Blockchain has not established itself within the healthcare sector, but that does not mean it doesn't have a place within the industry. Here are five ways blockchain could transform healthcare, according to Coin Rivet:
1. Medical data: Because blockchain can be accessed by all users, many are skeptical if it follows HIPAA policies. However, through the technology, physicians and hospitals would be less susceptible to cybersecurity attacks. Providers would be able to more easily and securely share patients' medical histories and update patient records.
2. Patient access: With different blockchains, patients can access and control the ownership of their medical records. The records are traceable on the blockchain, reducing the risk of deleted information, missing vaccinations and false medication claims.
3. Smart contracts: Currently, smart contracts are the strongest case for introducing blockchain into healthcare. Blockchain reduces inefficiencies, allows for swift payments of medical services and automatically bills insurers.
4. Fraud: In recent years, healthcare has seen an influx in cybersecurity and fraud. Many times, this is due to a lack of communication between providers, hospitals and patients. Blockchain uses a transparent ledger to continuously track payments, prescriptions and medical documentation.
5. Paperwork: By implementing blockchain technology, providers and hospitals can further reduce the number of paper-based documents required. This could largely affect insurance transactions. With blockchain, patients and providers can eliminate the hassle of providing additional copies and transcriptions of medical services to insurers.
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