How blockchain helps healthcare?

Blockchain is gaining popularity in healthcare as it improves the service in many ways. But how does blockchain help healthcare?

Understanding blockchain can help to give a better idea of how it works. Also, knowing blockchain allows you to generate better ideas and find drawbacks in healthcare that can be solved by blockchain.

So it will be better for your business to first learn about the basics of blockchain, which you can understand in the next section. 

What is blockchain?

Blockchain is based on decentralized technology, containing an immutable & distributed ledger. Not any single big authority can control this system as it is distributed among its members worldwide. Also, you can read this blog to understand blockchain in detail

The decentralization makes business most secure, private, and stable. Let’s understand how this distributed ledger works in detail in the next section. 

How does blockchain work?

Let’s take a look at the data given below to show you it’s working in simple steps. 

Here are the sequential steps of the working of this distributed ledger from its first to the last stage.

  1. A transaction is requested
  2. Transaction representing blocks has been created 
  3. That block is sent to every node in the network
  4. Nodes validate that the requested transaction
  5. Nodes get a reward based on their proof of work
  6. That generated block is added to the existing blockchain
  7. The transaction is complete

Now you have understood its working steps. But does investing in healthcare through blockchain profitable? Let’s find out in the next section.

The market size of blockchain in healthcare

Healthcare providers understand the importance of this technology in the medical industry. The usability increases the demand for this distributed ledger technology in healthcare. 

Also, look at the infographic given below to understand the profitability of this technology in the market. You can read this blog to know the future scope of the healthcare market.

So what are the advantages and benefits blockchain gives to this industry? Let’s check them all in the next section.

Benefits & use of blockchain in healthcare

You can look at how blockchain technology in healthcare can help improve their services. This will helps you to get a better understanding of how you use blockchain applications in healthcare to improve services and make better profits.

1. Helps in research

All the health organizations linked with specific blockchains like Ethereum can access the data from each other. The data can be of health records of patients, medicine prescribed to patients, the symptoms and final results from specific health treatments, etc.

The accessibility of these wide ranges of data allows researchers and other organizations to improve their clinical research on medicines, treatments, etc.

2. Easy access to patients records 

The patients can make collab quickly with different health organizations with the help of blockchain. By having patients’ health records on a specific blockchain, they can share their data with other providers through a sharable private key.

Also, the patients can share their health records with laboratories, medical shops, or any other place where the data is required. It helps patients avoid managing and keeping their health data in physical files and registers and carrying it with them everywhere.  

3. Improves accuracy in healthcare services

Healthcare professionals, laboratories, and medical can share patients’ reports. The quick and easy sharing of data helps health organizations to improve their work and gives better treatments to patients. 

This technology helps avoid miscommunication between health providers by allowing them to access every data. Avoiding miscommunication gives another plus point for improving accuracy in services.

4. Securing patients’ data

As we know, a blockchain is a decentralized database distributed worldwide. The distribution of databases will make it almost impossible for hackers to steal patients’ data. 

Only the patients and permitted health organizations can access the data from patients’ private keys. By decentralization from the blockchain environment, it will give more security to patients’ data. 

5. Tracing medical supplies

Blockchain servers give transparency to medical supplies and other healthcare-related data. Also, some apps even help monitor labor costs and carbon emissions involved in the manufacture of these supplies.  

Medicals can also use this cryptographic ledger technology to track medicine stocks to avoid running out of medicines during any emergency.

6. Verifying health insurance

Using blockchain to verify health insurance can be a better solution to avoid data manipulation in health insurance-related services. 

This distributed ledger helps health insurance avoid losing their money by preventing them from trapping in any fraud from their customers.

Since the data stored in this cryptographic ledger can’t be modified, it helps insurance companies protect themselves from any kinds of fraud related to health insurance. 

7. Disease Tracking

This cryptographic ledger helps real-time disease report tracking by allowing access to patients’ data anywhere. Also, health organizations can identify disease patterns by looking at different patients’ data all at once with the help of blockchains. 

Disease tracking helps health organizations to improve the treatments for various diseases. Tracking can be done by having proper studies on data available on the blockchain, giving professionals a better cure for certain diseases and surgeries.

8. Protects genomic data

Stealing genomic data has become a significant issue for professionals nowadays. Blockchain has got its back by securing all these related genomic data on their decentralized servers.  

This cryptographic ledger provides better security for these genomic data by making it impossible for hackers to collect all the specific data sources on their servers.

By the way, if you are unaware of genomic data. It is a data where it records all the data related to genomes. In biology, genomes refer to the complete set of genes.  

