Transform your healthcare sector with blockchain technology!

We all have heard a lot about the blockchain technology in frames of a cryptocurrency like Bitcoin. In general blockchain technology is used as a simple payment method for secure transactions by various industries. 

Some may do not have a clear idea about 

What is the blockchain technology?

It is a technology that creates permanent and distributable data records which are shared in a peer to peer network database system. Blockchain technology records digital events and it is not allowed to be changed or recognized until it reaches the recipient.

The question pricks in everyone's mind like

How does blockchain actually work in the healthcare industry?

The era of blockchain technology has already begun. The fast progress in the development of new and more efficient healthcare record systems, medical examination systems with artificial intelligence, wearable devices and cryptography will become an important part of the way hospitals work. 

Few improvements are still needed for a seamless blockchain technology adoption across the entire medical industry. 

According to the recent survey, 42.9% of healthcare organizations are using the interoperability of electronic health records for faster blockchain implementation.

Data Provenance and Integrity :

As the data volume increases each year, it has become a harder task for hospitals and clinics to process information. With an ongoing increase in patient numbers, healthcare providers have to manage the health data in a regular period of time.
It includes:

• Patient health information (PHI)
• Electronic health records
• Medical insurance claims
• Collect data from IoT devices or monitoring systems regarding patient health.

Data Transparency:

Blockchain technology offers a decentralized register of ownership by recording every transaction made through the system. Blockchain technology can stores all details starting from the formation of a primary data block and ending with any digits related to a specific transaction. 

Every device act as a part of the system that stores a copy of this block. Before starting the transaction, the system confirms whether a blockchain version coincides with another block in the network. 

The user of blockchain can be easily identified by the owner of a particular data block at any time. Furthermore, the blockchain is not only a secure way to send money, but a fully secured data sharing method. Due to its wide potential, it is used in healthcare.

Drug Traceability:

It is one of the most serious problems in pharmacology is drug counterfeit. According to the Health Research Funding Organization (HRFO), approximately 10%-30% of drugs in developing countries are considered to be a fake one. 

If healthcare uses blockchain technology, all transactions in blockchain are time tamped and immutable, it is easy to detect fraudulent drug dealers. Trustworthy healthcare blockchain companies have to register their product details in the private system to ensure the authenticity of high-quality medicines

Once a drug is ready to reach the end customer, It moves from the manufacturer to retailer. The operational data is recorded on the blockchain. Blockchain technology makes it extremely easy to track the whole path of the drug and determine all chain links at any time.

About Developcoins:

Developcoins is one of the noticeable blockchain development company. The blockchain is an effective technology which prevents the data breaches in the healthcare industry. Developcoins have a team of potential blockchain developers to convert your healthcare industry with blockchain technology.

We have experience around 4+ years in developing projects with blockchain technology.

Talk to our business experts!