Blockchain technology providers have continuously disrupted sectors around the world as diverse as financial to education, digital marketing, and digital asset management. There is no doubt about the revolutionary potential of blockchain technology. One of the latest sectors embracing this disruptive technology is healthcare.
Blockchain and Healthcare: Compatible Benefits
Much of the healthcare industry is still stuck in outdated processes. Examples include manual claims processing, inadequate data protection, inability to share patient information among health care providers, and more. The blockchain offers an outstanding to all of these issues.
The blockchain has several core benefits that make this possible:
- Distributed network. Blockchain technology is a decentralised network with multiple nodes and users. This has many applications in the healthcare arena, such as each user obtaining an identical copy of health data without compromising privacy and security.
- Shared ledger. All transactions in the digital asset blockchain for health facilities will be stored in a digital ledger that is accessible by authorised users only.
Benefits of Blockchain Technology for the Healthcare Sector
The healthcare system is a growing network that relies on outdated and unreliable systems to manage patient records, and conduct diagnosis, research, and legal documentation.
These systems are prone to human error and delays – both have severe repercussions for patients and the healthcare system as highlighted by many mainstream and cryptocurrency news outlets. Blockchain technology offers innovative solutions:
- Patient data security. The healthcare industry has been the subject of data breach over the years. From 2009 to 2017, over 176 million patient records were stolen and exposed. Among the data taken were bank and credit card information as well as health records.With blockchain technology, healthcare organisations aim to reduce and, if possible, eliminate these security breaches. The blockchain’s incorruptible nature helps safeguard data from any being altered or changed by anyone outside the system. Also, all data are secured with codes called hash to hide sensitive data and protect patient data.
- Master patient record. Studies have shown that miscommunication in the healthcare industry costs a whopping $11 billion a year. Not only that, but the inefficiencies of accessing patient records also take valuable resources and delay patient care. With blockchain technology, health practitioners will have access to one central database or ecosystem where they can obtain patient data quickly and efficiently.
- Supply chain management. Several industries have already incorporated blockchain technology in supply chain management. So it doesn’t come as a surprise for the healthcare industry to follow suit.With blockchain, healthcare organisations have full control and visibility of the entire supply and demand cycle from the point of origin to the customer. Each process in the supply chain will be monitored and recorded to ensure compliance, accountability, and traceability.
- Claims processing. Processing claims is often time-consuming and frustrating. Most patients go through several verification stages before a claim is considered valid. Blockchain technology providers can make this process less time-consuming by automatically verifying claims based on the agreed contracts (in the form of smart contracts).
It is clear that blockchain technology has a future in the healthcare industry and the global stage. This emerging technology is set to hit the mainstream and have a permanent impact on how the world works, making it a fantastic investment opportunity. Take advantage of this incredible chance to generate wealth – contact Key Coin Assets today and start to invest in yourself!