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Can Blockchain Technology Improve the Healthcare Industry?

by Mic Johnson

Blockchain is already disrupting a wide myriad of industries, and the healthcare industry is not strange to this situation. From securing patient data to streamlining medical records, there are many blockchain projects that are actively working to solve the main problems in the industry.

Therefore, we are going to talk about how blockchain technology can help the industry, and what projects are already delivering solutions.

For crypto enthusiasts and investors looking to buy bitcoin, this is going to let you see what altcoins might be a better alternative to increase your profits. Let’s start.

Why Is Blockchain Necessary for the Healthcare Industry?

The healthcare industry is infested with a wide myriad of issues such as:

  • Unnecessary processes that drive up the costs
  • Costly mistakes such as mismanaging medical records
  • Frequent data breaches
  • Lack of systems to ramp up efficiency

In addition, the United States is going to spend 20% of its GPD on healthcare, which raises the concern about the misuse of the funds. This is why the healthcare industry needs blockchain innovation, in order to fix these costly mistakes and make optimal use of the funds to bring the citizens a better service.

In previous market cycles, many specialists couldn’t see the potential beyond rosy claims. However, things have changed and nowadays we have solid projects with real products.

Let us check the different solutions that blockchain is introducing into the industry, as well as the most important projects.

Streamline Medical Records

Did you know that misunderstandings between the medical professionals in the industry cost up to $11 billion per year? All due to poor communication and these issues only keep growing year after year.

Furthermore, it’s incredibly hard and slow to access a patient’s medical records, which drives up the administrative costs and diminishes the quality of the service that the patient receives.

Blockchain can help to solve these issues by creating a unique, transparent, and efficient eco-system where the medical professional can access the medical records without issues. On top of that, they can also avoid the common and expensive communication errors that damage the industry.

Nowadays, these are the blockchain projects that focus on delivering this solution:

  • Coral Health
  • SimplyVital Health
  • Patientory

For example, Patientory could be an excellent investment, especially since its market cap is barely $2 million dollars and has a price of $0.028 USD. It’d make it a more profitable investment than LTC, for example. The litecoin price stands at over $200 USD, and with a market cap of $13 billion, the potential returns are much lower.

Of course, the return of the investment will depend on whether Patientory and the other projects actually deliver what they promise.

Protect Patient Data

Another common issue is recurrent data breaches, which put the patient data at risk of being stolen and used for unethical purposes. This is another area where blockchain technology can deliver a solution.

The solution resides in the fact that blockchain stores the information in an incorruptible and transparent way, which would make it impossible to hack it. Now, the fact that it’s transparent doesn’t mean that it cannot be private because, with the addition of complex codes, it can be impenetrable, and hence, fully private.

The most important projects working on delivering this solution are:

  • GuardTime
  • Factom
  • burstIQ

With the rise of online security threats, these solutions will become even more important. However, the most important aspect is that the projects need to deliver what they promise.

These three projects can make excellent investments, but they need to deliver working products to enjoy the full potential of the current bullish scenario.

Medical Supply Chain Management

Chain management is another complex and important topic in the healthcare industry. Keeping track of the items inside the chain, controlling the logs, giving updates, etc. There are many factors involved, and so far now, the current software solutions are capable of managing them. However, they are far from perfect, and this is where blockchain can introduce innovation.

Thanks to the nature of blockchain, it can make the chain management and shipping process much faster, efficient, and transparent, allowing all the parties to benefit from it.

The blockchain is capable of storing key information such as:

  • Origin
  • Shipping date
  • Who handled the shipping
  • Where it has been

All the information will be recollected from the origin until it arrives to the client. The most important projects working on these solutions are:

  • Blockpharma
  • Tierion
  • Chronicled

Final Words

The healthcare industry is about to experience huge changes thanks to blockchain technology. We are living in exciting times and they are about to get more interesting as the market grows bigger and gets more mature.

What do you think? Let us know in the comments and feel free to share the projects you think will disrupt the healthcare industry in 2021 and beyond!

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