Blockchain Technology in Healthcare: Transforming Industry Practices Assignment Sample

Blockchain Technology in Healthcare: Transforming Industry Practices

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Section 1

Importance of the topic for discussion

Digital transformation implementation in healthcare has made an innovative transformation with healthcare IT solutions. Technological integration in healthcare industry has a rapidly progressive result in monitoring, medical units to diagnose and manage patient conditions, which has made the topic important to discuss (Faisal et al. 2022). Advanced technology has improved medical quality of healthcare in various terms along with lowering costs, reducing chances of errors, lowering medical costs, increasing patient satisfaction, and others. Cost-effective services with eliminating unnecessary spending in traditional services of healthcare organizations and institutions have been possible with the use of block chain technology significantly especially along with other technological implementations.

Block chain technology with its improved and advanced technological management system has been able to solve many of the industry’s common challenges mostly post applying to healthcare (Attaran, 2022). It can be considered that this technology has reduced the chances of fraud activities like data breaches with its improved security system for data security. Thus, block chain technology has made the security system strong in healthcare industry that made other operations easy and protected, which is important to consider.

The development process of block chain in Healthcare Industry

The development of healthcare industry with block chain technology is uncountable. Block chain with its facility of ledger technology can transfer medical records of patients securely (Hasavari and Song, 2019). The qualities of block chain technology strengthen healthcare data defence systems along with supply chain management of medicine. Block chain technology can control the process where inauthentic persons can be identified while accessing data by sorting within shared ledger process. This makes the healthcare process incredibly secure and safe from hackers. Providers of healthcare require secure and systematic access to medical history of patients and block chain can effectively deliver the information. These help researchers in healthcare sector unlock genetic code, which adds value to the industry.

The entirely transparent system of block chain can store health records securely and safely with electronic advantage. Thus, sharing of data related to patients or other medical information and gaining access to any vital information has become easy for healthcare providers, which can improve treatment immensely. It has also added features that empower patients to maintain their own privacy by controlling and protecting their information through block chain technology. This property of the technology has increased trust in the healthcare process along with providing easy solutions to security issues.

A detailed description of the technology used in healthcare sector and its usefulness

Block chain technology is based on a method of recording information securely that makes it difficult or impossible to be manipulated or hacked (Wanget et al. 2022). Hence, using this technology for keeping data secure and safe is the most popular application of block chain at this moment in healthcare as one of the major issues in this industry is security. Block chain technology is a distributed ledger that facilitates the medical records of patients secured strengthening healthcare data defence system. The ability to deflate the spending bubble improves overall experiences of healthcare along with protecting medical data. Block chain industry in healthcare industry helps ease the issues related to data from sharing to securing.

This technology is used to do everything starting from encrypting data of patients securely to controlling the harmful disease outbreak. This technology also can be used for network and protocol to configure data layers and set policies while verifying destinations and sources real-time data other than storing it, which makes the data sharable with authorized parties. Along with managing massive amounts of medical data, it maintains integrity of health recordings and increases efficiency of healthcare.

Technological platforms and software are used in Block chain in terms of healthcare

Block chain platform technology is mainly a decentralized solution for documenting, tracking, and facilitating transactions (Tijan et al. 2019). Ethereum is used in Block chain, a platform, and language for programming that makes developers create decentralized applications. In IBM block chain platform, it is used as a shared, established ledger for transaction history recording, where the new generation applications for transactions are fostered also for building accountability and transparency to increase trust. Platform 6 is another well-rated platform where block chain technology is used that provides off-chain services and features required for development and packaging for running enterprise-class applications of block chain technology. In Hyper ledger platform, a collaborative effort is used to create advanced block chain technology for distributed ledgers to transform the business transaction globally.

Block chain in digital healthcare with its distributed digital ledger technology provides accommodation in hospitals, pharmacies, and laboratories to diagnose records along with other operations related to treatment (Bharimalla et al. 2021). Block chain in transaction process can settle the whole procedure in no time reducing banking transfer fees. In business procedure, using block chain can detect inefficiencies in supply chains easily and quickly using smart contact, which can improve efficiency levels.

Types of businesses and organizations use block chain technology

Block chain technology is disrupting in media, technology, and telecom industry also. Companies are introducing block chain in these sectors for exploring tokenization to protect intellectual property across supply chain (Jones, 2019). Other than these industries healthcare, finance and banking, insurance, cyber security, transportation, and many other industries are interested to implement block chain technology in respective sectors. The characteristic of preventing tempering and fraud has made this technology more reliable and acceptable globally mainly for financial transactions.

Use of it as a business tool and whether is this effective industry

Block chain can also be applied to various industries such as supply chain management, data integration, e-commerce, and others (Lahkani et al. 2020). This technology of sustainable database can be used in business for documenting purpose of exchanges and elimination of fraudulent transactions. Block chain is a reliable solution for health data management. Block chain technology can provide incessant data flow that can improve management system of electronic health records by its distributed nature. Block chain help in solving interoperability issues with the provider of a standardized platform for sharing data among different healthcare providers.

