July 29, 2021 thyssenkruppnewusplant

Transforming Healthcare Sector with Blockchain

The next big thing in tech world? Blockchain.

Bitcoin hype maybe losing its fuzz, but blockchain is here to stay – owing to its unique features applicable in various industries. One in particular, healthcare industry is set to benefit greatest to increase the quality of healthcare for patients and hospitals – the best win-win scenario.

How Can Blockchain Reinvents Healthcare?

In more ways than one, blockchain improves on existing methods and mechanisms. The advantages of blockchain are incorporated to create better healthcare services delivery without a pronounced disruption.

Single data source

Blockchain prevents data tampering due to the way it operates and how data is stored. Change in data is written in new block while the original edit remains. Hence, it guarantees data authenticity and security. Chances for successful data manipulation is lowered and potential fraudulent behaviour such as insurance using falsified data is also reduced.

Most importantly, by using blockchain to store data as a single source, information storage problems is eliminated and cross examination between medical professionals for accurate diagnosis is facilitated for Azure training.

Real-time monitoring

Combined with other emerging technologies such as Internet of Things (IoT) and wearable devices, blockchain enables continuous supervision of patients’ health.

Rapid change in patients’ vitals namely heart rate, blood pressure, sugar level, and others are can be monitored. Medical professionals, caregivers, and immediate family members can be alerted if emergency and routine care are required.

Cost effectiveness

By storing data directly using blockchain, cost of data management and transfer through third party and mediator is reduced. As the healthcare provider is given the full independence and control over the data, management of data can be accomplished within the four walls. This potentially reduce the cost of operation and medical bills – a big yes for both hospitals and Azure classes.

Supply chain management

Supply chain management can be a mess. For healthcare providers, transparent supply chain management is important to warrant the authenticity of drugs.

Blockchain enables traceability of drugs and ingredients. As every source and party in the supply chain can be identified through blockchain, the risk of purchasing counterfeit drugs is reduced. Any unknowns that found their ways into the supply chain are identified and eliminated.

Blockchain introduces new and exciting frontier for the healthcare industry. Persistent problems that plague both healthcare providers and patients will meet their ends with the introduction of blockchain. That means no more counterfeit drugs and vaccine, transparent healthcare services, and most desirably, cost effectiveness.

Related Posts