The adoption of innovative technologies is revolutionizing the way healthcare services are being delivered. One of the trending technologies gaining massive popularity in recent times is blockchain. For those unaware of the term, Blockchain is a technology that uses distributed ledgers thereby offering secure and transparent record-keeping. Blockchain technology is said to have transformed many industries including the healthcare industry and of course in many good ways. In this blog, we will discuss the 10 topmost potential use cases of blockchain technology that are revolutionizing the healthcare industry. Continue reading to know more.
Blockchain in Healthcare- Market Overview
Below we have listed some latest stats & market overview of blockchain technology in the healthcare industry:
- According to a report by MarketsandMarkets, the global blockchain in the healthcare market is projected to reach $1.6 billion by 2025, growing at a CAGR of 48.1% from 2020 to 2025.
- A survey conducted by IBM found that 16% of healthcare executives are planning to implement blockchain technology in 2021, and another 56% are considering its adoption in the near future.
- A report by Accenture estimates that blockchain technology can save the healthcare industry up to $150 billion per year by 2025.
- According to a survey by GlobalData, 64% of healthcare professionals believe that blockchain technology will have a significant impact on the healthcare industry.
- The US FDA has launched a pilot program called the “Drug Supply Chain Security Act (DSCSA) Pilot Project Program” that uses blockchain technology to improve the security and traceability of drugs in the supply chain.
- In the United Arab Emirates, the Dubai Health Authority has partnered with several companies to develop a blockchain-based platform for managing health data, with the aim of providing patients with secure and efficient access to their medical records.
- In China, the government has launched a national blockchain-based platform for managing and sharing medical data, with the aim of improving healthcare services and reducing costs.
These stats show the ever-growing adoption of blockchain technology in the healthcare sector. Hospitals, clinics, and other healthcare facilities are making use of this technology to improve efficiency, transparency, and security in healthcare services.
10 Use Cases of Blockchain Technology in Healthcare Industry
Here are the topmost use cases of this amazing technology in areas of healthcare-
- Medical Records Management
Blockchain facilitates secure and decentralized management of healthcare & medical records that provide patients with complete control over their data. These medical records are unified, 100% temper-proof, and are easily accessible to healthcare providers anywhere in the world.
- Clinical Trials
Blockchain technology is also helping to maintain the transparency, efficiency, and security of clinical trials. Wondering how? Blockchain enables the secure sharing of trial data among researchers and participants. Not just this, Blockchain also ensures the integrity of trial data by providing an immutable record of all trial data and transactions.
- Drug Supply Chain Management
Blockchain technology is also revolutionizing the pharmacy sector by tracking the entire supply chain of drugs. This includes manufacturers, distributors & pharmacies. This is crucial as it helps to eliminate the chances of counterfeit drugs and ensures that the drugs are safe to consume and work the right way.
- Medical Device Tracking
Blockchain helps track medical devices securely ensuring the devices are not counterfeit and are functioning properly. This improves patient safety & reduces the risk of medical device failures.
With Blockchain, patients and healthcare providers can communicate securely and confidentially. This in turn makes telemedicine much more secure and efficient. Patients can use blockchain to keep their medical records safe and share them with healthcare providers during telemedicine consultations.
- Healthcare Payments
Blockchain is facilitating secure and transparent healthcare payments, reducing the risk of fraud & delays in payments. The technology also reduces transaction costs and makes payment processing faster.
- Medical Research
Blockchain is highly used to store, record and share medical research data securely. This enables researchers to collaborate more efficiently and effectively and maintain the integrity of research data.
- Personalized Medicine
Personalized medicine is now possible with Blockchain! Wondering how? This is with the secure sharing of genomic and other medical data by Blockchain’s distributed ledger! Blockchain ensures the safeguarding of patient data allowing them to have control over who can access their data.
- Health Insurance
Blockchain is highly useful in securely storing and managing health insurance data. This in turn allows insurers to process claims faster without any chances of insurance fraud.
- Public Health
Blockchain enables public health officials to track the spread of diseases and respond more quickly to outbreaks. This maintains the integrity of public health data by providing an immutable record of all public health data and transactions.
There is no doubt that blockchain technology has the potential to transform the healthcare industry in all good ways. Many healthcare organizations are seen adopting blockchain technology and are benefiting their departments, staff as well as patients with increased security, efficiency, and transparency in healthcare services.
Looking to integrate this amazing technology into your healthcare facility?
Connect to our top Blockchain & Healthcare IT experts and know more about how it can revolutionize your healthcare business!