Impact of Blockchain in the Health Industry
In the 21st century, we all have witnessed massive changes take place in the world. There has been continuous innovation and up-gradation in technology in all aspects. The more the human civilization stepped up the ladder of innovation, we have made some remarkable changes.
Blockchain has become the new sensation in this era. It is the new buzz word in the tech industry. Not only it impacts the mode of transaction, but it impacts the health industry as well.
The impact of the blockchain industry will increase in the upcoming years in the health industry. A survey found that the value of the blockchain will become $34.47million in the coming years. The figure may creep up to $1415.59million within 2024. It will also record a CAGR growth rate to 70.45% between 2018-2024.
Let's explore the impact of the blockchain in the healthcare industry in the upcoming years.
Effect of blockchain in the health industry
The healthcare industry will become heavily dependent on blockchain technology in the upcoming years. Let's explore those facts one after the other to understand it in a better manner.
● Decentralized system: - The blockchain system is hack-proof as it has a decentralized system. It prevents a single data copy from getting compromised. Better to say, make the valuable data secured from the clutches of the hacker.
Decentralized systems help to run the commodity hardware to run smoothly in the hospitals. Hence, it will reduce the chances of all manmade and natural disasters to occur. Thus, it will provide your hospital a full proof data security.
Researchers can use the saved powers to make new drugs and treatment of various diseases.
● Single data source: - After the majority of the participants confirms the validity of the transactions, the blockchain stores that data.
Once the data is stored in the blockchain, it cannot be altered. Hence, it proves 100% security and the authenticity of the data.
Researchers can use this stored data of every patient and use it to prepare the medicines of the patients.
● 24X7 monitoring access to data: -
The useful data of the patients can be used to be stored for future reference. For example, the blood pressure data and sugar levels of the patients can be stored here easily. With the help of the internet of things and wearables, these data can be easily stored.
The monitoring feature of the blockchain data will alert the doctors regarding any severe patients and their caretakers. Thus a 24/7 support system is possible due to the application of the blockchain in the health sector.
● Ensures cost-effectiveness: - There will be no more requirement for investing your money on recording your patients' data by taking the help of a third party or any mediator.
Thus, you can save a lot of money due to the absence of such costly systems. Hence you can use it on other development purposes of your organization. It would be best if you did not curtail the salary of your employees for your development purpose.
● Improves the supply chain management: - The drugs are first manufactured in manufacturing centers. After that, the drugs are transferred to the wholesalers, and then it gets transferred to the retailers. Ultimately, it reaches customers.
In the entire process of the drugs' supply chain management, there is a lack of authenticity and security. But with the application of the blockchain, there will be a uniform process and a system.
Hence, the insecurity and the drawn-out factor of the drugs will be wiped out completely. No patient or customers will receive any unauthentic drugs or the drugs whose expiry date is over.
● Helps maintain the integrity of medical records: -
The authenticity and integrity of the medical records, blockchain can be the most effective weapon.
As soon as any new medical record is produced, it will be stored in the blockchain.
Hence, within a few years from now, blockchain will become an integral part of the healthcare system. With the bitcoin up the blockchain system will also get updated in the coming years. Thus, the healthcare industry needs to be mentally prepared for the blockchain application in their system.