Every time an outbreak arrives, some of the other inefficiencies of the healthcare industry come to light, and the pandemic of 2020 was no exception. This pandemic has shown how full of holes the healthcare industry’s infrastructure is worldwide. We have all seen how much ordinary people have suffered for the lack of minimal help that couldn’t be made possible just because the system didn’t allow it. So, finding the source of an outbreak, tracking the people infected after the disease originated, and finding the right help at the right time has been particularly problematic. On top of this, data crimes in the sector have always been extremely high. However, this time, there is a technology available that can resolve all the issues that stifle this sector so that the same problems don’t tarnish it any further.
Let’s understand blockchain technology for those who don’t know much about it.
Blockchain technology is built on a continuously developing shared ledger that can be updated hundreds of times daily. The term “blockchain” refers to a collection of time-stamped “blocks” holding digital data maintained in a public repository using cryptographic techniques. The information stored in the ledger is time-stamped, irreversible, transparent to the entire network, and firmly secured with layers of nearly unhackable blockchain protection. As a result, it is easy to find the source of any data, and data theft and loss are minimised. Plus, any new changes in the record change the entire data chain and alert the whole network, meaning the information in the ledger remains under constant supervision from the network.
How can we use blockchain solutions in Australia to minimise outbreaks?
While blockchain has penetrated practically every industry in the world in the last decade, medicine is one of the few that has remained largely undisturbed. Yet, if the recent COVID disaster and the series of disease outbreaks in the last two decades have taught us anything, this sector is in dire need of a complete reconstruction.
Blockchain has the potential to be the medium that makes this necessary change happen. Not only can it eliminate most healthcare issues, making life easier for everyone worldwide, but according to a study, blockchain in healthcare could save the industry up to $150 billion annually by 2025. Any established and reputed blockchain consulting firm can guide the medical centres about the ins and outs of the technology and lay out a blockchain network to make the industry function more smoothly.
Pharmaceutical products worldwide move through multiple hands and travel through several nations for manufacturing and packaging. This only increases the likelihood of mistakes, negligence, immoral practices, and fraud, costing the sector billions of dollars yearly.
Most experts in the food supply chain would agree that instant transparency should be the primary goal for safe food handling that limits consumer risk. A few years ago, the possibility of this seemed like a fairy tale: you couldn’t possibly instantly “see” the supply chain. But now, with the help of blockchain solutions in Australia, we can.
- Blockchain consulting experts can help develop decentralised blockchain networks where transaction data will be permanent, transparent, and easily shareable. This will minimise waits, waste, and mistakes while tracking the products’ fair trade compliance across the distribution network.
- Even the corrupted act of delivering counterfeit medicine can be stopped with the help of this technology since the sources of any object registered on a blockchain are so easily traceable.
- Blockchain-based smart contract solutions can ensure that the bureaucratic process of approving a medicine or a medical procedure takes much less time, saving thousands of lives.
- The vaccination process will take much shorter and less effort if conducted over a blockchain network.
Misdiagnosis is a huge issue in the healthcare industry. Errors in matching medical records with the right patient or doctor and inaccurate medical treatments take hundreds of lives each year. The data breach is another big threat defiling this sector. Healthcare organisations tend to have huge databases, and identifying a data breach in this industry takes time. Both of these give felons enough incentives and time to carry on identity theft crimes. As an unfortunate fact, a HIPAA study reveals that In 2021, an average of 1.95 healthcare data breaches of 500 or more records were reported each day, which is double the amount from just four years before and aggregated more than 94.63% of the 2021 population in just the United States. Along with troubling the masses, this costs the healthcare industry millions of dollars each year in fines, settlements, and restructuring.
Blockchain solutions in Australia can be used to eradicate both of these issues.
- Blockchain consulting companies can help set up blockchain networks to track down and isolate patients with particularly contagious diseases like Ebola, COVID, etc., that can cause outbreaks. Smart contract solutions can make contact tracing much easier as well.
- Hacking or manipulating patient data will be next to impossible on a blockchain network owing to its transparency and exceptional security and privacy layers. Blockchain’s permanent ledger makes data loss inconceivable too.
- Vaccinated and unvaccinated citizens will be much easier to identify and monitor.
- A blockchain network.
Suppose healthcare communities all over the world could join forces. In that case, authentic health-related information, along with treatments, cures, and vaccines, could become more accessible to medical professionals and the common people. Hospitals can share patient details smoothly with a smart contract solution premised on blockchain technology without giving up any data ownership. This will accelerate medical research by an immense amount, leading us to find solutions to public health issues much faster.
The sooner blockchain technology applies to the healthcare industry, the safer consumers and businesses will be. The good news is that the integration is rapidly gaining traction, with big names investing billions in the field. Analysts soon expect a blockchain-powered new normal that is decentralised, uncorrupt, all-inclusive, and transnational.
Our experts are happy to assist if you’re interested in learning more about how it works. Contact us today and speak to our team at Blockchain Australia.