Blockchain and Healthcare: The Future, “Healthy Fight” against Fraud

IBM’s research study on the implications of blockchain in the healthcare industry has revealed amazing results. The study concludes that more than half of the healthcare executives want to implement a blockchain solution, at least partially, in their businesses in the coming years. It is the immutable and unalterable features that shine well to make a good fit for the healthcare industry.

Blockchain plus Healthcare

According to the reports from Harvard Medical School, it is seen that around $445 billion is lost to global healthcare fraud every year. Blockchain with its verification and authenticating capabilities helps eliminate such losses transforming global healthcare.

Blockchain helps store and exchange medical records more efficiently and securely, these records otherwise are localized and fragmented. A patient can be authenticated to prove their identity and he/she will maintain an online health record that is updated and reviewed on a larger scale by many professionals. This also helps professionals notice the new trends in the industry.

Blockchain supply chain in the medical field allows us to monitor the movement of drugs, location, time and mostly even the chemical composition of these drugs. This improves quality and avoids shortage or wastage of drugs. A blockchain verification system can also be used against credit card fraud.

The blockchain technology in healthcare, according to many healthcare experts, is bound to remove wasteful business practices in the future and wipe clean healthcare fraud completely.