WaykiChain Looks into Future | Blockchain Application Scenarios in Healthcare
Global healthcare is definitely a huge industry, with a market size of trillions of dollars only in pharmaceutical sector. However, there are several major problems in healthcare industry.
1). In this highly developed Internet era, most hospitals still use handwritten medical records. These medical records are too difficult to read as mysterious language. Once these paper records are lost or cannot be taken along for some reason, patients will lose their medical history, and may even lead to the delay of effective treatment.
Even for electronic medical records, there are many disputes because the records are maintained by hospital. The hospital is a stakeholder of the medical contract, and lots of medical disputes are involving the validity of the electronic medical record. Because the hospital unilaterally keeps electronic medical records, patients often accuse the hospital of making changes to the electronic medical records.
2). Medical institutions maintain a large amount of confidential information, but the privacy of patients cannot be guaranteed. It’s common to see the news of medical records leakage.
3). The traditional healthcare industry is unable to block the manufacture and circulation of counterfeit and ineffective drugs, and patients become victims.
Blockchain technology can solve the above problems perfectly.
Exclusive medical record to protect privacy
Blockchain’s irreversibility and confidentiality can provide a reliable access environment to keep these electronic medical records. When an electronic medical record is stored on a decentralized or multi-centered blockchain, the hospital cannot manipulate the data unilaterally. And once on chain, the records can be viewed anywhere and anytime worldwide, patients don’t have to worry about losing or not carrying your medical records. The lifetime medical records can be found on the blockchain.
Although the medical records stored in the blockchain can be accessed anywhere in the world, the users use the secret key to keep the exclusive rights and access rights of the data. At the same time, the powerful smart contract function of blockchain allows users to set permissions autonomously.
Simplified claim process
The claim process can also use blockchain technology to improve efficiency. While the patient’s medical record is recorded on blockchain, the doctor’s prescription and medical bill can also be recorded on blockchain. With medical records, prescriptions, and bills all on chain, the hospital, patients, and insurance companies will not have to go through complicated applications and verification process to complete the payment of medical insurance, which greatly simplifies the payment process and enhances transparency.
Gene and medical data can be securely stored via blockchain technology and obtained through a private key, which will form a “DNA” wallet. Pharmaceutical companies can automatically retrieve relevant data from the whole network according to the authorization level when conducting drug research and development, which is of great help to drug research and development.
Drug traceability and anti-counterfeit
Blockchain’s advantage of traceability can give the unique code of the raw materials and finished products, so the counterfeiters can’t find a chance.
Blockchain technology can improve data security and save both explicit and hidden costs. If this new medical record becomes a reality, the inferior vaccine tragedy may not happen.
The process simulation of protein folding relies on very expensive supercomputers. But the disadvantages of this approach are obvious: huge cost and single point of failure.
Using blockchain technology, a distributed network can be built to assist in protein folding. Each node in the node network can use the power of the whole network when performing operations. When 10,000 computers work together to calculate a data, there is no need to purchase expensive supercomputer.