Unravelling the Potential of Blockchain Technology in Healthcare Case Study

Unravelling the Potential of Blockchain Technology in Healthcare

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Section 1

Blockchain Technology

Blockchain is a distributed digital ledger that can securely and transparently record transactions across several computers (Agbesi and Asante, 2019). It was first introduced as the technology behind the digital currency Bitcoin, but it now has a wide range of uses in a variety of fields. Businesses and organisations that need secure and efficient data management can benefit greatly from this technology because it provides a tamper-proof and transparent mechanism to record and transport data. It is crucial to learn about because of the wide range of applications it could have, from supply chain management to digital identity verification.

The Importance of The Blockchain Technology:

Blockchain technology has emerged as a game-changing invention with broad applications. Because of its decentralised and safe nature, it provides a trustworthy and open means of data recording and transfer, making it a topic worthy of study (Massaro, 2021). The technology has already demonstrated its ability to disrupt the financial services industry by facilitating cheaper and quicker transactions and doing away with the need for middlemen. Its applications are not limited to the financial sector; blockchain technology is already being utilised in voting systems, identity verification, and supply chain management. As corporations and other entities are adopting blockchain technology, it is essential that its strengths and weaknesses be comprehended. As data privacy and security become more pressing issues in the digital age, the potential of blockchain technology to create a safe and transparent platform for data management is of paramount relevance (Imamov and Semenikhina, 2021).

Development of The Blockchain Technology

Since its inception as Bitcoin’s underlying technology, blockchain has made great strides. The blockchain technology that Bitcoin is built on was initially regarded with scepticism and misunderstanding, but it has since gained recognition for its revolutionary potential across a number of sectors (Abdallah et al., 2023). Significant advancements have been made in the technology since then, and several uses for blockchain have been developed. More and more sectors are investigating blockchain’s potential beyond the realm of cryptocurrencies. Blockchain technology is being invested in by governments, financial institutions, and major enterprises alike as a means to streamline internal processes and enhance customer experience. Significant progress has also been made in blockchain interoperability and scalability, two factors that had previously hampered the technology’s potential. There is little doubt that the technology will continue to advance, leading to new uses and possibilities.

A Comprehensive Explanation of Blockchain Technology and Its Applications

Blockchain is a distributed ledger that records transactions and keeps copies of the ledger on multiple computers. Data recorded in the ledger is guaranteed to be genuine and safe thanks to the use of cryptography. Data blocks on the blockchain are immutable because they are each signed with a unique digital signature. The openness and safety of this technology make it applicable to a wide range of fields, including finance and digital identity management. The capacity to conduct secure, low-cost, and quick transactions without the need for a middleman is a major advantage of blockchain technology (Weerawarna, Miah and Shao, 2023). Additionally, blockchain technology can improve voting systems, strengthen digital identity verification, and promote safe and transparent supply chain management. In conclusion, blockchain technology is an indispensable tool for enterprises and organisations that demand secure and efficient data management due to its decentralised and secure nature, which gives a trustworthy and transparent way to record and transfer data.

The Platform and Software That Make Blockchain Technology Possible

Blockchain’s decentralised and secure nature is made possible by a number of different platforms and pieces of software. Ethereum, Hyperledger, and Corda are the three most popular blockchain platforms. Ethereum is a public blockchain platform where programmers can create Apps with the help of smart contracts. Hyperledger is another open-source blockchain technology used to construct private permissioned blockchain networks, targeting corporations and enterprises. Financial institutions can use Corda, a distributed ledger technology (DLT) platform, to conduct transactions in an untraceable and trustworthy manner (Huibers, 2021). Blockchain technology also makes use of a wide range of other platforms and software tools, including wallets for storing and managing digital assets, consensus algorithms for verifying transactions, and blockchain explorers for seeing and following the history of a blockchain. Together, these infrastructures and programmes make blockchain technology reliable and efficient.

Utilisation of the Blockchain Technology

Blockchain’s safe, transparent, and decentralised characteristics have piqued the interest of numerous sectors and institutions. One of the earliest users of blockchain technology was the financial sector, which includes banks, investment firms, and payment processors. This is due to the fact that the technology has the ability to speed up transactions, decrease fees, and boost trustworthiness. The healthcare and supply chain management industries have also used blockchain technology for the purposes of storing and managing patient data securely and verifying the authenticity of products in the supply chain (Raja Santhi, and Muthuswamy, 2022). Blockchain technology is being investigated by governments for usage in areas like voting systems and digital identity verification. In general, blockchain technology is useful for any enterprise or organisation concerned with data security and efficiency.

The Practical Applications and Benefits of Blockchain Technology for Companies in Health Care.

When used for patient data management, blockchain technology has the potential to cause a dramatic shift in the healthcare system. Healthcare providers can use blockchain technology to safely store patient data, limit the spread of that data to unauthorised parties, and prevent data breaches. Patients can now have greater privacy and agency over their healthcare through blockchain technology’s ability to decentralise medical record keeping. Drug authenticity and traceability can be improved with the help of blockchain technology, which can also be utilised to enhance pharmaceutical supply chain management (Abbas et al., 2020). The application of blockchain technology in healthcare has the potential to boost efficiency, cut costs, and enhance the quality of treatment provided to patients. The healthcare business could see a major disruption even though the technology is still in its infancy.

