Applications of Blockchain Technology in Healthcare

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Introduction

Functioning as an unchanging digital record, blockchain facilitates secure transactions. It holds a decentral structure that records, stores, and verifies data. Due to decentralization, Blockchain can act independently without third-party administration (governments, banks, etc.). Data on a blockchain cannot be modified. This is because transactions are stored in a block. Subsequently, the block is encrypted and chained to the previous block. The unchanging nature of established blockchain data increases the security of transactions (Becher, 2024). Blockchain's security capabilities can enable practical applications to healthcare. Blockchain can safeguard medical data, simplify contract negotiations, and enforce drug safety.

Healthcare Data Transfer Security

Due to the negative implications of breached medical data, security has remained a central issue in healthcare administration. Blockchain's transparency and decentralization provide a secure option for information exchange among healthcare workers, patients, and health administration. Blockchain also offers privacy through security codes, protecting individual health records. An example of a healthcare blockchain system is Akiri. Akiri focuses on securing data transportation of patients. Akiri achieves this through not storing any data. Akiri allows health administrations to safely add policies and manage the translocation of data, while evaluating data integrity (Urwin, 2023).

Healthcare Contract Negotiations

Contract negotiations in healthcare have been known to be complex in discussion and timeframe. A blockchain company, Curisium, aims to establish a secure medium for negotiating rebates and managing contracts. This allows for ensured efficiency in contracting arrangements through blockchain's secure and transparent nature. The establishment of Curisium has also reduced costs of contract negotiations (Morey, 2022).

Drug Safety

A mainstream problem in healthcare is the large number admitted for adverse drug effects. This nets over 1000 drug hospitalizations and deaths annually. The healthcare industry has poured billions into treating patients who undergone negative reactions from drugs. Fortunately, blockchain allows databases for pinpointing the origination of drugs in the medical supply chain, detecting unauthorized drugs before they reach patients. Blockchain can also facilitate early detection of reaction through logging patient results of drug applications (Bhardwaj, 2023).

Conclusion

Blockchain's emphasis on data transparency and security can hold new prospects for healthcare, in data transfer, contracts, and drugs. However, despite significant strides of blockchain in non-crypto sectors like healthcare, the evolution of blockchain beyond cryptocurrency applications is relatively novel. Blockchain might introduce new vulnerabilities for hackers, reinforcing the importance of developing strong foundations of security to ensure blockchain's success.

References

Becher, B. (2024, March 29). Blockchain. Blockchain: What It Is, How It Works, Why It Matters | Built In. https://builtin.com/blockchain

Bhardwaj, C. (2023, March 22). Will blockchain revolutionize healthcare? the truth or a hype. Appinventiv. https://appinventiv.com/blog/blockchain-technology-in-healthcare-industry/

Morey, J. (2022, November 9). Council post: The future of blockchain in Healthcare. Forbes. https://www.forbes.com/sites/forbestechcouncil/2021/10/25/the-future-of-blockchain-in-healthcare/?sh=501ca8ff541f

Urwin, M. (2023, February 16). Blockchain in Healthcare: 18 examples to know. Built In. https://builtin.com/blockchain/blockchain-healthcare-applications-companies