Future of healthcare with blockchain

The 20% of GDP in the US is spent on the healthcare system. These industries are to use blockchain technology to revolutionize this industry. The future of healthcare is with blockchain technology. Suppose the stats for this industry are not good enough, then the hospital. In that case, costs will skyrocket, and there will be inefficient practices and constant data breaches. These hospitals need to move towards much more efficient methods that require efficiency and innovation to deal with these problems.  

Application of blockchain

Blockchain technology has a wide range of applications in the healthcare industry. The technology facilitates the secure transfer of medical records, management of medicine supply, and helps healthcare researchers unlock the genetic code. 

There are several advantages to adopting blockchain technology in your organization 

Securing the patient data 

Keeping medical data safe and secure is very important. This is one of the most popular applications of blockchain technology. Additionally, the blockchain healthcare application is not so surprising, and this is one of the significant issues in this industry. From the year 2009 to 2017, around 176 million patient records were exposed due to the breach of data. These people stole the credit cards of people and their banking information. Additionally, their health and genomic testing records have been stolen. 

Blockchain technology helps any organization keep an incorruptible, decentralized, and transparent log for all the patients’ data. This technology makes it easier for security applications to do their work. Additionally, when the blockchain is transparent, it is also private, which helps conceal an individual’s identity with complex and secure codes that can protect the sensitivity of the medical records. 

Here are the top 5 companies that are applying blockchain for the security of healthcare:

1.AKIRI

This is based in the big data industry. It operates based on a network as a service optimized for the healthcare industry. This helps protect the patients with the health data when they transport it. This system does not store the data but operates both as a network and as a protocol to set the policies and configure the data layers while verifying the sources and the destinations of data in real-time. 

2.BurstIQ

This is based on the industry of big data, cyber security, and software. It helps healthcare companies manage a massive amount of their patients’ data. This blockchain technology allows to safekeep, sell, share, and license the data while marinating strict compliance with the HIPA rules. 

The company’s primary aim is to use block chain and improve the way medical data is shared. Additionally, this includes complete and up-to-date information about the health of the patient and their healthcare activities. It also helps to root out the abuse of opioids and any other prescriptive drugs. 

3.Factom 

This is based on IT and enterprise software. The sole reason for Factom is to create products that will aid and help the healthcare industry store the digital records on the blockchain of the company platform. This will make it easier for the hospital and healthcare administrators to access the data. One can get their hands on the physical papers only if they have the Factom security chip that holds all the information regarding the patient. This chip is available to the people authorized. They employ blockchain technology in the healthcare industry to secure digital healthcare records. 

4.Medicalchain 

This comes under the category of electronic health records. This blockchain maintains the integrity of health records by establishing the single point truth. The doctors, hospitals, and the patients can request information that has a record of the origin and protect the patient’s identity from any kind of outside sources. This is the covering the patient’s identity and maintaining a record of origin. 

5.Guardtime 

This is based on cybersecurity and blockchain technology, which is the future of the healthcare industry with blockchain. Guardtime is helping healthcare companies and the government implement blockchain into cyber security methods. The company is vital, and it is helping to implement the blockchain in Estonia’s healthcare system. Additionally, it has recently signed a deal with private healthcare providers in the United Arab Emirates to bring blockchain to its data privacy systems. Guardtime also employs the blockchain for cybersecurity applications that also includes healthcare. 

Guard time has teamed up with the Verizon enterprise solutions to deploy several platform services based on guard time keyless signature infrastructure KSI blockchain. 

Blockchain medical records can streamline medical care and prevent costly mistakes

Any miscommunication between the medical professionals costs the healthcare industry a staggering $11 billion a year. The process of obtaining patients’ data is a time-consuming process. This step exhausts the staff resources and delays patient care. Blockchain-based medical records help a cure for these illnesses. 

The decentralized system is creating an ecosystem for the patients to get the data quickly. It is referred by the doctors, hospitals, pharmacists, and anyone else in the treatment. This way, the blockchain can help with a faster diagnosis and a better-personalized care plan. The discussed companies provide much more improvement in the healthcare industry and provide healthcare professionals with personalized healthcare plans. 

To sum this up, the blockchain technology has a wide range of applications to use in their healthcare industry. The technology in the healthcare industry facilities the secure transfer of the medical records of the patients, management of the medicine supply chain and also helps the healthcare researchers to unlock the genetic codes. There are several companies that are providing their services in order to make the healthcare much more easier and protect the data of the patients. Protecting the data of the customers is very important to make sure their privacy is protected.