A blockchain is “a distributed database that maintains a continuously growing list of ordered records, called blocks.” These blocks are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. A blockchain is a decentralised, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

Blockchain technology, initially popularised by cryptocurrencies like Bitcoin, has extended its potential far beyond digital currencies. In recent times, the healthcare industry has recognized the transformative power of blockchain, offering innovative solutions to age-old problems of data security, interoperability, and patient-centric care. In this article, we will explore the profound impact of blockchain in healthcare, highlighting its promises and challenges.

The Promises of Blockchain in Healthcare

Secure Health Data Management: The security of health data is paramount. Blockchain’s immutable and decentralised nature ensures that patient records are protected from breaches and tampering. Healthcare providers can share encrypted data across a network while maintaining data integrity.
Interoperability: Blockchain promotes interoperability by creating a standardised and decentralised ledger that can be accessed by various healthcare providers and institutions. This enables the seamless exchange of patient information, reducing the administrative burden and improving patient care.
Patient-Centric Care: Patients can gain greater control over their health data and grant access to authorised providers when needed. This empowers patients to make informed decisions about their healthcare and gives them a more active role in their treatment.
Drug Traceability: Counterfeit drugs pose a significant threat to patient safety. Blockchain technology can help track the production and distribution of pharmaceuticals, reducing the chances of counterfeit drugs entering the supply chain.
Clinical Trials and Research: Blockchain can streamline the process of conducting clinical trials and securely sharing research data. This transparency can expedite the development of new drugs and treatments.
Billing and Claims Processing: The automation of billing and claims processing through smart contracts can reduce administrative overhead, decrease errors, and improve transparency in financial transactions within the healthcare system.

Challenges in Implementing Blockchain in Healthcare.

1. Regulatory Hurdles: Healthcare is a heavily regulated industry, and the integration of blockchain technology faces regulatory challenges, especially concerning data privacy and security compliance making interoperability a complex task.

2. Integration with Legacy Systems: Many healthcare institutions still rely on legacy systems that are not blockchain-ready. Integrating blockchain with existing infrastructure can be a complex and costly process.

3. Data Standardisation: Achieving data standardisation across a diverse healthcare ecosystem is a significant challenge. Different providers and healthcare systems use various data formats, making interoperability a complex task.

4. Data Ownership and Consent: Defining data ownership, consent, and governance models in a decentralised system can be intricate. Patients need assurance that their data is used in compliance with their preferences.

5. Scalability: As more healthcare data is generated daily, the scalability of blockchain networks becomes a critical concern. Ensuring that blockchain can handle the increasing data volume is vital for its success in healthcare.

Need of Blockchain in Healthcare

As far as healthcare is concerned, the urgency of development increases to more incredible speeds. Today the need is for quality health facilities supported by advanced and newer technologies. Here, Blockchain would play a critical role in transforming the healthcare sector. In addition, the landscape of the health system is moving towards a patient-centred approach focusing on two main aspects: accessible services and appropriate healthcare resources at all times. The Blockchain enhances healthcare organisations to provide adequate patient care and high-quality health facilities. Health Information Exchange is another time-consuming and repetitive process that leads to high health industry costs, quickly sorted out using this technology. Using Blockchain technology, citizens may take part in health study programs. In addition, better research and shared data on public wellbeing will enhance treatment for different communities. A centralised database is used to manage the entire healthcare system and organisations.

Until now, the most significant problems faced are data protection, sharing, and interoperability in population health management. This particular problem is reliable by using Blockchain. This technology enhances security, data exchange, interoperability, integrity, and real-time updating and access when correctly implemented. There are also significant concerns about data protection, especially in the fields of personalised medicine and wearables. Patients and medical personnel require safe and straightforward means of recording, sending, and consulting data over networks without safety concerns; thus, Blockchain technology is implemented to resolve these issues.

Conclusion

Blockchain technology holds immense promise for revolutionising healthcare. It addresses longstanding issues of data security, interoperability, and patient-centric care. While the implementation of blockchain in healthcare comes with challenges, the potential benefits are too significant to ignore. As healthcare institutions continue to explore blockchain applications, it is essential to work collaboratively with regulators, technology providers, and patients to create a secure and interoperable healthcare ecosystem for the future. With proper planning and collaboration, blockchain has the potential to truly transform healthcare, enhancing patient outcomes and improving the quality of care.

Sources.

https://www.sciencedirect.com/science/article/pii/S266660302100021X

https://www.synopsys.com/glossary/what-is-blockchain.html