How Blockchain Will Transform the Healthcare Industry

There are no problems; just the lack of solutions!

While the world today embraces technology to the core, the very immediate future cannot be imagined without Blockchain technology. eCommerce and Transportation sector have taken a proactive approach and are lined up to taste the early slice of blockchain technology by building a mobile app for their business.

One such underlooked sector where Blockchain technology can find its application is the Healthcare industry.

Healthcare is no longer restricted with injections and pills; the world is becoming a smaller place and the reach of medical practitioners have outgrown from the past years. Today, more than anything, they rely on digitization and that’s where Blockchain technology can fill in the gap. But the question arises, what exactly is Blockchain Technology?

What is Blockchain?

Blockchain technology is based on network nodes for the transfer of data or transaction. It does not require any third party to head or monitor the process. It is therefore also known as peer-to-peer technology.

There are three basic types of Blockchain:

  • Private Blockchain
  • Public Blockchain
  • Consortium Blockchain

What is Private Blockchain?

In a private blockchain, a documented permission is required by a central authority to carry out the transaction or exchange of information.

What is Public Blockchain?

In a public blockchain, everybody has an access to view the information and carry out transactions without any centralized body. Such systems just need cryptographic verification.

What is Consortium Blockchain?

A consortium Blockchain is both partially private and partially public. So, it provides both the types of benefits to the mobile application. The transactions happening in the ecosystem are monitored by the centralized system, however, it also has a cryptographic security attached with the system which can be accessed by the public.

Transformation in Healthcare with Blockchain

Healthcare has always been seen as an independent industry. Technological developments in Healthcare is closely associated and imagined as medical equipment. However, healthcare business can do a lot more with technology.

With the rise of On-demand business solutions, healthcare businesses are benefitted by developing a blockchain mobile application for their business. If we add the benefits of Blockchain technology to the healthcare industry, the operations can get a lot simpler than they ever were:

Some of the best application of blockchain technology for a healthcare mobile app can be listed as below:

Efficient Management of Medical Data: One of the biggest challenges in healthcare industry is to store the records. Paper and documents can no longer be trusted. Moreover, it becomes a tedious task to search for a record with manual process.

Blockchain technology can help build mobile applications with digital medical records. Being open-source yet secured in nature, apps built with the help of Blockchain technology can allow the access to the records of the patient within the count of minutes at the maximum. This can help reduce the time, efforts, and wastage of resources. Furthermore, it adds up to the security of the record.

Better Management of Billing: Medical bills no longer just consist of cash payments. With factors such as medical insurance in picture, the billing management system if handled manually could become complex.

On the other hand, if the medical insurance details of patients are stored in a system, it can help the hospitals to access the data and process the bill in a more simplified manner. Moreover, such records can also be tracked by the patients. This helps both the stakeholders maintain transparency in the system.

Aggregated Research: With multiple types of research going on in parallel, it takes a lot of time for the medical practitioners across the world to come to a conclusion. This practice takes a lot of time for the testing and validation of any medical procedure or medicine.

If there were a system wherein the doctors can share their research with the other practitioners, they could collaborate and conclusion can be obtained faster. Blockchain technology can connect these disparate systems and help them merge their researches for more innovative solutions to diseases.

Better Accounts Management: Doctors can take advantage of Blockchain Technology with the ease that it provides with simpler account management. A portal can be created for the doctors to record their patients’ information. This way they can access the information anywhere, anytime.

Blockchain technology provides the ease to record data digitally and secure data overriding. This data is recorded at every touch point nodes and so it is verified many times before its utilization. This makes it user-friendly and assured the source of information.

Digital Agreements: Agreements and contracts are often seen as time-consuming processes. But Blockchain technology has the potential to make it better to manage. The peers of a patient need to queue up to fill in the details and only after that the patient gets admitted.

With digital agreements, peers can complete the formalities without having to wait in the queue from anywhere. This helps the patient in getting faster medical facilities. Blockchain technology operates without any involvement of a centralized authority so the processes are faster as compared to the conventional ones and the life of any person is not compromised.

Efficient Supply Management: Even the healthcare industry could not resist but fall for the charm of the on-demand service model. For making businesses such as on-demand medicine, on-demand doctor possible, it is important to have a reliable supply chain management.

This is where Blockchain technology can be a savior. WIth Blockchain technology’s far-reaching capability to handle even a big supply chain, it can help track the complete trip and even point out at the defects or flaws which can be solved quickly and no end user has to suffer.

Monetization Made Easy for Healthcare Industry

Today, the healthcare business runs only on the fees that patients pay and the medicines that are bought by them. But Blockchain technology can create an additional source of revenue with its mobile application.

If you build a mobile application for your healthcare business and add a pinch of blockchain technology, you can leverage the features and monetize them. Moreover, you can also offer premium and freemium features.

You only need to make sure that the features that you are planning for your healthcare application are customer-centric. However, while most of the revenue will be service based, you can try freemium or subscription model to monetize your healthcare mobile app

Worried about the cost of building a healthcare mobile app? Well, you can have a complete control over it. You just need to have the most useful features at first and gradually you can move towards the advanced features.

Innovations in medical breakthroughs are possible faster than they ever were. Blockchain Technology pioneer’s potential will dramatically transform the healthcare by its multiple customer-centric applications.

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