- Oct 17, 2018
Infographic Content:
What is Blockchain Technology?
The blockchain is a peer-to-peer distributed ledger technology that stores every digital transaction happening across many computers within the same network. It was developed by a pseudonymous person named Satoshi Nakamoto, mainly for cryptocurrency based transactions.
3 Significant Components of Blockchain
- Decentralized Peer to Peer architecture
- Shared ledger
- Digital transactions
Challenges in the Medical Industry that Blockchain Can Address
- Inconsistency in data management
- Risk of central server getting hacked
- Lack of secure and real-time access to patient data
- Scattered and unorganized medical records
- Unnecessary cost attached to data transfer
- Lack of consistent rule for healthcare organizations accessing data
Blockchain Use Cases in Healthcare
Health Data Exchange and Interoperability
Blockchain-enabled health IT systems can enable data exchange in a more secure and standardized way, offering easy access to real-time patient data.
Medical billing management and claim adjudication
Automation of the billing and claim adjudication process can lower the administrative costs, time and also minimize medical-related frauds.
Did You Know?
If reports are to be believed, about 5-10% healthcare costs result from non-performed services, excessive billing, and fraudulent charges. In 2016, the US Medicare fraud was estimated to be around $30 million.
Clinical Research and Drug Development
Blockchain-enabled records of clinical trials can reduce errors and frauds, ensuring faster and trouble-free drug formulation.
Did You Know?
As a result of poor record-keeping of clinical research outcomes, 50% of the trials go unreported.
Drug Supply Chain Management and Integrity
A blockchain-based system will help track and keep a log of every drug at each point of the supply chain. With smart contracts and private keys, ownership of the drug source can also be proved.
Did You Know?
According to industry reports, every year due to counterfeit drugs, pharmaceutical companies incur an estimated annual loss of $200 billion on a global level.
Cyber Security and Healthcare IoT
Blockchain-enabled solutions in the healthcare will ensure the privacy, security, and reliability around the Internet of Medical Things (IoMT) usage.
Did You Know?
There were around 450 data breach cases recorded in the year 2016 according to Protenus Breach Barometer report. The security breach affected 27 million patients.
Benefits of Blockchain Implementation in Healthcare Industry
- Proper management of patient identity
- Secured storage and sharing of patient data
- Better coordinated care facilities
- Automate billing and payment process
- Offers a well-organized and transparent process of data transfer
- Eliminates the risk of data leakage
- Helps track the drug supply chain from producer to the patient
- Creates a shared database of de-identified patient information
- Maintains records of distributed data and work
- Prevents unauthorized access of information
- Simplifies the medical claim process
- Patients get full control of their data
- Eliminates the costs and friction caused by current intermediaries
- Improved compliance and regulatory checks