Section 2

Question 1: Understanding the Implications of Blockchain Technology in Healthcare

In recent years, blockchain technology has emerged as a potentially useful resource for improving the safety, privacy, and efficacy of healthcare data administration (Amir Latif et al., 2020). Blockchain technology has many potential uses, and healthcare organisations are just beginning to investigate them. Here, the report will take a look at how healthcare organisations have adapted their procedures in light of the consequences of new technology.

Securing Patient Data

Blockchain technology’s principal use in healthcare is the protection of sensitive patient information. Large volumes of private information, such as patient’s medical records, diagnoses, and treatment plans, are stored in healthcare facilities. However, conventional methods of data storage are prone to security breaches and unauthorised access, which can have devastating effects on both patients and providers. Patients’ information can be stored and shared amongst authorised parties in a safe and unchangeable manner thanks to blockchain technology. For instance, Patientory is a startup that has created a blockchain-based platform enabling patients to safely keep and share their medical records with their doctors (Bamakan, Moghaddam, and Manshadi, 2021).

Improving Clinical Trials

Clinical trials are another area where blockchain technology has a lot of potentials to improve healthcare. To ensure the safety and effectiveness of novel medications and treatments, clinical trials are necessary. However, it may take a lot of effort and money, as well as need a lot of paperwork and data administration. Using blockchain technology, which is both transparent and secure, this procedure can be streamlined. In addition to lowering expenses, this can also boost data reliability and patient security. For instance, pharmaceutical behemoth Pfizer is using blockchain technology to keep tabs on the distribution of trial medications by teaming up with blockchain startup Chronicled (Pandey and Singhal, 2022).

Supply Chain Management

Blockchain technology can potentially be used to enhance the pharmaceutical industry’s distribution chain operations. Manufacturers, wholesalers, and retailers are all interconnected in the intricate pharmaceutical supply chain. A drug’s journey from manufacturer to user can be tracked safely and transparently with the help of blockchain technology. Patient safety, the availability of legitimate medications, and the prevention of drug diversion can all benefit from these measures. For instance, pharmaceutical giants like Pfizer, Genentech, and McKesson are collaborating with blockchain startup MediLedger to develop a blockchain-based platform for managing the distribution of pharmaceuticals (Haji et al., 2021).

Altering Healthcare Practices

Blockchain technology is still in its infancy, and researchers are just beginning to investigate its potential medical uses. As a result of this new technology, however, healthcare institutions have begun to adjust their procedures. For instance, the pharmaceutical industry is investigating the use of blockchain for medication supply chain management, and healthcare providers are investing in blockchain-based systems for safe data sharing. The way doctors and nurses talk to one another is also evolving because of blockchain technology. For instance, blockchain company Gem has built a platform to facilitate the safe and efficient transfer of patient information across healthcare practitioners operating in different settings and/or legal countries.

By providing a safe and reliable method for handling patient information, boosting the quality of clinical trials, and streamlining the process of distributing medications, blockchain technology has the potential to radically alter the healthcare sector. The healthcare industry is adapting to the new realities brought about by this technology. The healthcare industry has enormous room for improvement thanks to blockchain technology, which is still in its infancy but is expected to see growing use in the coming years.

Question 2: The Emergence of Brand-New Organisations, Built Around Blockchain Technology

New companies based on digital technology are emerging, ushering in a period of digital change in the healthcare industry. These groups represent a threat to established healthcare facilities because they are more likely to embrace emerging technology like blockchain. Here, the report will investigate the rise of these new institutions and the ways in which they are changing the healthcare landscape.

The Emergence of Digital Healthcare Organizations

There has been a significant uptick in the number of digital healthcare companies employing cutting-edge IT to deliver novel services (Thomason, 2021). By providing patients with more adaptable and convenient care options, these businesses are shaking up the status quo in the healthcare industry. “One Medical” is another prime instance of a healthcare provider going the telemedicine, and physical clinics route to guarantee round-the-clock availability to their patients. These businesses are able to outperform more conventional healthcare providers in terms of speed and cost because of the innovative ways in which they leverage technology to improve the patient experience.

The Significance of Blockchain in Healthcare

By allowing for the safe and efficient transfer of patient information, blockchain technology has the potential to revolutionise the healthcare system. Using a decentralised system, healthcare providers, insurers, and patients can safely communicate patient information. This can help patients since it gives doctors a full picture of their health and treatment options.

Since realising blockchain’s potential, several digital healthcare organisations have begun to implement the technology in their daily operations (Laroiya, Saxena and Komalavalli, 2020). For instance, Gem is a blockchain business that has built a platform for healthcare professionals to safely communicate patient information. By providing healthcare providers with timely and reliable data, this technology can help eliminate medical errors and boost patient outcomes.

The Impact on Traditional Healthcare Providers

Because of their reluctance to change, traditional healthcare providers have left the door open for digital healthcare organisations to disrupt the industry. These innovative businesses leverage technology to provide patients with access to care that is both faster and more individualised.

Traditional healthcare providers will need to evolve in response to the growing influence of digital healthcare companies in the industry. A change in perspective and openness to adopting innovative technologies like blockchain are essential. This ensures that conventional medical facilities can keep up with the market while still offering their patients the best possible care.

Traditional healthcare providers are being challenged by the advent of digital healthcare organisations centred on digital technology. These businesses are shaking up the healthcare system by providing people with access to better, more convenient, and more inexpensive treatment. By allowing for the safe and efficient transfer of patient information, blockchain technology has the potential to revolutionise the healthcare system. Traditional healthcare providers will need to adopt and accept new technologies like blockchain as digital healthcare organisations continue to gain market share.

References

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