Blockchain technology is going to revolutionize the digital era tremendously. With the availability of electronic documents and records instantly, from transactions being possible from 2 to 3 days to instant, it is going to make the digitized business more efficient and productive.
Delays in payments and unavailability of past records are the major flaw in the healthcare industry which leads to delay in treatments as well as improper diagnosing of patients. Sometimes it leads to the death of the patients, which results in loses and losing their customer trust, which is bad for business.
Here we will discuss how Blockchain technology is going to eradicate these flaws and is going to change the picture of the healthcare industry entirely.
This technology is going to eliminate all the third parties e.g banks for doing online transactions of money. The money will be transferred directly from one to another instantly, along with no service charges being paid. With such facility, treatment can be started instantly with no long wait for the payment to come in case of emergencies.
Instant Availability of Information
This technology enables us to share the data instantly, the doctors can access the patient’s previous history, as well as current situation data instantly from the database of patient’s own personal records. Only one thing the patient has to do is just give permission to access his/her data. This database can be used by the doctors to analyze the patient’s condition more effectively.
This helps the doctor in identifying what type of diseases has the patient been treated before, what type of treatment has the patient gone through, what are the medications that have been prescribed etc. This will save time and the patient will get the right medication along with the right treatment procedure.
With its decentralized database feature, it is hard to hack into or to acquire the data illegally. In case of any unauthorized changes in data taking place, the whole chain of network connected to it will get alerted and will become null and void as well as inaccessible.
This feature promises data security. This is important in the healthcare industry.
Breakthroughs in R&D
With different patients data access, different clinics and hospitals can propose proper diagnosis. With so much of available data, the doctors and researchers could possibly use it by the permission of the patient to make new breakthroughs in pharmaceuticals as well as new type of disease identification. It would lead to speedy research as compared to existing research where a lot of time is wasted in gathering the data.
Apart from all this, all the malpractices in the healthcare industry such as duplication of records, falsifying of medical records etc will not be possible.
With the ready availability of data along with the complete data protection and privacy and ability to do instant payments along with the help of quick and important breakthroughs. The Blockchain Application in Healthcare industry is on the verge of changing the way the healthcare industry operates. Along with this Blockchain Application Development companies will also come into the picture, which will develop such applications.