Blockchain Technology Prevents Modification of Patient Data in Healthcare

Blockchain is an advanced technology used for developing solutions in various sectors, including healthcare.

The blockchain in the healthcare industry has garnered $304,04 million revenue in 2021, and it is projected to generate $10,939 million revenue in 2030, advancing at a rate of 48.90% from 2021 to 2030.

In the healthcare sector, blockchain network is used to preserve and exchange patient data through diagnostic laboratories, hospitals, physicians, or pharmacy firms. These blockchain applications can precisely identify mistakes in the medical field. Thus, it helps in enhancing the security, performance, and transparency in the healthcare system to share medical data.

It helps medical institutions to garner insights and improve medical records analysis. 

Blockchain facilitates managing clinical trials. This technology has the potential to improve healthcare data efficiency and support unique data storage patterns.

It offers interconnection, versatility, authentication, and accountability for accessing data. This technology helps in preventing data manipulation in healthcare since no one can modify the information added to the blockchain.

Data is maintained on networks in Blockchain, instead central database. It improves stability and offers a forum to develop and compete with conventional companies for creative and modern business models.

Blockchain supports marketers in maintaining products information in medicine. This technology is also utilized in the pharmaceutical and healthcare sector to get rid of counterfeit medications. It also helps in finding the cause of the error. It also guarantees to maintain the confidentiality of patient records.

Blockchain can store medical history and ensures to prevent modification of the record. The decentralized network can be used with all commodity hardware hospitals.

Major Uses of Blockchain in Healthcare

Supplychain Transparency

The healthcare sector helps in ensuring the provenance of medical goods to confirm authenticity. A blockchain-based system helps in tracking items from the manufacturing point. It also ensures the visibility and transparency of goods at each stage in the supply chain.

Customer Confidence: It offers support to customers to track each package’s end-to-end provenance, wholesale, shipping, and manufacturer’s integration.

Patience-centric Electronic Health Records

Healthcare systems in each country and region help in dealing with the data siloes problem. One major solution for such problem is developing a blockchain-based system for medical records that can be linked with existing medical record software.

Smart Contracts for Insurance and Supply Chain Settlements

There are several companies that offer blockchain-based systems that help various players in the healthcare sector, including medical device OEMs, pharmaceutical companies, insurers, healthcare providers, and insurers. It helps in authenticating their identities as log contract details, organizations, transaction tracking of goods and services, and payment settlement details for goods and services.

Medical Staff Credential Verification

The major evolution in digital health is the emergence of remote monitoring solutions. There are types of sensors that help patients in measuring their vital signs, and thus provide support to healthcare practitioners.

Therefore, blockchain transforms the healthcare industry by offering support to healthcare practitioners in various ways.

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How is Rising Data Theft Incidence Contributing toward Growth of Global Blockchain Technology in Healthcare Market?

One of the key factors fuelling the rise in the demand for the blockchain technology in healthcare is the increasing implementation of stringent regulations by various governments across the world for safeguarding and protecting consumer information against data breach and theft. For instance, the European Union (EU) launched a data protection rule, known as the General Data Protection Regulation (GDPR), in May 2018, which aims to protect EU citizens from data and privacy breaches. Moreover, the numerous advantages offered by the technology, such as enhanced data integrity, security, and trust, make it highly sought-after in the healthcare industry.

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The other important factors responsible for the surging implementation of blockchain in healthcare settings are the mushrooming investments and funding as well as the increasing implementation of this technology in the pharmaceutical supply chain. Powered by these factors, the global blockchain technology in healthcare market is expected to advance at a CAGR of more than 67.1% during the forecast period (2018–2023), to reach $890.5 million by 2023, from $44.6 million in 2017. A blockchain is essentially an increasing directory of records (blocks), which are connected together by cryptography.

The biggest rage currently being witnessed in the blockchain technology in healthcare market is the rising number of collaborations and partnerships between the companies interested in incorporating the technology and the providers of the said technology. For instance, a major Estonian blockchain provider, Guardtime AS, announced a deal with NMC Health, which is a U.A.E.-based private healthcare company, in January 2018, in order to introduce the technology to the healthcare fraternity and pharma firms the Middle Eastern nation.

Globally, the highest demand for the technology in the healthcare industry was observed in North America in 2017. However, the healthcare sector of Europe is predicted to observe the highest demand for the technology in the coming years. This is primarily attributed to the surging implementation of numerous blockchain initiatives by the major private and public healthcare companies in the region. For instance, the European Platform on Changing Healthcare (EPOCH), which is the first group in the European pharmaceutical industry to adopt blockchain, is evaluating its limitations and advantages in the pharmaceutical supply chain.

Hence, due to the mushrooming need for data security across the globe, especially because of the rising data theft incidents, the demand for blockchain implementation in the healthcare industry is expected to record massive growth in the coming years.

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