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Blockchain in healthcare has limitless applications. It’s no surprise that there’s been a spike of interest in recent years.

At its core, blockchain technology can assist healthcare professionals in improving patient experiences. Of course, there is a catch!

The expanding virtual nature of medical treatment has called into question the security, accessibility, and privacy of health data. Disruptive blockchain applications are providing interesting answers in this area. It is assisting in the unlocking of value and changing the face of the healthcare sector.

The whole potential of healthcare blockchain has yet to be realized. You may also use technology to improve patient experiences.

How?

Let’s explore.

How Blockchain is Changing the Healthcare Industry?

The potential of blockchain technology is enormous. As C-suite executives, you can help to keep the momentum going and develop safe healthcare ecosystems using blockchain.

There are a number of remarkable examples of how blockchain is assisting the “new normal” world. Let’s take a brief look at some fundamentals before we get into the meat of the matter.

What is Blockchain?

Blockchain is an open, public, and secure distributed transaction technology. The append-only open (cryptographic or encoded) ledger is the basic notion.

Every transaction in blockchain takes place within the network and is added to the ledger once the network nodes have verified it.

How is Blockchain Technology Transforming Healthcare?

Today, healthcare is at a fork in the road, combining traditional principles with cutting-edge technologies.

For years, our healthcare system has been centralized. However, the move to decentralization via blockchain is already paying off. The healthcare industry can benefit from decentralized blockchain technology in the following ways:

1. Enhanced security

With blockchain, the storage of various medicine-related data has become more secure. Furthermore, several blockchain-based healthcare enterprises are already capitalizing on the technology revolution.

2. Improvements in medical manufacturing and control processes

Because of blockchain, the procedures are becoming more efficient. By storing and recording the settings, the technology speeds up the procedure. It also provides an auditable manufacturing and shipment record, as well as automated choices.

3. Facilitating pharmaceutical product analysis

The use of technology to study temperature regulation for medicinal items is another fascinating topic. The information connected to the whole supply chain for such items is sent to a blockchain here, including warehousing, transportation, and dispensing. Smart Contracts can also determine the product’s stability.

4. Boosting interoperability

Smart contracts are where blockchain interoperability comes into play. It assists in the storage of medical records on a digital ledger.

As a result, health records may be readily moved to different doctors and institutions without jeopardizing the security of the records.

5. Aiding health insurance

Blockchain can bring about a transformation in the existing insurance industry. Smart contracts may be used to store the information of a patient’s medical insurance coverage on the blockchain.

The patient’s profile on the blockchain is now less vulnerable to hacking than when maintained in a traditional database, thanks to this change.

6. Leveraging telemedicine

Smart contracts may be used to build up telemedicine and telehealth systems, which are becoming increasingly popular. The technology can safely combine, analyze, and distribute data when deployed on a privately owned blockchain.

How Blockchain Offers Solutions to Common Healthcare Industry Challenges?

Blockchain is proven to be a reliable technology that can improve the performance of the healthcare business. Additionally, it has the potential to lower delivery costs while improving patient care quality.

Here are some issues to consider, as well as how blockchain applications might help.

Table 1. Blockchain solutions for some healthcare industry challenges

In healthcare, blockchain can enable seamless data sharing. Due to centralized data storage, the system can eliminate duplication, inconsistencies, and mistakes.

The healthcare ecosystem can benefit from blockchain technologies. Here are a few examples of how blockchain is improving patient outcomes.

Using Blockchain to Improve Patient Experience – Leading Examples

Many aspects of the healthcare system can benefit from blockchain technology. Today, the focus is on improving patient-centered experiences.

Let’s take a look at some of the firms that are driving the healthcare blockchain revolution.

1. BurstIQ

Location: Colorado | Industry: Big Data, Cybersecurity

Blockchain application: BurstIQ is a pioneering company offering enterprise-level blockchain solutions for the healthcare industry. The solutions are HIPAA and GDPR compliant. Plus, it extends to insurers, healthcare institutions, pharma companies, government agencies, and more.

Contribution and impact: BurstIQ’s platform helps to avoid abuse of opioids or other prescription drugs. It also provides updated information about the healthcare activity of patients.

2. ConsenSys

Location: New York | Industry: Financial infrastructure, Deploys Ethereum blockchain solutions

Blockchain application: The Company develops enterprise blockchain applications. Plus, it builds developer tools that are both efficient and secure. ConsenSys sets up next-generation networks with their full-stack Ethereum products. They have also addressed many healthcare industry problems.

Contribution and impact: ConsenSys’s Ethereum blockchain technology streamlines drug and medical device tracking and medical data management.

The applications include secure EHRs (electronic health records). Plus, the applications cover drug security in clinical trials, incentivization through micropayments, and more.

3. Nebula Genomics

Location: Massachusetts | Industry: Biotechnology, Genetics

Blockchain application: Nebula Genomics focuses on enhancing genomic data protection. Besides, it addresses the challenges of genomic big data. They use blockchain technology to leverage the study of genetics and lower costs.

Contribution and impact: Nebula Genomics is turning breakthrough technologies into products. Furthermore, it makes them available to people all over the globe.

They offer the most affordable 30x whole genome sequencing in the market. It also helps researchers use genomic data to understand the causes of diseases to develop new drugs.

4. Factom

Location: Texas | Industry: IT, Enterprise Software

Blockchain application: Factom offers practical blockchain-enabled data solutions. The Company provides a Blockchain-as-a-Service platform to build business-ready apps.

