Possibilities of Blockchain in Healthcare Sector
Healthcare sector is one such sector which has adopted the new technologies rapidly and has got benefitted, probably the most. Blockchain is emerging as one of the revolutionizing technology and is sure to impact the healthcare sector as well. A recent report from PwC laid the groundwork for the same by sorting few key areas to witness the most impact in healthcare.
Validation of Medical Supply Chain and inventory
From manufacturers to retailers everyone coming under the medical supply chain would be benefitted with the transaction tracking that blockchain offers. Every time a transaction made in the supply chain will be recorded and validated in the blockchain ledger. As blockchain ledger is open to view for all those who are part of it, will simplify the transfer of data and allow the recipients of the product to validate their provenance with greater certainty. Blockchain allows all involved to “agree on history” which will ensure the integrity of the supply chain against fake and substandard medications.
Streamline Enrolment, Payment and Contract Data
Currently, payment, enrolment and contract data process take a lot of time and human efforts to be accomplished. Healthcare needs to be fast-paced and blockchain has the capability to so. A blockchain enabled system would allow both parties (provider and payer) to share and update data in real time; boosting the speed of the overall process and reducing the accomplishment time to days instead of weeks or month.
Similar kind of changes can be observed in back-office operations such as payments and contract. Nowadays these processes are conducted manually which is long and tiring. Blockchain enables the smart contract with transaction encoded and stored on it. This real-time approach will ease the audit and report process and also will be preventive against frauds and human errors.
Aggregate and Manage Patient Data
In healthcare the biggest issue is to aggregate and manage patient as the data stored here is decentralized also huge at the same time which makes it difficult to manage the same. Using Blockchain technology all the data can be pooled together in the centralized system and can be distributed to entities as per their requirements. This will allow ownership of data by patients and analysis of better and large volume of data leading to better predictive outcomes.
Improved Risk Tracking and Regulatory Compliance
Risk tracking and regulatory compliance is a constant nag in healthcare and providers are in a quest for better options to manage the same. Blockchain can emerge as a solution to the same as it keeps a record of each transaction made; will allow companies to keep track of product recalls, audits and tracking product distribution. The validation of the supply chain will enable entities easily and simply comply with regulations and whenever reporting is required smart contract logic could ensure certain actions trigger necessary reporting based on data stored in the blockchain.
With the use and capabilities, blockchain technology can be really handy in the healthcare sector but it certainly cannot change things overnight. At first, every level and entity must accept the technology and understand the benefits it brings with itself and then the only one can think of better future of healthcare sector.
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