Over the last few years, blockchain technology has disrupted several different industries. Take the governance and legal realms for instance; blockchain technology has been used to revolutionise voting and the storage of property deeds. Today, several countries are also exploring the potential of CBDCs, which are blockchain-based versions of fiat currency. Now, another sector that could benefit tremendously from the integration of blockchain systems is the healthcare industry. Tag along to find out how.

Medical record management made easy

A well-maintained medical history can be extremely helpful for accurate diagnoses and treatment of health issues. If you have a detailed record of your blood tests and other medical reports, a doctor will be in a better position to treat you. However, storing these records can be a little tricky. Most people have a new file of records for every trip to the doctor/hospital. Sometimes these files are misplaced or individual reports from these files go missing.

This can paint an incomplete picture when presented to a doctor during a medical emergency. As such, a 2016 study by Johns Hopkins University showed that the third-most common cause of death in the US was medical errors, including errors of omission in patient records. This is where blockchain systems can help.

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Blockchains can provide permanent and temper proof storage of medical records. Users simply update the system with their recent records and then forget about it. No need to keep physical files or worry about misplacing documents. Once entered into the blockchain, these details will be available when you need them.

Cracking down on spurious medication

Counterfeit medication is a real issue today. Medicines that are in short supply are a target for bad actors. They create counterfeit medicine to meet the demand of the market. However, with blockchain technology, users can easily track medicines from their manufacturing unit to their point of sale. This transparency should help reduce the chances of receiving counterfeit medication. Patients can simply scan a barcode or QR code to verify the legitimacy of the drugs they are buying.

Health insurance

Blockchain technology can greatly improve the efficiency of health insurance processes. To begin with, recording plan details becomes much easier, more secure and more transparent. A copy of the policy along with its renewal and claim history can be stored on the blockchain without the risk of loss or tampering.

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Moreover, the use of smart contracts can further streamline processes. They will allow the automation of vital processes such as renewal and claims. Smart contracts are self-executing agreements. If the terms of the agreement are met, the smart contract will execute a predetermined action.

For instance, smart contracts may be programmed to provide a renewed policy after successfully receiving the premium payment. Or they may be used to automatically and quickly disburse claim payments once all paperwork is found to be in order. This can expedite several procedures and also reduce human dependency on these critical tasks.

Conclusion

Blockchain technology can greatly improve the efficacy of the healthcare industry. As such, several heavyweights from the medical sector have either already implemented blockchain systems within their operations or they are planning to do so in the future. Therefore, going forward, we could see greater adoption of blockchain technology in the health and medical services industry.

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