DISCOVEREmerging Role of Blockchain Technology in Healthcare Industry

Emerging Role of Blockchain Technology in Healthcare Industry

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Blockchain is a new technology that can be used to provide novel solutions in various fields, including healthcare. A blockchain network is essential in healthcare for preserving and exchanging patient data. Blockchain applications can correctly identify significant and even blunt errors in the medical and  healthcare industry. Blockchain plays a critical role in combating deceit in clinical trials to improve healthcare outcomes.

This article discusses blockchain technology and its use & benefits in the healthcare industry. 

How is Blockchain Affecting the Healthcare Industry?

Because Blockchain is transparent and safe, it may be used in various ways in the medical industry, resulting in significant cost savings and new methods for patients to obtain healthcare.

Blockchain technology can generate an era of growth and innovation when combined with the compounding nature of data and invention.Pioneering businesses are already laying the groundwork for a blockchain revolution. medGrids is one such firm which has developed a one stop solution to cater various healthcare needs using the blockchain technology. 

Blockchain plays a critical role in detecting deceit; here, the technology’s potential is to improve data efficiency for healthcare. It can help alleviate concerns about data manipulation in healthcare by enabling a one-of-a-kind data storage pattern with the highest level of security.

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It gives data access variety, interconnectedness, accountability, and authentication. Health records must be maintained safe and confidential for a variety of reasons. Blockchain enables decentralised data protection in healthcare while also avoiding unidentified risks. 

Blockchain has a wide range of applications and functions 

By facilitating the secure transfer of patient medical records, blockchain technology aids healthcare researchers in deciphering genetic coding.

Different genetics and the protection of healthcare data Some technically derived and unique features used to build and practise Blockchain technology include healthcare data protection, diverse genomes management, electronic data management, medical records, interoperability, digitalised tracking and issue outbreaks and so on. 

The total digitalisation of Blockchain technology and its use in healthcare-related applications are essential factors in its adoption. Blockchain can provide an incorruptible, decentralised, and transparent log of all patient data, making it ideal for security applications.

Furthermore, while Blockchain is public, it is private, concealing any individual’s identity behind complex and secure algorithms that can protect medical data’s sensitivity. Thanks to the technology’s decentralised nature, patients, doctors, and healthcare providers may all share the same information quickly and safely.

Potential Uses of Blockchain in Healthcare 

Electronic Medical Records (EMRs) (EHRs) Providers would have access to patients’ medical histories, current prescriptions, and earlier imaging exams if Blockchain-enabled universal interoperability of electronic health records. Integrity in the supply chain.

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Counterfeits  Every transaction between medicine makers, wholesalers, pharmacists, and patients may be verified using Blockchain and secure drug supplies, potentially reducing counterfeit drugs.

Development of drugs. By making patient results more readily accessible, Blockchain can help with innovative drug development.

Smart Contracts are a type of contract that can be used to make. When specific criteria are met, contracts can be performed using blockchain technology. A patient with health insurance, for example, has policy data linked to their profile that are triggered when they seek medical care, ensuring that providers are paid correctly.

Blockchain in Supply Chain 

Assurance of the provenance of medical goods to establish their validity is a critical concern in the healthcare sector, as it is in many others. Customers can have complete visibility and transparency of the things they are buying by using a blockchain-based system to trace items from the manufacturing site to each stage of the supply chain.

This is a critical issue for the industry, particularly in developing economies, where counterfeit prescription medications are responsible for tens of thousands of deaths each year. It’s also becoming more critical for medical equipment, which is rapidly growing as more remote health monitoring is adopted, attracting the attention of unscrupulous actors.

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medGrids has created a one-of-a-kind solution that uses blockchain technology to meet various healthcare demands.By bringing together disparate services in the healthcare sector, our platform strives to provide a single point of contact for users throughout their treatment experience. 

medSheets, one of our solution platforms, a blockchain-based health service management platform, takes the lead in creating the ultimate electronic health record in a patient-centric ecosystem. Users can build their electronic health records on a “permissible” blockchain as medSheets integrates various healthcare providers into a free-to-access platform.

As a member of medSheets, your electronic health record is transformed into a more secure, private, and consented format, containing data from various sources such as healthcare practitioners, laboratories, pharmacies, fitness apps, and hospitals, among others. medSheets gives its consumers access to data normally guarded and compartmentalised by healthcare organisations looking to gain a competitive advantage. Electronic health records built on medSheets provide a 360-degree consent data point for your medical records and history, as well as an aggregating point for users to follow their health with a single click.

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