Blockchain technology has brought about a revelation in terms of how we conduct our businesses across various distinguished industries. Nishant Rathi, who is the founder and Chief Executive Officer of NeoSOFT Technologies, opened up about the enormous scope and possibilities of using Blockchain technology in the healthcare industry, and how it is going to transform the industry in the future.
Blockchain and Supply Chain
The entire supply chain management system is undergoing a huge transformation with the aid of technologies such as Blockchain, Artificial Intelligence and Cloud Computing. With advanced abilities to provide real time data, Blockchain can help identify whatever the hindrances are, if any, and solve them to improve the response time further. Rathi stated that with the immense popularity that Blockchain commands in today’s world, it can literally transform key operations in any relevant industry and not just in supply chain, almost drastically.
During these difficult days of the pandemic, Blockchain technology has provided assistance to the Healthcare industry through a single, transparent and a reliable perspective on the demand and supply data across legal entities, stakeholders and diverse geographical regions.
A key area where Blockchain is really making a notable difference and contribution right now is how it is useful in assisting the patients with their details of vaccination, keeping track on the vaccines and also in the unification of records of patient immunization.
Blockchain and privacy concerns in healthcare
Blockchain technology has shown us multiple ways in which it can help authorities to address privacy and security issues in the healthcare industry. Issues such as drug tracking, vaccine tracking, protecting the medical records of patients from unauthorized access, e-health monitoring or even staff records management, can easily be taken care of using Blockchain-based applications. As the core architecture of Blockchain is a decentralized one, it automatically comes armed with technologies like digital signature schemes, consensus mechanisms in the form of smart contracts, advanced storage capabilities and a chain of hashing techniques which renders Blockchain as an ultimate tool for use against online or offline threats, or even when it comes down to breaking down complex amounts of data.
Blockchain and clinical trials
Out of the many things related to the healthcare industry, one thing at which Blockchain simply excels at is in making the recruitment process of patients a much less hassle-free process and a smart one at that as well. Blockchain is such a technology that allows double-blind trials to be optimized on multiple fronts. This can be used to deal with the major traceability and data-related issues in clinical trials. On top of that, a master smart contract, much like a master key, can help in automated patient recruitment, trial-based contract management or even patient recruitment.
Role of Blockchain during the Pandemic
The Covid-19 Pandemic has brought about revolutionary changes in almost every aspect of human existence, especially in the areas concerning digital accelerators. Rathi believes that even though Blockchain came with a lot of expectation from its early days, it is now that we are getting to see the technology unfolding itself and changing every aspect of our lives. The global pandemic has shown us the value of security and transparency in the context of our digital assets.
How can Blockchain improve micro payments in healthcare
The Blockchain technology comes enabled with cryptocurrency token based payment methods. A good example of this system in work is that whenever a service has been provided, the caregivers will receive a direct transfer of the amount of cryptocurrency that was earlier on agreed upon and moreover, the whole thing was carried out automatically with the help of smart contracts, and at the same time there are no need for a third party mediator or anyone else to process the certain transaction. Therefore in order to make this process extremely secure, transparent and hassle-free, they have automatically made it a whole lot easier to conduct micropayments.
It is also a well-known fact that the transactions carried out on a Blockchain cannot be reversed and thus eliminates any chance of fraud security. According to Rathi, it is true that modern problems do require modern solutions and that is exactly what they are trying to incorporate at NeoSOFT Technologies. The idea behind creating digital applications is not only to benefit from their functionalities but also about the fact that they can cater to problems that modern businesses are facing.
Blockchain for Electronic Medical Records
The peer-to-peer network which is decentralized is the feature that is helping in improving the Electronic Medical Records or the EMR system. Blockchain has the ability to infuse the power of immutability in order to strengthen the EMR and by doing so, take the entire data security aspect to the next level. According to Rathi, they are also trying to improve the interoperability aspect which will improve the EMR system with the help of smart contracts.