Digital transformation in healthcare, such as telemedicine, artificial intelligence (AI) integrated medical devices, and Blockchain EHR systems etc, are positively impacting the healthcare industry.
As per the data revealed by Grand View Research, “the global mHealth apps market size is expected to reach USD 236.0 billion by 2026.”
With a number of Healthcare advancements that are paving the way for the future, deciding which emerging technologies are worth investing in is the hardest part. The game is about innovation here, with the objective of streamlining physicians’ work, optimizing healthcare systems, improving patient outcomes, reducing chances of human error, and lowering healthcare costs through awesome mobile experiences. In this article, we are discussing one such technology- Blockchain. This technology has been revolutionizing the healthcare sector and is highly used to keep track of Electronic Health Records (EHRs) managing the patients as well as other hospital data securely.
As per a market survey,” Blockchain Technology in Healthcare Market size was valued over USD 48.1 million in 2018 and is expected to witness 65.0% CAGR from 2019 to 2025.”
Need for Secured EHR System in Healthcare Industry
An electronic health record (EHR) is referred to as the digital version of a medical chart and contains the data related to the patient’s medical history, diagnoses, treatment plans, and test results. It also has information related to the patient’s home address, previous workplaces, and contact details as well as financial information like credit card numbers. EHR is an easy target for hackers, who seek to sell them for up to $1,000 in the black market. Blockchain can manage hospitals’ EHRs efficiently & securely.
Countries like Australia and the UK have already started to experiment with Blockchain technology and are managing medical records and transactions among patients, healthcare providers, and insurance companies.
Blockchain for Better Electronic Health Records
Fragmented medical records are one of the major issues Healthcare facilities are facing. Medical data is currently being recorded in unstructured formats across multiple EHR systems. Hospital staff struggle to manually log in every piece of information in the system. This leads to errors related to duplicate medical records, delayed treatments, incorrect diagnoses and even deaths.
For years, health officials and experts have been trying to come up with effective solutions to this problem. Blockchain is building a future where patients can control their EHRs from an app, and doctors, pharmacists, or healthcare staff will be requesting permission to access their data. All medical transactions will be recorded on the distributed ledger of Blockchain Technology.
According to recent statistics, “Blockchain in the healthcare market is expected to reach $890.5 million by 2023.”
Blockchain technology has the potential to transform health care, and is disrupting the healthcare industry in 2020 and beyond. Offering complete security, privacy, and interoperability of health data, this technology could provide a new model for health information exchanges (HIE) by making electronic medical records more efficient and secure. The technology further prevents data breaches, enhances accuracy of medical records, and cut down extra costs.
Build Exceptional Healthcare Solutions from Top Blockchain App Development Company
Blockchain technology has become crucial in almost every sector — from Finance, legal to education, healthcare and supply chain industry. If you are a business dealing with money transactions then Blockchain integration is a must to ensure full security, privacy, reduced costs and increased profits.
Hire services from the best Blockchain development company offering a wide array of Blockchain services from crypto Exchange & wallet Development to DApp, smart contracts and more.
QSS Technosoft is an early adopter of Blockchain technology & has developed many iOS and Android compatible exchange platforms to facilitate trading using mobile devices. We offer services ranging from Wallet development, fiat/crypto currency payment gateway integration, and crypto exchange API integration to Airdrop solution, token generation, Escrow services etc.
Hire Blockchain developers to revolutionize all your future transactions on a daily, monthly or hourly basis. Our developers are ready to be hired in the next 48 hours and are able to work on your country time zones.
Still have doubts? Connect to our healthcare app development experts or have a glimpse of our vast Blockchain-Healthcare portfolio on our website!
Rashmi Kanti is a passionate content writer & a blogger having written numerous blogs for IT domain. Being into the Blogging world for the past 4 years, she is presently contributing technology loaded articles & blogs regularly to QSS Technosoft. Rashmi has a proficient knowledge of the latest market trends in the mobile & web applications and expresses herself a big technology geek.