Blockchain Technology in Healthcare: How Can it Help?

You may not have realized you’ve heard of Blockchain before, but you have. This is the technology closely related to cryptocurrency, like Bitcoin. It’s also been used in a variety of other industries, such as manufacturing and shipping. Did you know that Blockchain technology is becoming a big part of healthcare? What is the trend, and what can it do for healthcare overall? Along with making electronic medical records more efficient and secure, what can you expect from Blockchain technology?

Clinical Trials

One of the most impressive uses of Blockchain is the ability to record the results of clinical trials in real-time. This will provide the most accurate and comprehensive data possible to help with the next stages in the pharmaceutical process. The data is encrypted so it can only exist within the platform and cannot be changed or edited. This will reduce the possibility of data fraud in these trials.

Drug Fraud

By tracking the entire manufacturing process from start to finish, drug fraud can be eliminated. With every additional transaction, the information is recorded automatically and encrypted to prevent tampering. This information is timestamped and unable to be changed in any way. This will keep manufacturing and the chain of custody completely accurate and unable to be altered.

Healthcare Billing

Similarly, healthcare billing can be made more accurate and less susceptible to fraud by employing Blockchain. It provides decentralized records that will help payment processing and recording methods to be maintained, tracked, timestamped, and unchanged. This will prevent and even eliminate forged transactions at any point in the healthcare billing process.

Electronic Medical Records

As you can see, Blockchain technology is all about timestamped information directly in the data. This is immutable and directly in the code, which is unable to be changed. Records can also be transmitted with extreme care and the most up to date use of data privacy because of the encryption. That means even medical records can be kept up to date and accurate by utilizing Blockchain technology.

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