Contribution and impact: Factom builds real solutions, solving audit-related business problems. In 2017, the company could raise over $8 million in a Series A led by Tim Draper of Draper Associates.

With Series A funding, they could build Factom Harmony. The creation is their Blockchain-as-a-Service platform. The good part is that the platform offers a full suite of REST APIs and managed services.

5. Doc.AI

Location: California | Industry: AI, Blockchain, Software, Medical

Blockchain application: Doc.AI offers AI-powered and blockchain-based solutions to decentralize medical data.

Contributions and impact: Doc.AI partnered with health insurer Anthem to study the use of AI in predicting the occurrence of allergic reactions.

They built a series of companion apps in the sphere of genetics, medical research, and mental health. The apps have been augmenting engagement into an optimal real-time experience.

6. Blockpharma

Location: Paris | Industry: Blockchain, Supply Chain, Pharmaceuticals

Blockchain application: Blockpharma offers a blockchain-based system to help prevent patients from taking counterfeit medicines via its Blockpharma app.

Contribution and impact: The Company offers solutions that help verify the authenticity of medicines purchased. The solution guarantees traceability throughout the distribution chain with the latest machine learning technologies.

7. Iryo

Location: Slovenia | Industry: Healthcare software

Blockchain application: The IRYO network uses blockchain-enabled solutions for transferring medical data. The network helps to organize health data using blockchain.

Contributions and impact: IRYO ushers in a new era of data interoperability, helping secure sensitive medical data. The open-sourced OpenEHR platform is a great platform that ensures data consistency. The solutions allow patients to share their medical history securely, anywhere in the world.

8. Guardtime

Location: California | Industry: Cybersecurity, Blockchain

Blockchain application: Guardtime uses blockchain for cybersecurity applications, including healthcare.

Contributions and impact: The Company boosts human trust with the cryptographically encoding design of applications.

9. Chronicled

Location: California | Industry: Blockchain, Supply Chain Management

Blockchain application: The Company’s blockchain networks ensure the safe arrival and detailed review of drug shipments. The MediLedger Project was created to provide safe and efficient medical supply chains.

Contribution and impact: Chronicled’s MediLEeger offers a secure peer-to-peer messaging network. The decentralized blockchain network is a reliable bridge between trading partners.

10. Hashed Health

Location: Tennessee | Industry: Blockchain and DLT, Hospital and Health Care

Blockchain application: Hashed Health specializes in healthcare, Smart Contracts, blockchain, distributed ledger, and more. The solutions are focused on decreasing the cost of care. Plus, it reduces administrative inefficiencies.

Contribution and impact: The innovative solutions help to empower the health of individuals via blockchain/distributed ledger technology.

Blockchain technology presents plenty of opportunities in healthcare. However, today, the technology is still not fully mature. There are quite a few organizational and technical challenges.

Yet, in light of the innovative blockchain-enabled solutions and applications, one can learn to make most of the promising opportunities.

Develop Blockchain-enabled Solutions for Healthcare with WDX Technologies

In the healthcare industry, blockchain is still a relatively new technology. It has the potential to completely transform the healthcare environment, and you can be a part of it.

You can improve patient experiences with intelligent solutions if you work with the proper solution provider.

Contact us if you want to construct a blockchain-enabled solution for your healthcare company. We are a multi-award-winning technology firm with experience developing blockchain and AI-powered healthcare products.

Let’s talk.

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Frequently Asked Questions

1. What is Blockchain?

Blockchain is an open, public, and secure distributed transaction technology. The append-only open (cryptographic or encoded) ledger is the basic notion.

Every transaction in blockchain takes place within the network and is added to the ledger once the network nodes have verified it.

2. How is Blockchain Technology Transforming Healthcare?

  1. Enhanced security
  2. Improvements in medical manufacturing and control processes
  3. Facilitating pharmaceutical product analysis
  4. Boosting interoperability
  5. Aiding health insurance
  6. Leveraging telemedicine

3. What are Some Leading Examples Using Blockchain to Improve Patient Experience?

  1. BurstIQ is a pioneering company offering enterprise-level blockchain solutions for the healthcare industry.
  2. ConsenSys sets up next-generation networks with their full-stack Ethereum products. They have also addressed many healthcare industry problems.
  3. Nebula Genomics focuses on enhancing genomic data protection. Besides, it addresses the challenges of genomic big data. They use blockchain technology to leverage the study of genetics and lower costs.
  4. Factom offers practical blockchain-enabled data solutions. The Company provides a Blockchain-as-a-Service platform to build business-ready apps.
  5. Doc.AI offers AI-powered and blockchain-based solutions to decentralize medical data.
  6. Blockpharma offers a blockchain-based system to help prevent patients from taking counterfeit medicines via its Blockpharma app.
  7. The IRYO network uses blockchain-enabled solutions for transferring medical data. The network helps to organize health data using blockchain.
  8. Guardtime uses blockchain for cybersecurity applications, including healthcare.
  9. Chronicled blockchain networks ensure the safe arrival and detailed review of drug shipments. The MediLedger Project was created to provide safe and efficient medical supply chains.
  10. Hashed Health specializes in healthcare, Smart Contracts, blockchain, distributed ledger, and more. The solutions are focused on decreasing the cost of care. Plus, it reduces administrative inefficiencies.

Translating innovation to sustainable business growth.

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WDX Technologies helps businesses turn their ideas into successful digital realities. We excel in creating digital solutions that solve critical pain points while making you and your customers the HERO.

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