Understanding the top 10 blockchain healthcare use cases can help you gain a broader view of how technology and healthcare continue to merge.

Many people are surprised to learn that the creation of Bitcoin may inadvertently lead to better healthcare. This scenario exists because blockchain technology offers a low-cost solution to many of the problems affecting the healthcare sector today.

The immutable and transparent nature of blockchains makes them the ideal solution for many problems. As such, it is not surprising to learn that many people are already trying to push for the integration of the two. Here are the top 10 blockchain healthcare use cases that could improve your life one day.

1. Medical records

The medical records industry is a huge and complex ecosystem consisting of a hodgepodge of digital and paper records stored internationally. While there has been a concerted effort to try to centralize this data, the slightest disruption can prevent medical professionals from quickly accessing key information about their patients.

Decentralized medical records systems allow companies to store and access data more efficiently. These options can improve tasks such as data recovery by hosting information redundantly and based on geographic data points. They also improve the management of this information by allowing more advanced data control.

Another important advantage of blockchain medical records is that it can give the patient the ability to approve or block access to their records personally. This move is seen as a great way to improve privacy and reduce costs for all parties in the process.

A blockchain-based medical records system could be accessed globally, which is another huge benefit. Currently, many people cannot access their records due to political reasons and lack of infrastructure. Blockchain solutions would eliminate these pain points and help democratize the healthcare sector.

2. Prescription Drug Authentication

Prescription drug authentication has become a major concern for medical professionals globally. Thousands of people die every year from counterfeit medicines. In many cases, the original drug is changed to inactive supplements, which prolong the patient's suffering. In the worst case, counterfeiting can be lethal.

Incredibly, the counterfeit medicine sector is a $431 million industry, according to recent data. reports . In high-income countries, reports put the figure at 1%, which is still unacceptable by any measure. In most cases, these operations are well-organized, multi-million dollar criminal networks that target the most vulnerable people, such as cancer and HIV patients.

Companies like MediLedger have stepped up to improve these statistics and help restore trust in the medical system. The company uses blockchain development technology to guarantee the authenticity of medicines from production to their final consumer. In the future, this practice will become common as the industry faces fraud issues.

3. Monitoring and improvement of medical devices

Medical devices are not perfect, but they must be reliable. As such, these devices must have their data recorded and available to manufacturers and professionals when necessary. Blockchain Solutions can provide this data in real time and with minimal costs.

For example, a pacemaker manufacturer could use data logs from its products to see if there are fluctuations and what may have caused them. This data can be used to improve the device and prevent future problems. Best of all, the immutable nature of blockchains ensures that information remains in chronological order for future generations to improve upon.

4. Insurance

The insurance industry has a major problem because it lacks transparency. This lack of transparency leads to a loss of consumer faith and eventual mistrust between customers and suppliers. Blockchain healthcare integration could solve these problems in multiple ways.

For one, it would allow insurance customers to learn more about their coverage and history. They can also access your records directly more easily. Additionally, insurance providers can leverage technology to improve the claims process. This integration could reduce costs and provide faster service.

5. Virtual healthcare

Another important area where blockchain technology could drive innovation is the virtual healthcare sector. More people are looking for options like video consultations and e-prescriptions as a way to reduce healthcare costs. Blockchain solutions could provide the perfect hosting for this data.

Blockchain networks make information available to authorized people internationally in real time. Additionally, the decentralized nature helps solve last-mile transmission problems. These problems are common with centralized systems, as transmission power weakens with more users instead of growing, as is the case with blockchain transmission networks.

6. Research and development medicines

The healthcare system has entered an exciting new era of AI-assisted drug research and development. Computer models and other advanced technologies have effectively reduced the cost of creating and testing mediation. Blockchain technology can be expected to also play an important role in advancing these processes.

For example, blockchain networks could help with genome sequencing by providing computing power, storage, and other technical features. This data could then be used to test and create new solutions to medical problems. Best of all, the data remains available on the blockchain indefinitely.

7. Personalized healthcare is coming

The future of healthcare is personalized. You can see this shift as researchers continue to reveal how your attributes determine the best course of action in terms of repairing and maintaining health. As such, there remains a push to collect as much vital data about patients as possible and store it securely on a blockchain.

Data like your genome can be leveraged to create medicines that meet your specific and future needs. Geneticists can now determine your likelihood of contracting certain diseases based on your genetic makeup. Now, this same data can be used to create specific medications for each person.

Personalized healthcare can go beyond medications. When you add blockchain-based registries with open access and control for patients, it is easy to see that there is a lot to gain for all parties. Additionally, personalized medicines can help improve efficiency and reduce overall waste in the market.

8. Data security

Your medical records are extremely valuable data that thieves and hackers target in many ways. Medical identity theft can result in a myriad of problems ranging from headaches to denied coverage when it is needed most. Blockchain identification systems can help reduce medical identity theft.

Blockchain networks improve the security of medical records by creating a traceable access and authentication process. Unlike centralized options, a blockchain network can show what was altered and viewed by a hacker, which can help prevent the same problem in the future.

Blockchain systems can also improve device security. It is more common for your medical device to communicate with other devices to share data and other vital statistics. Blockchain systems could ensure that interacting systems are validated to avoid attacks or outages that could lead to health issues.

9. logistics

Medical supply chain management is a multi-billion dollar industry that suffers from a high level of efficiency, fraud, and loss. In many cases, the item to be shipped must travel thousands of miles and arrive in time to meet the schedule. During their travels, medical supplies are subject to theft, fraud and counterfeiting.

Blockchain logistics companies can help prevent these problems. These networks can monitor a product from creation to sale when combined with sensors such as IoT systems. These microsensors can monitor and authenticate medical devices or prescription details in real time.

10. Fundraising

Fundraising is one of the most important aspects of the medical industry. A lot of research and development goes into creating new medical procedures and medications. Blockchain fundraising techniques could be the perfect way to help companies obtain public or private financing with lower costs.

Let's imagine a company looking to expand research on a new procedure to kill cancer. In the past, this company would have to seek private financing to ensure the liquidity necessary to make the project a reality. Today, they can leverage public and private funding through various blockchain strategies to meet their needs.

People can also take advantage of these systems to get help through donations to complete expensive medical procedures. Currently, there are multiple forms of crowdfunding using blockchain technology, and these options can be expected to expand into the medical field as the costs of procedures and care continue to skyrocket.

Blockchain Healthcare is the right choice

From an outside perspective, it is easy to dismiss the vital role of finances in the healthcare system. However, when approached just once, it becomes clear that everything from funding to organization can make a difference when it comes to the healthcare system. As such, blockchain healthcare alternatives provide the best option for an industry that needs to curb inefficiency while expanding the user base.