As the new buzzword in emerging technologies, blockchain has infinite possibilities spread across a myriad of industries. Blockchain employs the use of digital ledgers to store and organize data in a highly secure fashion. Although its application to the healthcare industry is still in the infancy stages, medical professionals see vast possibilities for the technology and the problems it can solve. By providing a better network of data organization, blockchain can revolutionize the processes of the medical sector in a variety of ways:

Data Management

By providing one-step access to medical records for both patients and providers, blockchain has the potential to revolutionize the way in which information is accessed. This would not only save money, but it would also eliminate job redundancy. An added bonus would be that patients could opt into sharing their data anonymously in an effort to provide valuable research to contribute to medical breakthroughs.

Medical Research Possibilities

Related to the previous point, blockchain has the potential to enable faster medical innovation because of the central data storage capabilities. Not only can personal data be stored, but blockchain also provides a centralized storage of clinical research trials and patient outcomes.

Improved Data Security

As the benefits of blockchain become more researched and understood, experts are heralding its abilities to provide the most secure record-keeping of its time. The breaching of personal medical records is a serious issue in the healthcare industry and industry experts are hopeful that blockchain can help to alleviate this problem because of the naturally secure nature of the technology.

Claims and Billing Services

Blockchain has the possibility of drastically improving the billing and claims processes of the industry through its extensive use of automation practices. Not only will this improve the accuracy of the process but it will save a significant amount of administrative costs as it reduces the need for human involvement.

New Drug Development

The availability of more patient data will enable medical researchers to glean useful information in an effort to facilitate drug development and implementation. This centralized data has the potential to reduce the costly problem of counterfeit drugs.

Although some of this blockchain innovation is still years from implementation, the potential benefits are exciting for the industry.