Blockchain brings medical funding, data efficiency and patient safety to the health industry

Blockchain brings funding, data efficiency and security to the health industry

Approximately 40% of a health worker's data records contain misleading information or errors. What is more serious is the fact that almost half of the clinical trials in the United States are not declared. It's correct.

All this and other abuses of available data prevent us from providing better services and providing adequate care to patients. This is where the blockchain technology comes into play that has the potential to transform the healthcare sector offering more privacy, security, transparency and interoperability of medical data. Blockchain offers patients greater security about the protection of their personal information. Furthermore, by providing funding to medical research companies, the process of discovering drug treatments can be accelerated and help save lives.

But it's not all free as technical challenges present with numerous blockchains and the lack of cryptography has yet to be overcome. However, if these challenges are addressed, it is believed, blockchain it can bring about a radical change in the health sector.

Research funding

The reason why data have become such an integral part of healthcare systems, health care provides one of the best and clearest use cases for distributed accounting book technology (DLT). Funding is an added role of blockchain in medicine that can improve results in medical research and drug discovery.

According to reports, about 60% of healthcare and pharmaceutical companies are using or are already exploring blockchain technology. The European Union and Sweden have even used a collaborative approach (apart) to bring the blockchain to health care. An example is the pharmaceutical company Verseon which launched its security bag which, according to its CEO Adityo Prakash,

"By using blockchain technology to conduct regulated sale and trading of tokenized securities, Verseon is trying to change the way life sciences innovations are funded, who participates and enjoys potential gains."

Data efficiency and health care security

The immutability of data is considered the most significant benefit of the blockchain according to Pharma professionals. Regarding the opportunities for the use of blockchain, it is mainly found in the medical supply chain and in electronic medical records, in addition to the sharing of scientific data and the management of clinical studies.

One of the most important advantages of DLT is the processing and storage of data deriving from medical treatment, as stated by Lancam CEO Aamir Butt.

"Patients have their health data when blockchain technology is used, so data has a much greater integrity than can be achieved in other data management models."

Greater security is another promise given by the DLT in which cryptography maintains transaction integrity. In today's times when privacy is at risk, blockchain minimizes data security threats to a minimum.

A violent brilliant future with obstacles

Blockchain has a bright future in the health sector, however, has its set of hurdles before it can achieve broad adoption. The biggest obstacle to adoption is access to qualified blockchain personnel. The awareness of the blockchain and the being too difficult to understand are the obstacles that must be managed together with regulation.

Furthermore, blockchain-based health platforms need scalability and transaction speed, which means that the blockchain still has a way to go before being able to deliver promising results.