Blockchain technology is a revolutionary tool to increase accountability in organizations that have traditionally restricted access to information. It is a public ledger where transaction records can be viewed and verified by anyone. This helps in building a culture of transparency in organizations.
While the most obvious application of blockchain technology is in the development of cryptocurrencies, there are other sectors too where it has use cases. Healthcare is one of them. The healthcare industry today faces several challenges that can be mitigated with the help of blockchain.
How is blockchain used in healthcare? If you are also wondering about this, read on to find out more about blockchain in the healthcare industry and the various blockchain projects in the healthcare sector.
What is Blockchain Technology?
A blockchain is a distributed database with all the nodes in the network having access to information recorded in the ledger. The data is stored in interconnected blocks that form a linear chain. These records are immutable and, hence, it is nearly impossible to retroactively alter the blockchain information.
As it is a public ledger, anyone can view and verify the transactions recorded on a blockchain. Therefore, it plays a crucial role in promoting transparency and accountability in organizations.
This technology has a wide range of use cases in various industries such as business, banking and finance, real estate, government, healthcare and life sciences.
How is Blockchain Used in Healthcare?
The healthcare and life sciences industry faces significant challenges, particularly in the privacy and supply chain domain that can be mitigated with the help of blockchain technology. It has the potential to ensure data integrity and improve overall trust and collaboration.
Ensure the Integrity of Patient Information
Healthcare organizations have to store a great amount of sensitive information such as blood tests and quality assessments. Cryptographic techniques can be used to secure this data. The data can also be easily validated by matching it with the data recorded in the blockchain system.
Effective Analysis of Procedures
Verified access to a large population’s patient data helps healthcare providers analyse the effects of a particular procedure on the patient population. It not only enhances patient management but can also assist pharmaceutical companies to develop and deliver precise prescription drugs or services to patients.
Better Collaboration Opportunities
Blockchain enables smooth data access among all the participants in the network. This can be utilized for diagnostic precision and to develop efficient and cost-effective therapies and ecosystems. As different healthcare organizations can easily exchange information with the help of blockchain, it offers great opportunities for clinical trials and treatments for rare disorders.
Clinical Trials
Blockchain technology helps improve the quality of clinical trials. It can be used to address problems like false results and data disintegration. Participants and clients can also conveniently validate the results. The healthcare sector can also get a better analysis of the market dynamics with blockchain technology.
Reduction in Overhead Expenses
In the long run, blockchain can reduce overhead expenses associated with information sharing and maintenance. It also addresses the problem of interoperability, data failure and report completion. Healthcare service providers can efficiently access the medical records of any patient.
Improves Traceability
Blockchain helps record the journey of pharmaceutical products in the supply chain. The audit trails can easily locate a product and assist manufacturers in reducing theft and counterfeiting.
Blockchain in Healthcare Projects
As the demand for keeping medical data safe and secure has grown, the development of blockchain healthcare projects has gained momentum. There are companies that are actively applying blockchain in the healthcare sector. Some of them are:
Akiri
It is a network-as-a-service that has been optimized for the healthcare industry. Akiri is primarily used to secure patient health data during transportation. It does not store data but functions as a network and a protocol to configure data layers and verify its source and destination. Akiri also makes sure that the healthcare data is accessible only to the authorized parties.
Guardtime
Located in Switzerland, Guardtime helps governments and healthcare firms integrate blockchain into their cybersecurity infrastructure. It has played a crucial role in implementing blockchain in Estonia’s healthcare system.
BurstIQ
BurstIQ manages large amounts of patient data on behalf of healthcare companies. It uses blockchain technology to safely store, share and license data while complying with HIPAA rules.
Avaneer Health
This company is backed by Cleveland Clinic and other leading healthcare service providers. It uses blockchain to improve claims processing and securely exchange healthcare data. Along with that, Avaneer Health maintains up-to-date provider directories.
Coral Health
Coral Health is all about using blockchain to automate administrative processes and improve healthcare outcomes. Smart contracts are used to ensure patients and healthcare professionals get accurate treatment and data. The use of distributed ledger technology also helps to quickly connect different types of professionals such as doctors, lab technicians and scientists.
ProCredEx
ProCredEx is a distributed ledger for storing healthcare credentials. The data recorded here is immutable and permanently traceable which increases the dataset’s efficiency. With ProCredEx, membership can be restricted to vetted and approved organizations. This helps promote the safety of patient credentials and data.
Chronicled
Chronicled assists medical firms in establishing a chain of custody. The ledger system ensures the privacy and efficiency of medical supply chains and helps pharmaceutical companies ensure that their products efficiently reach their destination. Additionally, it enables law enforcement agencies to flag suspicious activities like drug trafficking.
Blockpharma
This French firm offers a solution to the widespread problem of drug counterfeiting. It scans the supply chain, verifies all points of shipment and lets the patients know if they are taking fake medicines.
FarmaTrust
FarmaTrust aims to keep fake medicines out of the supply system. It offers applications for tracking pharmaceutical shipments, verifying the authenticity of medical devices and maintaining data security and integrity when patients schedule diagnostic testing and vaccinations.
Embleema
Embleema’s goal is to help fast-track drug development. It is a virtual trial and regulatory analytics platform where users can consent to secure medical data collection. The untampered data is then analyzed by Embleema. Its Virtual Studies Suite enables patients to assist in speeding up treatment availability.