views
Top 3 Use Cases of Blockchain Technology
Blockchain in Healthcare
● Blockchain technology, with its concept of immutable and distributed record-keeping mechanism, has an optimum potential to ease up the process of data handling in the healthcare sector. With the implementation of this technology, the authority of data handling will no longer be restricted to specific entities, but every party involved, including the patients, will have equal control over relevant data, related to diagnosis history, health records, financial transaction history etc.
● A cryptographically secure distributed ledger would help doctors, patients, researchers, and every permissioned entity within the network to easily access relevant data at any point in time. A common database accessible at multiple touch points would also enable smooth data sharing thus, deeming the entire process very transparent and clinical.
● Blockchain technology, with the security it imparts by timestamping transactions and maintaining an immutable trail of records, can restrict the circulation of counterfeit drugs in the healthcare supply chain. Pharmaceutical companies would be able to register drugs on the blockchain network thus making those completely traceable right from the manufacturer to the end user. Transactions between multiple parties in the supply chain like the wholesaler, retailers etc. would be immutably recorded, thus ensuring the capability of participants to verify those and be sure about the originality of a particular element.
● Financial frauds are prevalent in the healthcare sector. Implementation of blockchain technology will enable patients to pay in a cryptographically secure manner, with all transactions immutably recorded. Payment procedure automation will significantly reduce mishaps related to payments of large amounts.
● Blockchain will also be able to mitigate risks involved with the management of patient data. With data recorded at multiple touch points across a distributed ledger and no single point of failure risks involved with hacking, misplacement etc. are considerably reduced.