Top 10 Blockchain Healthcare Use Cases

Understanding the top 10 blockchain healthcare use cases can help you gain a broader overview of how technology and healthcare continue to meld. Many people are surprised to learn that the creation of Bitcoin may inadvertently lead to better healthcare. This scenario exists because blockchain technology offers a low-cost solution to many of the issues ailing today's health sector.

Blockchains' immutable and transparent nature makes them the ideal solution for many problems. As such, it's no surprise to learn that many people are already seeking to push the integration of the two. Here are the top 10 blockchain healthcare use cases that could make your life better one day.

1. Medical Records

The medical record industry is a massive and complex ecosystem that consists of a hodgepodge of digital and paper records stored internationally. While there has been a concerted effort to try and centralize this data, the slightest interruption can prevent medical professionals from promptly accessing key info on their patients.

Decentralized medical record systems enable firms to store and access data more efficiently. These options can improve tasks such as data retrieval by hosting information in redundancy and based on geo data points. They also improve the management of this information by enabling more advanced data control.

Another major advantage to blockchain medical records is that you can provide the patient with the ability to approve or block access to their records personally. This maneuver is seen as a great way to enhance privacy and lower costs for all parties in the process.

A blockchain-based medical record system could be accessed globally, which is another massive benefit. Currently, many people can't access their records due to political reasons and a lack of infrastructure. Blockchain solutions would eliminate these choke points and help to democratize the healthcare sector.

2. Prescription Drug Authentication

Prescription drug authentication has become a major concern for medical professionals globally. There are thousands of people a year that die from counterfeit drugs. In many instances, the original drug is changed for non-active supplements, which prolong the patient's suffering. In the worst-case scenarios, the counterfeit can prove lethal.

Insanely, the counterfeit drug sector is a $431B industry, according to recent reports. In high-income countries, reports put the number at 1%, which is still unacceptable by any means. In most instances, these operations are well-organized, multi-million dollar crime rings that target the most vulnerable people, such as cancer and HIV patients.

Firms like MediLedger have stepped up to improve these statistics and help restore faith in the medical system. The firm employs blockchain technology to ensure the authenticity of medication from production to its final consumer. In the future, this practice will become common as the industry grapples with fraud issues.

3. Tracking and Improving Medical Devices

Medical devices aren't perfect, but they need to be reliable. As such, these devices must have their data logged and available to manufacturers and professionals when needed. Blockchain Solutions can provide this data in real-time and with minimal costs.

For example, a pacemaker manufacturer could use data logs of their products to see if there are any fluctuations and what may have caused them. This data can then be used to improve the device and prevent future problems. Best of all, blockchains' immutable nature ensures the information remains in chronological order for future generations to improve on.

4. Insurance

The insurance industry has a major issue in that it has no transparency. This lack of transparency leads to a loss of consumer faith and an eventual distrust between clients and providers. Blockchain healthcare integration could resolve these issues in multiple ways.

For one, it would enable insurance clients to gain more insight into their coverage and history. They can also access their records directly more easily. Additionally, insurance providers can leverage the tech to improve the claims process. This integration could lower costs and provide faster service.

5. Virtual Healthcare

Another major area where blockchain tech could drive innovation is in the virtual healthcare sector. More people are seeking options such as video consulting and electronic prescriptions as a way to lower healthcare costs. Blockchain solutions could provide the perfect host for this data.

Blockchain networks make the information available to permitted individuals internationally in real time. Additionally, the decentralized nature helps to solve last-mile streaming issues. These issues are common with centralized systems as broadcast strength weakens with more users versus growing, as is the case in blockchain streaming networks.

6. R&D Drugs

The healthcare system has entered an exciting new era of AI-assisted drug research and development. Computer modeling and other advanced technologies have effectively lowered the cost of creating and testing mediation. You can expect blockchain tech to also play a big role in these processes moving forward.

For example, blockchain networks could help with genome sequencing by providing computational power, storage, and other technical features. This data could then be used to test and create new solutions to medical issues. Best of all, the data remains available on the blockchain indefinitely.

7. Personalized Healthcare is Coming

The future of healthcare is personalized. You can see this change as researchers continue to reveal how your attributes determine the best course of action in terms of repairing and maintaining health. As such, there continues to be a drive to gather as much vital data about patients as possible and store it safely on a blockchain.

Data such as your genome can be leveraged to create medications to cater to your specific and future needs. Already, geneticists can determine your likelihood of getting certain diseases based on your genetic makeup. Now, this same data can be used to create person-specific medications.

Personalized healthcare can go further than just medications. When you add blockchain-based records with open access and control for patients, it's easy to see there is much to gain for all parties. Additionally, personalized medications can help to improve effectiveness and lower overall waste in the market.

8. Data Security

Your medical records are extremely valuable data that thieves and hackers target in many ways. Medical identity theft can result in a myriad of problems ranging from headaches to denied coverage when needed most. Blockchain ID systems can help to reduce medical ID theft.

Blockchain networks improve security for medical records by creating a trackable access and authentication process. Unlike centralized options, a blockchain network can show what was altered and viewed by a hacker, which can help prevent the same issue in the future.

Blockchain systems can improve device security as well. It's more common for your medical device to communicate with other devices to share data and other vital stats. Blockchain systems could ensure that the systems that interact are validated to prevent any hacks or interruptions that could result in health issues.

9. Logistics

Medical supply chain management is a billion-dollar industry that suffers from a high level of efficiency, fraud, and losses. In many instances, the item to be shipped needs to travel thousands of miles and arrive in a timely fashion to meet the schedule. During their travels, medical supplies are subject to theft, fraud, and counterfeiting.

Blockchain logistics firms can help prevent these issues. These networks can monitor a product from creation to sale when coupled with sensors such as  IoT systems. These microsensors can monitor and authenticate medical devices or prescription details in real time.

10. Raising Funds

Fundraising is one of the most important aspects of the medical industry. A lot of research and development goes into the creation of new medical procedures and drugs. Blockchain fundraising techniques could be the perfect way to help firms secure public or private funding with lower costs.

Imagine a firm seeking to expand research into a new cancer-killing procedure. In the past, this firm would need to court private funding to secure the liquidity needed to make the project a reality. Today, they can leverage private and public funding across various blockchain strategies to meet their needs.

Individuals can also leverage these systems to secure help through donations to complete expensive medical procedures. Currently, there are multiple ways to crowdfund using blockchain technology, and you can expect these options to expand into the medical field as procedures and care costs continue to skyrocket.

Blockchain Healthcare is the Right Option

From an outside glance, it is easy to dismiss finances' vital role in the healthcare system. However, when you zoom in only once, it becomes evident that everything from funding to organization can make a difference when discussing the healthcare system. As such, blockchain healthcare alternatives provide the best option for an industry that needs to curb inefficiency while expanding the user base.

You can learn more about exciting blockchain projects here.