Elevating Healthcare Industry With Blockchain
Blockchain is a much-needed requirement for the Healthcare Industry to leverage the power of data computing on a large scale. The present scenario of the healthcare industry is deprived of efficient data handling, which leads to a poor healthcare sector despite all the resources. The global recognition of potential help offered by blockchain services is a massive update for the healthcare industry. Metaverk, the leading blockchain development company in India, can partner in your journey toward transforming the healthcare sector from traditional technology to the new cutting-edge blockchain.
Present Scenario of The Healthcare Industry
The most prominent issue centers around data and managing crucial practices like patient information,
clinical trials, doctor credentials, drug supply chain, and medical data.Some of the most critical issues faced by the healthcare industry are discussed below:
Fake Drugs
The Healthcare Industry is crawling with drug counterfeiting. The industry lacks the proper tools and machines to track drugs from manufacturing to end-customer distribution. This inability of the system to check for the authenticity of a drug is leading to mass destruction. Blockchain technology is equipped with the most beneficial ledger management system. Each transaction is recorded into a digital ledger and can be tracked easily to the first transponder in the transaction process.
Commerce Finance
This essential factor makes leaders realize the importance of transformation in the healthcare industry. Developed nations like the US and UK have suffered the same problems with traditional methods. The healthcare industry transformation has shown promising results in these countries, and India can expect better results due to the large-scale implementation of Blockchain technology.
Security Issues And High Costing
Statistically reported, approximately 43% of health data was stolen by hackers during the last decade in the United States. However, the number has significantly reduced with the introduction of blockchain technology. Another critical issue the industry faces is the increasing cost that makes them unaffordable for ordinary people.
Improper Data Segmentation And Management
The Healthcare industry is highly data-driven, and the current scenario lacks significance in data segmentation and management. The industry frequently faces issues like data misplacement and loss, leading to discrepancies in providing services to the end consumer.
Poor Storage Management
Patient information is undoubtedly vital for this sector. For instance, a doctor must inform the patient’s medical history to initiate a proper medicine course. This information will give them an idea of the patient’s medical history, previous prescriptions, allergies, or any other natural or unnatural course of action that the doctor should consider before prescribing. This process requires seamless data storage of patient information, but the infrastructure is not ready to equip these large sets of data. It hurts the system regarding poor data utilization, storage, and management.
Blockchain Technology: The Best Future Proofing
Blockchain technology is equipped with the new ledger system management that allows sharing with caring. This technology can share multiple items with multiple sources and remains fully anonymous to outsiders. In addition, the technology is a savior for the healthcare industry as it allows you to track transactions using the ledger technology.
Benefits of Blockchain technology in the healthcare industry:
Accurate Data Analysis
Blockchain enables you to fetch and upload data accurately at different stages of the Industry. The technology can reduce the tampering of documents to zero, as it is impossible to edit or change a document once uploaded without getting noticed.
Top-notch Security
Blockchain will reduce the chances of system break-ins from outsiders. At the same time, it will allow organizations to share their resources with other institutions for a better and more fast-paced end-user experience.
Real-time Traceability
It allows users to trace drugs or any other operation in real time. A blockchain platform can eliminate this problem with the best-in-class real-time tracing of any operation like drug status, report status, insurance claims, or any medical history report. There is no expiration date for any document once uploaded, and it cannot be altered or edited once it is uploaded.
Improved Interoperability
Blockchain technology allows you to share documents with infinite users where anyone can visit and view a particular record in its original form. It will increase interoperability and reduce the time required for fetching documents from different sources.
Low Maintenence Technology
Blockchain is not as expensive as traditional systems but is way more effective than others. Blockchain can handle large amounts of traffic better. To give you a slight idea of the enormously fast Blockchain platforms, they can quickly process 3000-10000 transactions in a second.
Why does the client prefer Blockchain solutions from Metaverk?
Why does the client prefer Blockchain solutions from Metaverk?
Metaverk is the leading blockchain development company in India that offers rigorous development of applications based on the blockchain platform. We are a team of industry experts and experienced professionals who are always ready to help you with hassle-free development for applications on blockchain in healthcare platforms. Metaverk ensures a smooth onboarding to cutting-edge blockchain services in healthcare.
Here is why we are the industry experts and your perfect choice for blockchain services in healthcare:
- Extensive research for a seamless user experience
- Best-in-class post-development services
- End-to-end product development support
- Customization that suits you