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The blockchain revolution in healthcare

Blockchain, at its foundation, is a distributed framework for executing tracking of transactional information. Records and documentation are integrated into a decentralized, shared ledger, on an ongoing basis and this ledger is accessible by all. (It is public.) Trust turns decentralized due to the way in which the framework leverages cryptography to authenticate every interaction.  

The system is uniquely poised for value additions in the healthcare domain. The way they technology is structured innovative solutions that conventional methods cannot. Quality healthcare needs trust, privacy, security, and interoperability of information across several systems. These obstacles are intricate issues to find solutions to. Blockchain in healthcare provides an avenue to find new solutions in novel ways. 

Leveraging blockchain technology in healthcare 

  • Securing patient information 

Safeguarding patient information and privacy has always been a critical consideration within the healthcare industry. The key agents who are involved in healthcare have recognized the dire need for security with regards to controls over private, confidential data. However, there have been several breaches that include personal health information. 

Blockchain serves as the light at the end of the metaphorical tunnel and is a prospect for resolving healthcare information security related issues owing to its immutable, decentralized, and 100% transparency. This great degree of transparency does not imply that a person’s privacy considerations are revealed. Logs, records/documents, and transactions are transparent. However, the identity of persons stays private through cryptographic techniques.  

Leveraging blockchain in healthcare implies that person’s identities and medical information can stay confidential as the system itself has a great degree of security that is inherent to it. 

  • Supply Chain Management 

The healthcare supply chain is fragmented and complicated. There is minimal supervisory oversight with regards to the processes, from medicine development to patient delivery. Stringent regulations amplify the burden on the cumulative logistics systems. Quality control and compliance are a challenge to quantify and enforce. 

Blockchain tech can assist the entire healthcare industry to find solutions to some of these logistical obstacles. As Blockchain is immutable, transactions made on it are permanent – they cannot be erased. Such transactions enable producers track ingredients and make sure that compliance is upheld, for example. Blockchain ledgers can assist regulation enforcement entities distinguish authentic medication from duplicate ones. 

Blockchain’s immutable nature can assist with quality control and in being compliant with healthcare supply chains and logistics. 

  • Interoperability 

One of the primary challenges facing healthcare information administration is interoperability. There are various separate entities and frameworks amongst producers, pharmacies, practitioners, hospitals, and clinics. Every entity leverages tech in some fashion to handle their operations and patient data. Medical records need to be viable throughout the spectrum as patients can move from one healthcare provider to another. 

Blockchain tech can assist with integrating in this regard. As we saw before, Blockchain’s ledgers are distributed and public. What the implications are is that electronic transactions consisting of patient information is shared with all authenticated parties. Patients that cycle through practitioners easily can distribute their medical documentation by merely updating a single permission. 

Blockchain frameworks minimize the time and expenses connected with information transformation and reconciliation. Authorized individuals and entities can obtain the patient information they require from the decentralized network. 

  • Medical staff credentialing 

Healthcare is an expanding industry, its thriving, especially for people looking to make new careers. It’s also subjected to stringent regulations. Recruiters and organizations must meticulously authenticate the credentials that job aspirants claim to possess. Patient health is no joke, and lives are literally hanging in the balance. Recruiting a candidate who is not qualified for the role can have catastrophic consequences. The process of recruiting the correct candidates is time intensive and costly. 

Blockchain frameworks provide an answer to the issue of verification of medical qualifications swiftly and effectively. Authentic medical credentials are included on the immutable ledger. Blockchain documentation can be verified by design, so as more credentials are issued, they get added to the ledger. Authorized personnel can include permissions to view and edit the data. This credential administration and authentication procedure is swift and secure. 

Blockchain provides a great answer to functional verification of medical credentials and qualifications. 

  • Health information exchanges and research information 

With upcoming trends in digital transformation, AI/ML is playing an increasing role, and as an outcome, data is becoming even more valuable than gold. The healthcare domain is not excluded from this phenomenon and has massive amounts of medical information on patients, medications, clinical trials, and more. De-identified data is critical for research on more efficient medications, treatment regiments, and programs. 

Blockchain provides the privacy and security that the industry requires. It also holds the potential of universal access to information that researchers and BigPharma want. This will drive critical medical insights and inventions that might revolutionize the way in which our society perceives healthcare. 

Implementing blockchain could lead to monetization of networks that share information that is critical and sensitive to privacy issues. 

  • Producing your own proprietary healthcare solution on blockchain 

Blockchain doesn’t have to be a puzzle, its accessible for all. It isn’t magic. Some real-life blockchain use cases also need novel implementing of tech that hasn’t been fully been made public as of yet. Organizations wish to ensure that sensitive information is safeguarded and kept away from malicious actors. 

Private blockchain networks provide all the advantages of blockchain with the extra benefit of being completely administered within an entity. The graphene framework is one of these solutions. This framework, developed for customized blockchain implementations, consists of all the requirements for network operation. Pre-packed graphene components consist of a barebones implementation, information storage, comprehensive P2P networking, and the necessary cryptographic functions. 

Implementation of a framework such as this helps you to concentrate on your organizational requirements and not intricate technical matters. However, as it is a framework, it does not consist of all the business rules to make it function. Frameworks get you off the ground in a swift fashion, whereas customized development gives those extra required rules. 

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