Blockchain in Healthcare: 5 Use Cases You Should Know About

When it comes to healthcare web development, data security, and integrity are a priority for any business owner as well as for any IT provider. And not only because it's a major requirement for compliance but also because it is essential for building strong trust-based relationships with customers. In 2023, one of the best ways to achieve that is to use Blockchain technology. Its most prominent features include transparency, immutability, decentralized nature, and security powered by cryptography.

 

Consequently, Blockchain-based solutions combine state-of-the-art software's efficiency while eliminating the risks typically associated with sensitive data management.

 

In this article, we will focus on several most common Blockchain use cases in healthcare that might give you an idea of how this technological innovation may elevate your existing business practices.

 

EHR systems

 

Modern electronic health records software is one of the most popular Blockchain use cases in healthcare, as almost every medical facility has to come up with a safe and functional way to store and manage patients' records in a digital format. By incorporating Blockchain into a custom EHR solution, the entrepreneur is able to resolve quite a few problems.

 

For example, Blockchain is a well-known way to ensure the system's interoperability. As all records are stored within a shared and protected ledger of data, the matter of instant and problem-free access to the necessary information will be more complicated than with the Blockchain component.

 

Another illustration of the Blockchain's utility is data protection. The information that has been added to the Blockchain can be neither altered nor deleted, which makes the whole system tamper-proof and less vulnerable to numerous cyber threats. Considering the fact that healthcare providers have to regularly deal with the attempts of data theft and be financially responsible for the consequences of said thefts, a Blockchain-powered EHR system is a perfect investment in the entity's stability, security, and trustworthiness.

 

Medical research solutions

 

Another one of the Blockchain use cases in healthcare you should consider is medical research platforms. All of the advantages traditionally associated with Blockchain, like security, data integrity, and transparency, there are additional benefits applicable to medical research software development.

 

One of the greatest examples is the participation boost that Blockchain can achieve. A healthcare provider can increase outreach and simplify the recruitment process for various studies by offering participants tokens or cryptocurrency as a reward.

 

Another use case of Blockchain in healthcare (specifically for medical research purposes) is the enhancement of the trial process. Blockchain technology helps to simplify, automate, and facilitate clinical trials by enabling real-time data tracking and secure data-sharing mechanisms, reducing the time required to conduct comprehensive trials, and safeguarding supreme data quality.

 

Consent Management

 

One thing everybody knows about consent is that it can be revoked at any time. And consent in the healthcare industry is not any different. So if there is a patient's right to give or revoke consent for the use of their data or their disclosure, there should be a simple tool that would make the process fast, easy, and convenient, both for the patient and the provider. And this is one of the Blockchain use cases in healthcare.

 

Blockchain technology introduction is one of the best ways to ensure that all of the patients within a particular facility or a healthcare network have full control over their data, can make balanced, informed decisions, and protect sensitive information from undesired use.

 

Moreover, consent management is one of the Blockchain use cases in healthcare that are vital for meeting compliance requirements as there are regulations like GDPR, CCPA, or HIPAA related to that aspect of the provider-patient relationship.

 

Supply chain management software

 

Before finally making it to the customers, medical goods typically go a long way from a supplier to manufacturer to distributor to a medical facility where the patients can obtain the required devices or medications. Such a complex supply chain leaves too many loopholes for fraud and counterfeiting. That is why cutting-edge supply chain management software is one of the most sought-after Blockchain use cases in healthcare these days.

 

As records within the distributed ledger can't be secretly altered or deleted, Blockchain provides healthcare business owners with a solid tool to guarantee the authenticity and safety of all the goods that are offered to patients.

 

Besides that, modern supply chain management software can do much more in process optimization. The combination of several IT trends, like Blockchain and AI/ML, grants the entrepreneur access to data-driven insights, helps predict market trends, and foresees possible changes in demand to let the company prepare for them in advance.

 

Health IoT devices

 

This is one of the less common but very promising Blockchain use cases in healthcare. Remote control devices, highly sensitive and precise sensors, monitors, and wearables all significantly impact the further development of healthcare, improve the quality of patient care, and draw public attention to common health struggles. However, being a relatively new invention, the health Internet of Things still requires additional attention in terms of data security and accuracy.

 

Health IoT devices have to be tamper-proof and resilient to different types of cyber attacks to work perfectly and be a reliable source of information regarding the patient's current state. Blockchain is perfectly able to safeguard both of those aspects while simultaneously allowing different devices to interact directly due to its decentralized nature.

 

Another advantage that makes Health IoT a perfect example of Blockchain use cases in healthcare is device monitoring improvement. In this case, the authorized users will have access to the information regarding the tool's usage, performance, and status. Real-time alerts are extremely handy when there's a need to replace or fix the device.

 

Wrapping it up

 

As you can see, plenty of different Blockchain use cases in healthcare may be useful for business owners these days. Some of them are pretty popular and become more common as time goes by, while the others are only starting to gain traction. Still, every use case we've covered in this article is a promising business niche currently developing and open to new market players.

 

Keep in mind that experts might have different opinions about the utility of Blockchain, but most of them agree that the global Blockchain market will grow exponentially over the next decade. For example, a report by Grand View Research states that CAGR for the global Blockchain technology in the healthcare market will be 68.4% over the next seven years. At the same time, the report by Precedence Research claims that CAGR  will reach only about 34% for the same period. Whether you trust one source or the other, the perspective seems rather bright for Blockchain in healthcare.

 

And that isn't even the best news on the matter we're about to share! Aside from Blockchain's benefits to healthcare businesses and tempting market forecasts, the use cases listed in this editorial aren't the only ones you might want to try! Things like smart contracts, Blockchain-powered staff verification, or transaction control systems may not have made it to the list, but they are legit ways to improve business practices by means of Blockchain. And this means even more growth opportunities! Pick one or multiple areas to which you would like to give a digital boost and incorporate Blockchain technology into those. The results will most definitely exceed your expectations!