Now you understand how this technology can improve healthcare services. You to check some top blockchain companies in healthcare to take some ideas. 

Also, checking these brands can help you to guide on the ways and means for starting digital services in healthcare.

Top best blockchain companies in healthcare

This section will be on some of the best blockchain applications in healthcare that are making profits from their valuable and unique services. 

1. Akiri

The brand provides a private and open network for providers. With Akiri, an organization can protect its patient data while sharing information with other providers. Many organizations use Akiri for accessing extensive data-related services.

Akiri does not store any data on any patient’s data. Instead, Akiri provides its protocols and networks to secure patients’ data. Only permitted organizations can access the data that contain patients’ data.   

2. BurstIQ

Health organizations use BurstIQ to improve storing patient data on online servers. It improves data storing services by using the technologies of blockchains by providing technical services related to big data, cyber security, and software.

BustIQ follows strict guidelines of HIPPA to improve the speed, security, and sharability of data at the time of access by providers. With BustIQ, it becomes easy for providers to keep up-to-date records of their patient’s data, and all of it becomes possible with the help of blockchain technology in healthcare.

3. Factom

This company helps providers secure patients’ data on digital records. Factom enables medical providers to store, scale, and secure patients’ data on cryptographic ledger servers.  

Factom provides a great solution to handle complex data and gives a better way to operate that complex data. Moreover, the Bill and Melina gates foundation uses Factom for their organization.  

4. MedicalChain

MedicalChain provides a secure network for providers to store and access services. The brand helps providers control their patients’ data. 

Also, MedicalChain has launched another platform named Myclinic.com. The platform allows patients to consult with their doctors through live video and pay for using consultancies services through their official token called “Medtoken.”  

5. ProCredEx

This platform helps organizations involved in healthcare to enable immutability and traceability in data. It allows organizations to securely share patients’ data with other service providers. 

6. Avaneer

This big data giant uses cryptographic ledger technology to provide better data processing and better security for the data in its servers. Avaneer uses ledger technology that allows them to provide fast and easy data access to providers.

The brand offers a secure network for all individuals involved in healthcare. Also, it comes with many valuable features that enable providers to perform community-based collaboration on certain operations.

7. SimplyVital Health

The platform connects different providers. The brands help various providers access the patients’ data simultaneously. Also, SimplyVital Health allows providers to improve their services in many ways, saving time and cost requirements in services.  

SimplyVital Health also aims to lunch its new product ‘HealthNexus”. The nexus provides many different services to providers, such as market validation, strategic assessment, business model innovation, etc. 

8. RoboMed

Robomed is a three-software network that includes a total of three software. That is Robomed EHR, Robomed Web, and RobomedMobile. The Robomed EHR uses the Ethereum smart contract to handle health records.

While the platform Robomed Web and RobomedMobile allows patients to interact with doctors for different reasons.

9. Embleema

The emblem is a data-as-a-service platform that allows providers to engage and share their data & reports with other providers. Data sharing helps many organizations improve their service and reduce the time and cost needed for providing health and medical-related services.

The patients can reclaim the ownership of their medical data, allowing them to connect directly with researchers for taking compensation for using their health data.

10. Chronicled

Chronicled is a San Francisco-based company. The brand helps organizations improve accountability and traceability of healthcare data by using IoT technology.

With blockchain, Chronicled becomes able to speed up its logistics and reduce its service cost. Chronicled uses the MediLedger network, IoT technology, and smart contracts to provide automation for health industries.    

Now moving to the end of the blog to understand what we have learned so far from this blog.

A quick summary!

After reading the blog, it makes sense for entrepreneurs to think about investing in this market by introducing some unique cryptographic ledger services. 

There are many business opportunities hidden in this market. But the real challenge that comes out is that not everyone can make their decentralized platform by themselves. 

So what is a perfect solution that we should be looking for? It will be better for you to outsource your projects to any well-experienced software-making company. You can search for IT firms by checking their portfolios.

Even better, you can contact us and get a free consultation from our team to guide you on how we can help you to start your profitable blockchain business in this market. 

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 Frequently Asked Questions

Check some most asked questions regarding cryptographic ledger and healthcare for your better guidance on its project development.

1. What are the top best blockchain platforms? 

Here is the top-recommended platform for your business.

Ethereum

Ripple

IBM blockchain

Hyperledger Fabric

Stellar

2. How does healthcare use blockchain technology?

The industry uses blockchain technology in data storing, sharing, processing, hosting IoT-based software, making exclusive and private servers, etc.

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