Challenges and Benefits of Implementing Blockchain Technology in Healthcare.

Introduction To Black Chain Technology

World of internet has brought tremendous change in our life. With the advent of the artificial intelligence & robotic process pace of healthcare industry gained new momentum. Currently the best known technology behind the success of bitcoin & other crypto coins is block chain. Well, it is also referred as ingenious innovation of the21st century because of its ability to ability to distribute data through nodes.

Though healthcare is one of the finest industries with the smartest people in the world, it also suffered from various issues which prevented from finding better solution. Faster &better patient care, accurate analysis & quick access to medical data paved way for digital healthcare trends. Though healthcare industry been emerging with the all its scientific developments, Interoperability is one of the biggest problem of modern healthcare which was a  hindrance to its success. Yes, you read it right!! Even developed healthcare interoperability is addressed as a top priority for providers, patients & policy makers.

So what is block chain?

A shared, distributed ledger technology, which facilitates data management, provenance & security. It aims to optimize business process, improve patient outcomes & compliance along with better use of healthcare related data. Each node in the block chain work by public key which allows peers to interact without prior knowledge or trust over parties.

And most importantly blockchain design is of three types-Public, Private & Hybrid. As the name suggests public blockchain maintains permission less ledger while the private allows only trusted participants. On the other hand hybrid is a combination of both public & private.

With effective data tracking & security provisions healthcare providers can frame, streamlined process utilizing blockchain technology. Providers can communicate & work simultaneously with networks enabled shared access. Block chain offers hassle free data sharing across providers, ensuring cost efficient treatments & better cure for disease.

TheSuccess of any public healthcare initiative is based on its ability to collaborate well with other third party application. So is blockchain technology. It empowers other parties to collaborate & analyze the data with the help of distributed ledger technology.

As everyone knows sharing & access to healthcare data is subject to privacy &legal issuesprovided by HIPAA (Health Insurance Portability & Accountability Act) & GDPR (General Data Protection Regulation). With block chain effective decision can be made & providers can make a decision on what data to be shared, what data will be stored on side & off site. Thus the blockchain assures it offers highly effective & secured network for providers. Extract the maximum potential from your manpower by automating tedious process using block chain. This technology helps to keep your budget under control as you can slice a single process into different phases.

One of the biggest challenges faced by healthcare industry is ensuring security & protection over data. R&D is most important part of any industry to predict future & keep up running. Crucial patient data gets leaked if network or system is hacked. No more worries. Blockchain comes with well-equipped cryptographic features. It ensures both trust & security for crucial research & developmental data by enabling data authenticity & digital signature. And all process happens through algorithms which validates & verifies once the data is stored. It is assured that patient care quality will be improved with minimal fund.

The Current healthcare system works on a single central database which is high risk & treats to data if multiple level authorization or failure happens. Ransom attack & other external threat can be prevented if block chain is implemented properly. Other benefits for healthcare industry, encourage & use of crypto-currency replacing cash.

As we know, every transaction added to a block is immutable. Yes,it is Immutable &time stamped. No matter what, you can’t alter. This paves way to identify & prevent drug traceability with is the biggest problem of pharmaceutical industry. This is because each & every pharmaceutical company in block chain has right to choose supply chain actors such as miners, manufacturers & distributors. Drug information in each block is linked to another block so that it can be tracked effectively.

we know health care industry keep on running clinical trials to analyze & ensure the effectiveness of any medicine developed to cure a specific disease. And based on collectingreports & hypothesis, the success rate of proposed drug can be tested again. So block chain has ability to store clinical trials & results as smart contracts which can be considered as digital thumbprints. Ideally block chain is a smart solution for all your issues related to data centric system.

To conclude, Healthcare industry aims to create technical infrastructure combined with the acceptance of latest technology which is nothing but block chain.Block chain which is considered to be revolutionary holds a high potential for many different industries. Many industries started to adopt block chain while others are all still exploring best way to start with.