The Potential Uses for Blockchain Technology in Healthcare
Blockchain technology is often associated with cryptocurrency and its application within the financial market. However, there is a growing interest in the application of blockchain technology in healthcare. This decentralized network can improve the maintenance of accountability and patient confidentiality within healthcare transactions, and may even help to identify health trends within a healthcare system. With increased use in the healthcare industry, blockchain technology has the potential to advance overall patient care.
What Is Blockchain?
Blockchain refers to a decentralized, public database that is shared among many computers. Transactions cannot be altered once entered into a blockchain network, preventing fraudulent activity and increasing record transparency. Because information is saved within a network of computers, blockchain applications are nearly invulnerable to internet attacks. The security and confidentiality maintained by this decentralized network increase the attractiveness of blockchain technology in healthcare applications.
Is There a Need for Blockchain Technology in Healthcare?
One of the major issues in the healthcare industry is reliable data management. With blockchain technology, the exchange, security, access, and integrity of data can be enhanced and protected. Improving health data sharing allows medical providers to consult across the network to improve patient care. Moreover, patients can have increased access to their health data without privacy breaches. As blockchain technology becomes more globally prevalent in the healthcare sector, patients and healthcare providers have access to medical data at any time, anywhere. In short, this advancement can make the medical community more efficient and connected.
What Are Potential Applications of Blockchain Technology in Healthcare?
Blockchain has several significant applications that can propel the healthcare sector.
Both the efficiency and accuracy of patient data can be streamlined with blockchain. Patient intake at a hospital or clinic can be time-consuming, and often has to be cross-referenced by staff to ensure that everything is entered into their computer system accurately. By entering a patient’s information into a universal blockchain system, there is a reduced chance of patient redundancy and an increased opportunity for better insight into a patient’s health status.
Medical Coding and Billing
One of the most time-consuming tasks in the healthcare sector is coding and billing. Utilizing blockchain to streamline coding and billing can decrease the time it takes for patients to receive their financial statements and for provider networks to be reimbursed for their services.
Clinical Trial Data Collection
Blockchain can decrease potential bias in clinical trials. Blockchain technology can prevent data falsification since records cannot be altered once entered into the database. Trial protocols can thus be closely monitored by personnel and can easily be verified by third-party investigators.
Where Can You Find Programs for Blockchain Technology in Healthcare?
Because of the novelty of this network application, it is crucial to partner with a company experienced in blockchain technology in healthcare. At Dreamztech US Inc, our cloud-based Computerized Maintenance Management System Software is supported by blockchain to provide secure patient data management and meaningful data-driven insights. Contact our team to book a demo, and discover blockchain solutions for your healthcare facility.