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2 Incredible Ways Healthcare Can Benefit From Blockchain

The healthcare industry deals with a wide range of data from patients. Patient data is personal, confidential, and sensitive, which gives the healthcare industry a hard time trying to protect the data. Additionally, patient data is sometimes spread and stored in different facilities, which makes it difficult to access the data during emergencies sometimes. This is where blockchain technology comes in.

Blockchain technology provides a platform where patient data, such as medical records are stored, securely encrypted, and updated across various locations to prevent a data breach. Blockchain technology is not only necessary in trading cryptocurrencies, but it also has many benefits for the healthcare industry.

Here are two incredible ways that the healthcare industry can benefit from blockchain technology.

Increased efficiency in payment procedures

One of the main challenges faced by the healthcare industry is the tedious and frustrating payment procedures. The current system of payment in the healthcare industry utilizes micropayments that are run through third-party services.

This payment system is flawed because of the following:

  • Can be easily hacked
  • Slow
  • High fees charged
  • No transparency in the payment procedure

Blockchain tech can improve the efficiency of payment procedures in the healthcare industry by introducing token-based cryptocurrency modes of payment. When a healthcare institute provides medical service to their patient, the healthcare provider will receive a direct transfer of payment to their crypto wallet. This blockchain method of payment does not have any third-party service fees since the payment is made directly to the healthcare provider’s wallet.

Additionally, the token-based cryptocurrency payment method will provide a transparent, traceable, secure, and fast method of payment. Once the healthcare provider receives the cryptocurrency payment in their wallet, they can swap it for a stable coin or convert it into cash.

Improved data security

A data breach is one of the main concerns of the healthcare industry. The current data security system of the healthcare industry is vulnerable to data breaches e.g. cyber-attacks.

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Here are some of the negative impacts of data breaches in the healthcare industry:

  • Huge financial losses to the healthcare organizations
  • Lack of trust from patients
  • Damaged brand integrity
  • Violation of laws and regulations related to patient confidentiality

The current electronic health record-keeping system is commonly targeted by hackers seeking specific personal information about patients. A more efficient form of data security, therefore, needs to be put in place to protect the health records of patients. Blockchain technology offers a solution to this data security issue.

The blockchain tech can be used by healthcare providers to decentralize volatile patient data in the following ways:

  • Create authorized security protocols
  • Offer end-to-end encryption
  • Verify software downloads’ integrity
  • Prohibit unauthorized data access

Clearly, blockchain technology can take the healthcare industry to the next level with advanced data security, scalability, and privacy. Currently, most patient data in hospitals is stored in physical form, which makes it easily accessible to hackers and fraudsters. With blockchain tech, healthcare institutions can streamline the medical records of their patients in a safe and secure way.

Moreover, blockchain technology can help health practitioners increase the speed of payment procedures in hospitals, thereby improving the quality of services in healthcare institutions.

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