There are various challenges that arise in the management of the healthcare system of a nation. Stakeholders in healthcare are often faced with the challenge of controlling costs while also providing high-quality healthcare to the patients. The problems can arise in the form of troublesome data sharing procedures, complex billing processes, and also ambiguity regarding medical research and clinical trials. Blockchain technology has the potential to transform healthcare in a variety of ways.
Sharing and management of medical data: With the help of blockchain technology, the transfer of patient records among health systems not nationally and internationally can be simplified. It will also boost the coordination of member health management and lower the transaction costs and risks. Besides this, there is also the advantage of potentially enhancing medical tourism. All this is possible because the medical data stored on blockchains is not controlled by a single entity.
Transparency in the supply chain of pharmaceutical products: The use of blockchain technology in healthcare can greatly enhance the transparency in the supply chain system of pharmaceutical products, while also enhancing the. Many companies like Walmart, IBM, and UPS are already using blockchain technology for optimizing supply chain integrity. This would allow the patients to potentially access real-time information about any drug, starting from production to the arrival of the drug at the retail pharmacy. Billing management, claims, and fraud: The administrative costs related to payments, claims, and processing time can be substantially reduced with the help of a blockchain automation-based system. This would also make intermediaries obsolete. The blockchain ledger helps in unifying all the stakeholders in the healthcare network, which includes the patients, payers, and providers. The process of claims could be transformed with the help of smart contracts on the blockchain.