5 Benefits of Using Blockchain in Healthcare

Technology has revolutionized all industries, including the healthcare sector, with telehealth and cloud services being utilized recently to reduce service user friction. In recent years, blockchain, the same technology behind cryptocurrency and NFTs, has been putting forward its case for practical application within the healthcare industry. Blockchain technology offers secure and transparent networks that can be used to store information including electronic health codes, supply chain checkpoints, and staff training credentials. Each change on a blockchain, also known as a transaction, is verified by a community of computers and encrypted across all members simultaneously. We outline the benefits of blockchain within the healthcare industry below.

Accurate Financial Records

The way that blockchain works mean that transactions can’t be edited once they have been entered, which is great because it reduces the opportunity for fraudulent activity. Having guaranteed accuracy in financial records means that, when a medical recovery company carries out an audit, their lives will be easier. With a blockchain record-keeping system, there will be no disputing who is on the correct end of a financial claim.

Supply Chain Transparency

In the medical industry, supplies must reach their destination without being tampered with. During the pandemic, this was a clear issue because of the number of fake vaccines being sold. With a blockchain supply chain tracking system in place, healthcare facilities will be able to view every point that the product touched. Having a transparent supply chain helps to put confidence in patients, especially those who are skeptical of various treatments.

Patient-centric EHR

People care more now than ever before about how their data is being used and managed. Blockchain technology offers a system that is completely controlled by the patient. They can log in to an account and see exactly what information is stored about them. If a patient isn’t happy about certain information on file, they can choose to withhold this.

Information on a blockchain can only be accessed using a private key, which is a string of letters and numbers that is used to decrypt information. Only the owner of the data can open a transaction on a blockchain, which can help to give peace of mind to service users.

Cryptocurrency Payments

We mentioned earlier that blockchain is the technology behind cryptocurrency, and it can be used to enhance user experiences within the healthcare industry. Being able to pay for services in blockchain means that no bank details need to change hands, which makes people feel more comfortable. In some cases, cryptocurrency micropayments have been used to reward certain patients for following the guidance of their doctors.

Staff Credential Verification

When medical staff applies for jobs, they need to prove they can carry out the work, which is usually done through certification. Unfortunately, qualifications can easily be forged, which can put peoples’ lives in danger. With blockchain technology, healthcare facilities can retrieve training verifications from a system that can’t be forged.

Blockchain is a powerful technology that deserves a place in the healthcare industry because it allows for greater transparency and record-keeping.