces administrative costs.

Settlement of Claims:

Time required for Settlement of claims is a major source of pain that plagues the industry. Blockchains smart contract application, which defines the contract terms and conditions between the payer and the provider comes into action once the claim is submitted following which the claim is processed in real-time and the payment is transmitted to the provider.

Data Security/Privacy:

Being a distributed and decentralized technology, the data uploaded on Blockchain is immutable as every block that gets uploaded on the blockchain is timestamped with hashes thereby ruling out the possibility of data theft or fraud. Furthermore, patients get a transparent and holistic view of their medical history or data, which they can manage as per their convenience. In other words, patient identities/ privacy could be protected with Blockchain allowing secure sharing of data.

Drug Counterfeiting:

One of the major issues that threats the integrity of pharma supply chain is drug counterfeiting. To curb the issue of fake/substandard drugs, the DSCSA (Drug Supply Chain Security Act) requires pharma companies to optimize their supply chain by tracing the provenance of drugs, verifying the authenticity of drugs, detecting suspicious products while ensuring strict adherence to regulatory guidelines for licensing and reporting. With an IoT powered Blockchain system in place, pharma companies can easily deal with the pressing issue of drug counterfeiting.

Patient Data Life Cycle:

Today’s centralized method of storing patient data lacks interoperability, which has resulted in a fragmented electronic medical record (EMR or EHR) ecosystem across several healthcare institutions. Blockchain – a distributed ledger technology has the potential to support the entire patient data lifecycle by recording all the data regarding a patient’s health, as well as the transactions occurring during patient care.

Why Sofocle?

Sofocle Technologies - a leading name in the Blockchain space offers enterprise Blockchain solutions to organizations across different industry verticals. In the healthcare space, we offer healthcare providers with a robust solution that can tackle the challenges of security, interoperability, scalability, and privacy in the healthcare ecosystem. Our team of experts have the dexterity to create HIPPA compliant solutions that can address the specific requirements of your healthcare business. Our integrated solution helps users to share health data with researchers and providers thereby creating a chain of tamper proof information.

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