The Blockchain technology has made a serious impact and brought out initiatives to the financial technology industry. This initiative has helped to inspire the health industry with some great potentiality apps. The stakeholders of the healthcare industry are motivated and eager from the set of possibilities that Blockchain has presented. This new technology is powered by developing new frameworks to implement use cases of Blockchain on the larger scale.
The Blockchain use cases of the healthcare industry are:
- Interoperability and Exchange of Clinical Data
If health orientation is altered by Blockchain there can be a solution to all factors in the field of health. It includes like managing big data, data interoperability, data security and integrity, and more. Blockchain helps in data sharing system that is secured. This will give access to all the details about the patient and this will help to reduce the cost.
- Healthcare IoT and Cyber Security Handling
The report from the resource centre of identity threat has mentioned that the health industry comprises 30% of all U.S. The data shows that health is the second best business sector. Almost 41% of the health data breaches were a result of insiders, wherein, 73 out of 96 incidents are known to have affected 1,166,674 patient records. And 53% of breached patient records were the result of hacking.
The current methods of healthcare devices are unbelievably challenging for the Health technology infrastructure to accommodate or support the emerging ecosystem. In such scenario, Blockchain mastered solutions can help and give guaranteed security, reliability, and privacy.
- Integrity of Drug Supply Chain
A report by World Health Organisation states that thirty percent of medicine sold in emerging countries are counterfeits. When the Pharma industry system is powered by Blockchain a custom log can be initiated which will help to find out the supply of the individual product graph.
In addition to the health industry, the main functionalities like private keys and smart contracts can act as a proof of work and proof of identity to justify the drug source.
This method can be adopted by organisations to manage drug establishment cycle. They combine together with biopharma companies, the process of rendering with their ADLT Blockchain solutions to understand drug supply integrity.
- Research Result Management
Almost a complete 50% of the clinical trial go unreported. This, as a result, creates safety issues for patients and also generates information gaps for the healthcare stakeholders and the policymakers. If the clinical trials are supported by a Blockchain solution, the results, protocols, and other related information would be time-stamped and immutable, resulting in fewer data snooping and errors.