It is a daunting task for healthcare companies to keep the massive amounts of data stored safely and securely according to HIPAA regulations. The companies are also continuously striving to keep the healthcare costs down while focusing on improving patient outcomes. Currently, blockchain is one such field that is being tapped into its potential with increasing promise for streamlining the process in several ways.
Privacy of data: Blockchain is a solid platform with built-in safety features, multi-signatures, dual authentication, and front and back end encryption.
Innovation and research: Much emphasis is placed on preventive care and improving community health. Blockchain supplies a comprehensive platform for data manipulation, research, and cutting-edge innovation.
Risk mitigation: With smart contracts, medical blockchain provides quick and secure transactions, improving accuracy, client confidentiality and minimal data breaches.
These are the top three trends for blockchain usage in the healthcare industry:
Drug Supply Chain
There are many possibilities for breaches and disruptions in the drug supply continuum from manufacturing to consumer pick-up. The Drug Supply Chain Security Act (DSCSA) was designed in 2013 by Congress to track the accuracy and efficiency of the drug supply chain. In 2019, the DSCSA has announced at least six pilot projects using the revolutionary blockchain technology to allow for extreme transparency and ease of mitigating any factor in the disruption of the supply chain. IBM, Merck, Walmart, UCLA Health and MediLedger are involved in these pilot project.
Efficiency and Accuracy of Clinical Trials
With amazing healthcare data at our fingertips, clinical trials can be improved with streamlining data integration, transparency, and automatic report generation using the blockchain technology. Furthermore, it allows data interoperability for easy patient identification for clinical studies. In 2019, IBM Canada has created strategic partnerships to expand blockchain technology to conduct clinical trials. Its report should be out soon allowing other players to jump in on this resource.
U.S. markets are not the only targets for healthcare blockchain companies. In 2019, Chinese Industry Association proclaimed October 24th the National Blockchain Day. China is moving full force to explore the blockchain technology in the variety of its industries. Estonia is another country that migrated to blockchain for healthcare and UAE is exploring use of blockchain in the government-based industries.
Blockchain in healthcare has immense potential to offer many benefits. It will be interesting to see how this technology transforms the industry in the coming years, especially with decentralized app development technology.
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