Health & Lifestyle

Are we ready for the Blockchain revolution in Healthcare?

Blockchain is a distributed, decentralized, peer-to-peer, immutable, and secure computer network to store information and transfer digital instruments of value. Blockchain can be considered a database built by fixed-length data blocks chained sequentially, consisting of transactions ranging from 1 to N. Its application in Healthcare can be multiple: a) Electronic Medical Records (EMR) b) Pharmaceutical Supply Chain c) Health Insurance d) Clinical trials and medical research and e) Remote monitoring of healthcare IoT devices. In Blockchain blockchain-based, patient records are injected into the Blockchain, and the data is mapped with the patient’s digital ID for future references and secured sharing with other entities through a Blockchain-based smart contract. In a Blockchain-based pharmaceutical supply chain, a product is registered on the network when it is created. As soon as this product is registered onto the network, it becomes a non-fungible digital asset and can be transferred to other stakeholders through a smart contract. Blockchain can revolutionize the health insurance sector by reducing the amount of time and operational costs of claims and reimbursements. Blockchain-based smart contracts can help ensure claim settlements and reimbursements by automating the manual processes involved.

Are we ready for this revolution in India? We understand it has been implemented in Singapore.

Do share your opinion with us.

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