Section 2

The understanding of the implications of block chain technology for healthcare organizations and the alteration process of traditional practices

Block chain has emerged in healthcare industry for its feature of distributed, decentralized, and public ledger for recording data related to medical information of patients, transactions, and others (Odeh et al. 2022). Block chain has been identified as a revolutionary invention as its quality of solving many digital challenges like transparency in data collection, access, and process, immutability, security, reduction in transaction cost, and innovation. In healthcare industry, block chain has increased the opportunities and scopes immensely.

The decentralized system of block chain technology has made the whole process of healthcare organization hack proof preventing every single data that was not effectively done while working with traditional process of data processing in healthcare industry. Commodity hardware of hospitals can be run on the decentralized system of block chain, which can reduce or eliminate human-made mistakes or even issues related to natural disasters (Mishra and Tyagi, 2022). Healthcare researchers can use block chain property for effective findings and confidentiality.

Previously data monitoring and accessing was a tedious and next-to-impossible task that block chain in recent days has made easy with real-time monitoring and accessing of data 24*7 (Sharma et al. 2021). For instance, block chain for health industry can be used in updating and storing useful data of patient’s sugar levels and blood pressure has become easy with the heal of technology. This assists doctors and healthcare workers to monitor patients prone to high rates of risk 24*7 and to alert nurses and relatives according to the information in emergencies. Block chain technology can eliminate mediator or third-party systems in accessing and transferring data, which was impossible in old practices in healthcare industry.

Smart contract in healthcare helps in consistent rule development to access patient data (Khatoon, 2020). Healthcare applications like Peer bits have been developed using block chain that creates a seamless connection between patient and doctor, which facility was not imaginable in traditional healthcare processes. The healthcare supply chain became drawn-out and insecure, which can make the whole industry face big challenges. The immutability of this technology in healthcare can solve several issues related to supply chain management in one go by checking drug ingredients and assisting manufacturers in keeping track of all materials used to form drugs. Block chain offers healthcare and pharmaceutical organizations get rid of counterfeit drugs that allow traceability of drugs.

Block chain can be used to confirm integrity of produced medical records (Wang et al. 2019). Block chain technology can also be recognized to be handy for medical research, where researchers can effectively study patient data and impact of specific treatments. This was a tough task before with the traditional process. The data mismatch and data duplication of patient records was common scenarios in traditional processes in healthcare organizations. Yet with block chain technology, the entire data goes through a ledger, which would reduce the chances of mistakes in process. Block chain has efficient potential to design new business models integrating with healthcare operations. Pharmaceutical companies with block chain platforms collect real-time data that allow the companies to offer a vast range of medical treatments and products with a special customization for patients. Healthcare professionals can easily access the data related to patients’ conditions in real time via wearable.

Figure 1: Healthcare system framework

Now pharmacy corporations do millions of investments in research and development in drugs where keeping internal information secret is important (Kanwar and Rahim, 2019). Hence, to store valuable data from leakage to competitors’ improvement of communication between patients and providers is significant. Traditionally medical data was stored in unreadable manners across remote servers. Information through block chain technology is legitimate, time stamped, and up-to-date makes the process simple for researchers.

Digital technology in brand-new organizations entering healthcare sector that challenges old-style organizations

Adaptation of new is important to improve with time and avoiding this makes organizations and industries face various challenges. Scientific management theory by Taylor refers to a method of improving workforce efficiency using scientific methods, which can be applicable to this segment (Fergnani and Chermack, 2021). The scientific method consists of three different steps observation and experimentation, along with analysis. In scientific terms, this can be understood as a treatment-effect observation, an experiment with different treatment effects, and analysing results observing the matter. Proper implementation of scientific management theory helps in improvement of productivity. This theory also suggests better training and efficiency improvement for workers.

Organizations with less awareness of digital technologies can face various challenges from the brand-new organizations using digital technology entering in healthcare sector (Kolyasnikov and Kelchevskaya, 2020). Security threats is one of the most prominent cyber security threats with no implementation of block chain and other technologies dedicated to the same feature of high security. The lack of technology adoption can prevent healthcare advancement. Healthcare professionals not utilizing technologies face issues related to privacy and security risk, which can result in huge penalties. Healthcare workforce is empowered with digital tools for better treatment of patients. Outdated technology or not implementing updated and advanced technology can hinder efforts of old-style healthcare sectors to overcome data security challenges, interoperability, and other issues related to data processing.

Physicians must face challenges to access medical history completely for making better-informed decisions related to treatment. The result can be errors that can create issues with patients’ safety. The countries or regions with lower economic standards cannot afford digital technology for healthcare, which makes the healthcare sector of that area weak (Gift et al. 2020). Hospitals and clinics in that area face issues related to data management and data integration. The billing process of those old-style organizations remains inefficient and confusing, which can make the patient party frustrated.

Technology and healthcare industry makes a powerful partnership for addressing major hurdle related to healthcare and following as well as implementing digital technology has made the healthcare sector flourish more for the new entries in the sector (Stefanicka-Wojtas et al. 2020). Innovative evolvement has become a natural process for those organizations that old-style organizations cannot access without embracing technological advantages. That can make the process behind the other, which can result in weakness not only in that sector of healthcare but also in the whole nation.

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