The Blockchain has been in existence for a long time and people have started to know the blockchain a little more about the pandemic era, its working and the fact that it is more reliable than any other traditional form of transactions makes it worth the choice. Talking about the Blockchain, for those who don’t know, let us look into its basic definition.
What Is the Concept of Blockchain?
We are well aware of the concept of Blockchain, it is the automatic record of transactions that are made without the help of a specific third party, that is the elimination of banks from our day-to-day transactions. In this technology, a transaction gets recorded on the various computers that are registered on the blockchain.
The Evolution of Healthcare Sector
Talkin about the Healthcare sector, it is speeding up at a higher pace than it was before. People have become more conscious about their health and the consequences of a disease for a long period of time. Physical health and Mental health both are vital for the proper functioning of the body.
There are people who have considered health important since the beginning and therefore, they are better aware of the condition of the healthcare sector before and after the pandemic area.
Let us look at how they are becoming competent with one another
1. Security of Data
Unlike the traditional methods of maintaining records or patient history, the blockchain has become the reliable one as it is respecting the privacy of the users. With Blockchain technology, trusting the old sources has become difficult. The records of the patient are used for unfair means and thus increasing the cases of fraud and breach.
There is no fear of leaking the personal history of the patient by any means, you have the right to show what you want and what you want to hide. It is totally your call whether to hide it or to display it. While contacting the medical practitioner, your chats are certified and private in order to prevent loss/leakage of data.
Another main thing is that you have the ultimate history of what you are showing, thus you hold the proof of your medical history, it belongs to you.
Along with transparency, you always have to break through certain codes to conceal someone’s privacy, which protects the data.
Some of the companies taking forward the concept of healthcare and blockchain are- BurstIQ, Akiri, MedicalChain, etc.
2. Economical Feasibility
With everything online, it becomes an economical source of sharing information. We are aware of the frauds happening daily in hospitals or charge an extra amount for treatment. Unlike the traditional ways, we have this technology which overpowers the traditional methods.
Blockchain technology is not only bringing innovation but is also minimizing the fraud or risk arising. Its transparency, low maintenance and feasibility make it more of a keeper. It is thus reducing the costs of the healthcare sector and is providing a pace to the industry.
3. Medical Records
With the continuation of the traditional methods of blockchain, we have a limited area and time for patient care. But with the introduction of blockchain to the healthcare sector, the medical records of patients will be referenced by the doctors, nurses and other staff in a quick manner.
Apart from this, you have the ultimate control to manage your history and also to check your medical background, and what diseases you have encountered. You have the choice of sharing any of your details with any of the medical practitioners. Thus it reduces the time constraint of the patient, and they will be able to get the proper treatment at the proper time.
There are various companies having control of the concept of medical records. Some of them are Avaneer Health, Coral Health, Patientory, etc which use the technology of public ledger where a ledger is the record of any particular transaction.
4. Supply Chain Management
With the advancement of blockchain and healthcare, it has become very transparent to track what is going on. Being a decentralized form of transaction and record, we need not doubt the technology. It can also be related to supply chain management where the records of medicines and pharmacist is absolutely transparent.
We have a proper record of the legitimate supply chain, where the order is at present and from where it is coming from to maintain the integrity of the transaction. Just like the concept of Flipkart or amazon, we always have track of our shipment process. It too follows the concept of the ledger and removes the middlemen allowing smart transactions.
Making it a cost-effective measure, many companies that are supporting this are Embleema, Blockpharma, Tierion, etc.
Thus coming to the conclusion, both the sectors are full-fledged and developed in their individual fields but together they can have the biggest impact on society and can reduce costs and time at an efficient rate.
Written by: Khushbu Arora
Edited by: Nidhi Jha
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