Key Traits Of Applying Blockchain In The Healthcare Industry

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    Block chain has many key uses. This is the technology that has become talk of the town in every industry and healthcare industry is no longer exempted from using this technology. Blockchain will totally replace a separate version of transaction that is seen by the organization. When a business transaction is performed, everyone would have their own record. The records would be placed in a database. When everyone has their respective version, it would lead to frauds and errors. When blockchain is used, the records are maintained as a single digital ledger. Prior to carrying out a transaction, every party has to agree with it. Prior to making the payment, the parties should be on the same page. The transaction that is carried out would be stored on the ledger in the cryptographic form. This is what makes blockchain a safe and secure way to transfer data. The transactions and records once saved cannot be deleted. When there is anything that is recorded by the blockchain, nobody can reverse it.  

    Few of the key traits of applying blockchain in healthcare industry include and Solve Care can help you in the same:

    Improve transfer of data: 

    The major challenge that is faced by the insurance companies, healthcare providers and pharmaceutical companies are sharing of the data. However, using blockchain will help you to get a solution for this problem. The healthcare would be operating to offer healthcare services to the patients. The data of the patient would be moved from one hospital to another to carry out the right treatment process. However, it has become challenging to share this data. Rather than same records been shared between different organization, every organization would create a unique record and one record would not match with the other when referring to the same patient. However, using blockchain, there would be seamless transfer of patient’s data between organizations. This helps the patient to get accurate treatment and reduces the cost of the treatment.

    Data security

    Security is a mission-critical issue in many industries. Healthcare records need to be accurate, verifiable and trusted when shared between organizations. Patient treatment and compliance requirements demand the utmost care is taken to ensure accuracy. With blockchain, every organization in the value chain would have access to the same records, without worrying about the accuracy or interoperability.

    Reduced overheads

    Managing databases is expensive. Making them something that can be transferred and shared is even more expensive, as is bringing in data scientists to clean them, make sense of the data and create new value from databases.

    All of those concerns almost disappear when data is shareable by design. Shared decentralized databases are more cost-effective, more accurate and easier to manage.

    Unlock new value

    In practice, this is what bad data looks like within large organizations: “Salespeople waste time dealing with erred prospect data; service delivery people waste time correcting flawed customer orders received from sales. Data scientists spend an inordinate amount of time cleaning data; IT expends enormous effort lining up systems that “don’t talk.” Senior executives hedge their plans because they don’t trust the numbers from finance.”

    Not only can blockchain solutions eliminate these problems, but they can also be used to unlock new value. With accurate data sharing, Pharma and healthcare companies can create new products and services that improve patient outcomes. New drugs, new technology, and services can implement preventative and reactive healthcare, and monitor patients after treatment, providing companies are sharing the most accurate and easily transferred version of the data and Solve Care can help.

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