Healthcare

MSRvantage blockchain could revolutionize Healthcare industry by maximizing security and accessibility.

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Overview

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It’s hardly surprising that keeping our vital medical data safe and secure is the most popular blockchain healthcare use right now. In the health sector, security is a crucial concern. More than 176 million patient records were compromised in security breaches during 2009 & 2017. Over the last five years, we’ve witnessed an increase in the magnitude and frequency of healthcare data breaches, with the most significant breaches affecting up to 80 million individuals. Healthcare data breaches frequently reveal sensitive information, ranging from personally identifiable information like Credit Card numbers, identities, and addresses to sensitive health information like Medicare User ids, insurance coverage details, and patients’ health history.
Blockchain could revolutionize the healthcare industry by maximizing security and accessibility. The potential of blockchain to maintain an incorruptible, decentralized, and transparent log of all patient data makes it a technology ripe for security applications. Furthermore, while blockchain is visible, it is also private, concealing any individual’s identity using sophisticated and secure codes capable of protecting the sensitivity of medical data. The technology’s decentralized structure also enables patients, physicians, and healthcare professionals to exchange the same information quickly and securely. 

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Benefits

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Patient Data Management

Blockchain can give a structure for data sharing while also providing security. Patients' names, dates of birth, procedures

are done, and prescriptions are all collected by healthcare professionals. The information is kept in the organization's current databases or on cloud computing platforms. Each data source generates a hash, which is then sent to the blockchain along with the patient's public id. Smart contracts are used to control who has access to patient data. Healthcare stakeholders can access the blockchain using an API, which allows the data to be retrieved without disclosing the patient's identity.

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Drug Traceability

Security is the essential feature of blockchain technology for drug tracking. Each new transaction added to a block is

immutable and timestamped, making it simple to monitor a product and ensure that the information is not tampered with. When it comes to traceability, blockchain technology assists with two significant concerns. First, it allows firms to monitor their products through the supply chain, establishing a closed-loop that is impenetrable to counterfeit items. Second, it enables stakeholders, particularly labs, to take action from the latter in the event of an incident by pinpointing the precise position of their medications.

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Insurance Claim and Billing

Blockchain offers an excellent chance to address these existing practice-related challenges. Blockchain enables direct

communication between patients and bearers. Smart contracts can verify the accuracy of claims and avoid fraudulent conduct. This can also help to eliminate the hassle of verifying claims from numerous sources to guarantee the claim is genuine. By securely storing all transactions and enabling traceability of each transaction, blockchain can help prevent bogus claim entries by patients and providers.

Solutions

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Track & Trace Solution

The track and trace system is the technique of determining a drug's present and previous locations. Track and trace in

the healthcare industry help to manage their supply chain more effectively and reduce the risks associated with counterfeit medications. The pharmaceutical business, in particular, is under increasing pressure to implement complete track and trace solutions for product traceability and verification. Tracking shipments can not only reduce the possibility of counterfeit medications, but it can also assure standards compliance, brand integrity, and patient safety, all while boosting efficiency and lowering costs.

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Smart Contracts

Blockchain smart contract in the healthcare industry has the potential to significantly improve hospital records, insurance

claims, medical examinations, and medical supply chains. Smart contracts in the healthcare industry can secure data by storing it on a private blockchain and using encryption and encryption to protect it. It allows pharmaceutical companies and drug management authorities to identify drugs, verify their authenticity, track the route from the manufacturer to the patient, and thereby monitor and prevent the use of counterfeit drugs. Documents can be stored on the blockchain as smart contracts that act as digital fingerprints. This document catalogue reduces audit costs, file reviews, document loss issues, and fraud.

Use Cases

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