Healthcare
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Blockchain technology has been used to store and safeguard data in a variety of businesses, despite the fact that it is more commonly linked with Bitcoin and other cryptocurrencies. As well as charitable causes and supply chain management, healthcare is one of the most frequently cited application cases. What, specifically, about blockchain makes it a good fit for the healthcare industry?
blockchains can also be used to securely store medical data because of some of the same properties that make them useful for keeping financial transactions. Blockchains are distributed systems that record and safeguard files using encryption, making it extremely difficult for anyone to disrupt or change data without the other network participants' agreement. As a result, one of the qualities that makes it possible to create unalterable databases for medical records is immutability.
Because of this, all versions of a patient's information can be synced with one another, even when they are stored on different computers, thanks to the design of blockchains. As it turns out, each network owns a copy of the complete blockchain, and they communicate frequently to ensure that the data is up to date and valid. As a result, decentralization and the spread of data are also significant.
Although distributed, blockchains are not always decentralized (in terms of governance). As decentralization is not a black-or-white concept, distributed systems may exhibit varying degrees of decentralization, depending on the architecture and the distribution of nodes. There is a distinct difference between private and public blockchains when it comes to healthcare, where private blockchains are more common. In contrast to public blockchains, where everyone can join and participate, a smaller number of nodes maintain private blockchains.
Increased Security
One of the most essential uses of blockchains in healthcare is to construct a safe and unified peer-to-peer (distributed) database, as previously stated. It is no longer an issue because of blockchains' immutability. Many patients' medical records can be safely stored and accessed with the use of the blockchain technology.
Distributed databases, as opposed to traditional ones that rely on a centralized server, provide for more secure data sharing while also reducing the administrative overhead that the existing system imposes. As a result, the decentralized nature of blockchains also makes them less susceptible to technical failures and external threats that frequently compromise valuable information. When it comes to ransomware and hacker invasion, hospitals can employ the added security that blockchain networks give to protect their patients' data.
Interoperability
Blockchain-based medical records also have the advantage of enhancing interoperability between clinics, hospitals, and other health service providers. Many firms have difficulty sharing documents because of technological incompatibilities in their data storage systems. Although this is a concern, blockchains may be a solution because they allow authorized parties to access an integrated patient database or even distribution records for medicines. Service providers can collaborate on a single one instead of trying to interface with each other's internal storage.
Accessibility and Transparency
Blockchain technologies have the potential to make patient health records more easily accessible and more transparent, in addition to streamlining the record-sharing process. Certain conditions necessitate the validation of patient records, and if used appropriately, this kind of verification can protect against both human mistake and purposeful falsifications of the data.
Reliable Supply Chain Management
The enormous problem of medicine counterfeiting can be reduced by using blockchains to track pharmaceuticals throughout the production and distribution process. Blockchain technology could be used in conjunction with IoT devices to verify correct storage and transportation conditions and authenticate drug quality, for example, to assess factors such as temperature.
Insurance Fraud Protection
Blockchain could also be used to combat medical insurance fraud, a problem which is estimated to cost the American healthcare system around $68 billion each year. Immutable records stored on blockchains and shared with an insurance provider can prevent some of the most common types of fraud, including billing for procedures that never took place and charging for unnecessary services.
Clinical Trials Recruiting
It is possible to employ blockchain in healthcare to improve clinical trials. Trial recruiters could utilize medical data stored on blockchains to locate people who would benefit from the medications being tested. As many patients are not made aware of relevant drug studies and so do not have the opportunity to participate in them, a recruitment method like this might considerably enhance clinical trial enrolment. Blockchains can be used to verify the accuracy of data obtained during clinical trials.
Despite its many benefits for consumers and healthcare providers alike, blockchain still faces significant challenges until it is widely used in the medical industry.
Compliance
The Health Insurance Portability and Accountability Act of 1996, for example, requires healthcare organizations in the United States interested in implementing blockchain technology to comply with existing data rules (HIPAA). There are strict guidelines in place for how healthcare data is stored and shared under the terms of HIPAA regulations. As a result, corporations in the United States would have to implement blockchain record systems that are specifically tailored to their needs in terms of privacy and accessibility.
Initial Costs and Speed
On the provider end, blockchain solutions are likely to involve a high initial investment, a fact that certainly prevents wider adoption. In addition, distributed systems tend to be significantly slower than centralized ones in terms of transactions per second. A big blockchain network, with numerous nodes, would probably need more time to transmit and synchronize data when compared to centralized systems. This is especially concerning for huge databases that would eventually need to store and track information of millions of patients. The problem would be even worse for large sized image files, such as computed tomography or MRI scans.
Blockchain networks offer various intriguing applications in the healthcare sector, from the creation and sharing of immutable medical data to the improvement of transparency in the pharmaceutical supply chain. The deployment of these systems is likely to play a key role in the future storage and transfer of medical data, despite the technical, logistical, and regulatory hurdles.