Blockchain is an emerging powerful technology that allows the secure exchange of data. It also enables quick data access, which helps improve the quality of care. Moreover, the healthcare systems around the globe are currently facing challenges such as data security and regulatory compliance. Here, blockchain can be pretty helpful for healthcare systems. If you’re interested, read this blog to the end to learn more about its role in the healthcare sector. However, first, let’s explain what blockchain is.
What is Blockchain Technology?
Blockchain technology is a digital system for storing and verifying information in a secure and immutable manner. It utilizes cryptography to construct a digital ledger, or a decentralized database of transactions. Recording all types of digital assets and making them transparent, so that anyone present in the network can view these transactions.
The most significant advantage of this technology is that anyone in this network can view transactions, and recorded transactions cannot be altered without the permission or proper consensus of all networks. In brief, blockchain technology enables secure transactions between stakeholders without the need for third-party intermediaries, thereby reducing the risk of fraud and data breaches.
How can Blockchain Technology Help Healthcare?
The healthcare ecosystem is complex, and a smooth exchange of data is required for data-driven decision-making. Indeed, blockchain holds the potential to save healthcare data from risks such as breach or data leakage. Let us outline the key advantages of this technology in healthcare software development.
⦁ It presents an opportunity for a secure and unified network where medical records are accessible only to authorized personnel.
⦁ Smart contracts can help maintain HIPAA or GDPR compliance.
⦁ Through private keys, patients can be given control over their records.
⦁ Every medical event can be recorded as a transaction in the chain, which creates a tamper-proof audit trail.
Blockchain, with its real-world implementation, has positioned itself as a key technology in making healthcare systems more efficient and safer. It’s no longer just a theoretical concept, but a lucrative technology that serves the healthcare system well.
Role of Blockchain Technology in Securing Healthcare Data
Blockchain adds an extra layer of security by offering decentralised, incorruptible, and transparent records of patient data.
⦁ Data Security & Privacy
It offers a decentralized and immutable architecture that supports robust data protection. This is vital for healthcare systems to secure patient records, which contain crucial details such as treatment plans, diagnostic results, and patient history. Furthermore, blockchain technology eliminates single points of failure and provides end-to-end encryption. This also allows patients to secure access to their data using private keys, ensuring data privacy and compliance with data regulations (e.g., HIPAA and GDPR). Additionally, it accurately detects mistakes in medical history while facilitating the safe storage and management of transactions and data.
⦁ Interoperability
Interoperability refers to the secure exchange of data between systems, and in the context of data security, it remains a pressing challenge in healthcare. However, with smart contracts, the blockchain technology ensures authorized access to data. This helps doctors access the latest and most detailed information about patients, which is particularly helpful in emergency cases where doctors need to make informed decisions or create personalized treatment plans. All in all, the blockchain technology ensures a continuous and accessible record of a patient’s medical history. Any healthcare software development company can develop solutions that facilitate the smooth exchange of information, such as Electronic Health Records (EHRs). The addition of blockchain can strengthen existing security measures.
⦁ Monitoring Outbreaks
Blockchain can help track outbreaks and diseases by gathering real-time data from labs, hospitals, and clinics. Conventional data collection systems are slow, resulting in delayed responses and data silos. But this technology allows the real-time sharing of healthcare records, reports, and patient outcomes. Moreover, the data stored is time-stamped, which allows the precise tracking of disease progression, enabling researchers and public officials to make swift decisions, especially during outbreaks.
This technology also reduces the likelihood of misinformation, enabling more effective coordination of information between healthcare bodies and authorities.
⦁ Supply Chain Management
The healthcare supply chain management can be complex due to security concerns and inefficiencies. However, blockchain technology, with its end-to-end tracking capabilities, can help patients and doctors ensure the authenticity of data. Furthermore, smart contracts can also automate inventory checks to prevent over- or under-stocking, verify shipping conditions, and issue alerts in case of anomalies. This helps reduce waste, prevent fraud, and enhance patient safety, especially during drug shortages or pandemics.
⦁ Fraud Prevention
With smart contracts, the billing system can be automated once the specified conditions are met, thereby reducing the likelihood of delays or errors. Moreover, blockchain technology simplifies the billing and claims process by processing real-time records. Additionally, due to immutable records, the chances of fraudulent billing are zero, and all stakeholders (insurers and regulatory agencies) can verify records at any time. Any healthcare software development company can help you include blockchain technology in healthcare solutions to enhance fraud prevention.
⦁ Automation of Insurance Claims
The insurance claims can be automated with the help of blockchain technology. Through smart contracts, the submission, validation, and approval can be streamlined. For instance, when a patient receives care, the blockchain updates the records and starts the claim processing automatically. This minimizes the chances of human error and disputes between insurers and providers. It also shows claim status to patients, improving transparency.
⦁ Secure Data Transactions
The smart contracts enforce security protocols that ensure that medical data is shared only under predefined conditions. This reduces the risk of unauthorized access.
⦁ Decentralization
In contrast to centralized databases, which are vulnerable to cyberattacks, the blockchain distributes data across multiple nodes, making it harder for hackers to infiltrate the system. Additionally, the data once recorded into the blockchain system cannot be changed or deleted.
⦁ Management of Personal Health Records
Blockchain enables individuals to manage their healthcare data independently through decentralized Personal Health Record (PHR) systems. Here, patients can submit and control access to their health data, ranging from lab results, treatment plans, medication details, and wearable device statistics. This leads to putting patients in the center, enabling transparency and engagement. Moreover, this technology also eliminates the need for centralized data silos which decreases the administrative overhead and increases security.
⦁ Credential Verification
Blockchain technology can also track the qualifications and experience of medical professionals. The trusted hospitals can record staff credentials on the blockchain, making it faster and easier for healthcare companies to verify the backgrounds of healthcare professionals. This helps hospitals in efficiently hiring staff with verified credentials and offers them a chance to earn by sharing credible data.
⦁ Remote Monitoring
Blockchain can act as a secure ledger for the real-time information received via wearables. This ensures that remote monitoring data is both uneditable and accessible to patients and providers. It also contributes to data privacy and generates alerts (via smart contracts) in the event of a breach.
Conclusion
Blockchain technology in healthcare software development has proved to be vital due to its immense potential in providing security, transparency, and patient control. It can also help manage patient records, prevent fraud, and track the supply chain of drugs. In a nutshell, we can say that this technology is transforming healthcare for the better. Helping healthcare providers and patients gain quick and secure access to data without any third-party involvement.
