Blockchain technology is not only applicable to cryptocurrencies; it may also be applied to other industries, like the healthcare industry.
One of the most intricate and data-intensive sectors in the world is the healthcare sector.
Storage and security of the vast amount of data generated in the healthcare industry, from patient records to clinical trials, are major concerns.
Here is where blockchain technology enters the picture, providing an answer to some of the most pressing problems in the healthcare industry.
How can blockchain technology be used in the healthcare sector?
There are many ways blockchain technology can be used in healthcare, including:
Medical records sharing and preservation
A secure, decentralized platform for exchanging medical records can be created using blockchain technology.
This may help to improve patient and healthcare professional access to medical records, boost patient privacy and security, and lessen the risk of data breaches.
Clinical studies
Clinical trials can become more effective and transparent with the help of blockchain technology.
Blockchain technology can help to decrease the time and resources required to validate and reconcile data, while also enhancing the quality and dependability of the data by creating an immutable record of each stage of the clinical trial process.
Tracking prescription drugs
The supply chain of prescription pharmaceuticals can be tracked via blockchain technology, from manufacturer to patient.
By doing so, the danger posed by fake drugs can be reduced, and patient safety can be improved.
Verification of identity
Establishing secure and decentralized identity verification systems for patients and healthcare workers is possible with the help of blockchain technology.
This can enhance the security and precision of medical records while also helping to reduce identity theft and fraud.
Blockchain applications in the healthcare industry
Blockchain technology is already being used by several businesses in the healthcare industry. These are a few instances:
Medicalchain
A company called Medicalchain is creating a decentralized network for storing and transferring medical records using blockchain technology.
With the help of technology, people may keep control of their medical records and grant healthcare providers access while still protecting the confidentiality and privacy of the information.
Philips
Another company is Philips that is utilizing blockchain technology to create a secure and open platform for monitoring the medical equipment supply chain.
Philips is able to track the provenance and ownership of medical equipment while also ensuring its effectiveness and safety thanks to technology.
Pfizer
In order to improve the effectiveness and transparency of its clinical research, Pfizer is implementing blockchain technology.
Pfizer can monitor each stage of the clinical trial process using the technology, from recruiting to analysis, while also guaranteeing the reliability and correctness of the data.
The ability of blockchain technology to improve the security, transparency, and effectiveness of medical data has the potential to change the healthcare sector.
Blockchain technology has more applications than those mentioned above.
Expect to see more businesses use blockchain technology in their clinical workflows, which will improve patient outcomes and make the healthcare system more effective and efficient.
About Kumo
Kumo, registered as Kumo Technologies Inc in Delaware, U.S. is a fiat and crypto social payment app which allows users to exchange fiat (NGN) to crypto, save and earn interest in dollar with as low as $5, utility payment such as DSTV subscription, airtime, data among others.
Kumo wallet is your all-in-one social payment app for seamless payment solutions.
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