The true significances of blockchain is its ability to store and secure large amounts of data across a distributed network. This could be an important factor in consideration of its’ use in the healthcare field by protecting hospital and patient data from the ever-present threat of being hacked, breached or leaked. According to Becker’s Hospital Review, blockchain could save the healthcare industry upwards of $100 to $150 billion annually in costs. Yet, universal adoption of blockchain remains a potential for future generations. However, here are 5 ways blockchain is being evaluated or used in the healthcare field:
- It provides a clear and evident data exchange of patient information between doctors
- Patient data can easily be exchanged from one doctor to the next. Rather than worrying about different systems, doctors would only have to look at the blockchain.
- Blockchain technology is a secure data-storage technology, which ensures patient privacy.
- HIPAA is highly mandatory in the healthcare field and all professionals are obliged to follow it. As blockchain date is not a stored one any one single device, it cannot be easily hacked.
- This technology can help eradicate, or at minimum, hinder the dangerously high number of data breaches currently occurring within the medical profession.
- Every year there are more and more breaches of patient medical records. Blockchain can help avoid these public data exposure disasters and their associated lawsuits.
- Conversely, blockchain can assist patients in malpractice lawsuits where Doctors failed to follow standards, procedure, or were incompetent.
- In the long run, sub-par service from Doctors or hospitals will be exposed and eventually lead to either re-training, improved adherence to procedures, or the exit of ineffectual /untrainable staff.
- Blockchain can secure the keeping and tracking of records without the danger of alterations or changes.
- Data is stored in a block and cannot be altered like other health data stored in systems. Information can be added on, but you cannot delete previous files. This can help hospital systems review procedures and mistakes. Covering up errors becomes extremely difficult.
- It can help provide consistency and efficiency with finances and payments.
- Blockchain provides an individual digital code for each individual transaction so that it is easier to keep track of. Blockchain also makes it easier for hospitals to exchange data with one another.
Whilst widespread adoption remains elusive, the cause of this can be easily identified. Who is going to pay for the use of blockchain? In the next related article, we will examine “What are some of the possible solutions for paying for the use of blockchain in healthcare environments”. Should you have any further questions, or like to contribute to this discussion, feel free to contact Stephanie at ssok@globalhit.com. Your input is greatly appreciated.
This article was created by Stephanie Sok, Business Researcher, and Michael Williams, CEO, Global Healthcare IT, Inc. with assistance from the following base line articles: For more on each please click on the link.
Stephanie can be reached on ssok@globalhit.com.
