Blockchain In Healthcare: Does It Help Healthcare Companies In Data Storage And Supply Chain Management?

Ever since Facebook's rebranding to Meta and its announcement of future metaverse projects, the novel technology has stolen the limelight.

With a market projection of $800 billion by 2028 (Earth web), the metaverse is leading social connections and industries to another level.

Industry leaders are assessing the metaverse effect on sectors like gaming, entertainment, social network platforms, finance, Etc.

However, not many people do concern about healthcare in the metaverse.

In the light of truth, people are not still entirely aware of how metaverse can revolutionize the healthcare sector.

By and large, the healthcare industry is struggling with many issues like,

Cybersecurity
Staff shortage
Slow billing and payment processing
Data storage, Etc.

On the other hand, the metaverse is an infusion of trending technologies like Artificial Intelligence, Augmented Reality, Virtual Reality, Blockchain, IoT, Etc.

The union of metaverse and healthcare may hold the ability to remove all the obstacles of the healthcare industry issues.

Here, we will shed some light on the effects of blockchain in healthcare industry.

Through a detailed discussion of blockchain technology benefits, we will determine what it offers to the healthcare industry.

Implications Of Blockchain In Healthcare

Technological innovation in the healthcare industry is nothing new. The healthcare sector has always welcomed technological breakthroughs to improve the treatment process and patient outcomes.

Among the most recent technological adoptions in healthcare, blockchain steals the show.

The global blockchain in healthcare will grow to $1.97 billion by 2022. (Grand View Research)

Besides being an individual technological innovation, blockchain is also one of the pillars of metaverse technology. The way metaverse is rushing towards the healthcare industry, it is clear that blockchain will expand its roots into the healthcare sector deeper within less time.

Earlier, people considered blockchain as the underlying technology of cryptocurrencies.

However, blockchain has stormed into industries for the past few years through peerless data management and exchange. Hence, it is clear that there are no industry-specific limitations to Blockchain use.

The Blockchain market worldwide will hit $163 billion by 2027. (Statista)

Blockchain is a distributed digital ledger that stores transactional information in a secured database. Hence, in that database, the blocks of data remain chained together.
Once a block gets its full shape, another block pops up to store new data.
Blockchain has proven its efficiency in recording transactional data like product inventories and financial records.
Blockchain is impacting the healthcare sector through reinventing the infrastructure of information. The information infrastructure is the foundation of healthcare services regardless of diagnosis, treatment, or transaction.
Blockchain in healthcare makes health information systems more secure, efficient, and accessible.
Therefore, blockchain is essential for healthcare services in or out of the metaverse.

Revolutionizing Benefits Of Blockchain In Healthcare Industry

The healthcare industry can save up to $100-$150 billion/year by 2025. (BIS Research)

Healthcare service providers can minimize the expense related to the data breach, IT setup, business operations, Etc., by embracing blockchain in healthcare.

But, in what ways does Blockchain aid the healthcare sector in striving toward perfection?

Let's dive in!

Securing Patient Data

Medical Data, including patient histories, are the most sensitive and sophisticated information that healthcare services deal with every day.

Hence, healthcare institutions require robust systems to store patient data safely and securely.

More shockingly, the total number of data breaches elevated to 68% in 2021. (Cnet)

Hence, the rising tension of data breaches has caused wrinkles on the foreheads of virtual reality healthcare solutions providers. Data breaches lead companies to lose banking information and their patients' health and genomic testing records.

However, since blockchain has established its potential for healthcare companies, data security is no longer a reason to panic.

By and large, Blockchain-powered systems are anti-corrupted, transparent, and decentralized in nature.
The tamper-proof data storage system lowers the chances of unethical access of hackers.
Besides securing patient data, the blockchain in healthcare allows patients and healthcare professionals to share information fast and securely.

Streamlining Healthcare Supply Chain

Hospitals do not manufacture medicines and drugs.
Pharmaceutical companies worldwide manufacture medicines and supply across the globe as per requirement.
The constantly rising expenses of the supply chain have pushed the hospitals and pharma companies front of challenges.

What would happen if someone or a group of frauds tamper with the medicines and supply them worldwide?

It will undoubtedly bring disaster.

Hence, the healthcare supply chain has to remain tamper-proof and transparent against all odds.

And which technology is already tamper-proof in nature?

It is the blockchain, without any doubt.

Healthcare companies must first create individual distributed ledgers for the drug supply chain.
The system will record all the transporting points of the drug transport, from the manufacturer's location to the destination.
Consequently, leading healthcare services are exploring blockchain in healthcare benefits to boost efficiency in their medical supply chain. Besides the healthcare institutions, pharma companies Pfizer and Abbvie are already actively exploring blockchain.
In other words, Blockchain technology aids healthcare services in gaining better control over their supply chains, streamlining the entire supply chain operations.

Single, Streamlined, And Longitudinal Data Storage
The blockchain is a chain or series of blocks. Users can enter any patient record into the blockchain ledger.
The blockchain ledger contains much information from the patient's family history, disease diagnosis, lab test reports, treatment process, and medication history to treatment expenses.
All this information enables healthcare professionals to forecast patients' diseases and future health conditions.

Final Thoughts

70% of healthcare services assume that blockchain will affect the most in clinical trial management. (IBM)

To conclude, the decentralized blockchain framework benefits the healthcare sector in many ways. From securing patient data to streamlining the supply chain, blockchain in healthcare is peerless.

Furthermore, the storming healthcare in the metaverse is paving the way for blockchain innovation in the healthcare sector.