This is an uncertain period for the medical industry. Due to the precarious "Reasonable Medical Expenses Act", rising insurance premiums, and an estimated 44 million people in the United States who still do not have medical insurance, the public is calling for changes to the status quo.
Fortunately, recent advances in blockchain technology are trying to improve efficiency by making healthcare cost-effective for everyone.
For patients, immutability and interoperability across institutions and geographic boundaries may be the most attractive feature of blockchain technology.
Once patient data is placed on a decentralized ledger, it can be viewed by hospitals in any participating jurisdiction, city or country. The potential in this area is limitless. Imagine that you have been injured abroad and need medical assistance, but you do not have the medical records required to describe your situation in detail (for example, family medical history, allergies, and previous treatment). Using blockchain technology, hospitals can pull out patient medical records at the push of a button-all without centralized barriers or data leakage.
When it comes time to pay, blockchain technology can make it easier to verify the patient's HSA information. For example, although in this case, they may face traditional data verification obstacles, it helps speed up the process.
In the process of substantive medical reform, blockchain technology will play an important role in dispelling the misunderstanding that the security status of American medical records is sometimes fragile. For many years, data privacy laws have been a major obstacle for industry experts seeking to digitize patient files.
Although 74% believe that their information is safe and will not be viewed without authorization, 66% worry that their information is transmitted digitally through a central entity; this concern is not unreasonable. Between April and June 2018 alone, among more than 142 disclosed health care violations, an estimated 3.14 million medical records were leaked-many of which occurred as a result of information exchanges.
However, blockchain technology does not exist in a centralized database, which means it is a more elusive target for hackers. The information placed on the blockchain will not be placed on a single server that is easy to locate, but distributed on all participating servers in the network, thus creating a more secure and more efficient computing power network than other servers. With more security, healthcare professionals will be more confident in incorporating blockchain technology into their daily operations, which will ultimately speed up processing time, increase accuracy, and reduce the possibility of data corruption.
The technology can also be used to accurately select patients for clinical trials. With the acquisition of more in-depth data, medical professionals will be able to make informed decisions about their test pools, ensuring that the selected patients are not only the most suitable for treatment, but also the ones most in need. By simultaneously improving efficiency and accuracy, medical professionals have the ability to save lives, as well as time and money. This is a win-win situation. Patients receive better care, and hospitals create a more cost-effective environment.
It is true that blockchain technology will take a long time to become the first choice for hospitals around the world. However, its value has been recognized by medical professionals as the next frontier in healthcare innovation. According to IBM data, 16% of health care executives plan to adopt blockchain technology within the next year. By 2020, this number is estimated to increase to nearly one-fifth. Real innovation does not have to be expensive, but must change lives. With blockchain technology, we have taken a step towards a better and brighter future.
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