Business Software India • Mar 30, 2020
“The healthcare industry in India is expected to reach US$372 billion by 2022, driven by rising incomes, greater health awareness, lifestyle diseases and increasing access to insurance.”
–India Brand Equity Foundation
Ayushman Bharat is the largest government-funded healthcare scheme in the world. A number of hospitals are on the rise in a pacing mode than ever before. Health insurance is gaining momentum in India. In the 2017 financial year, the hospital industry stood at Rs 4 lakh crore (US$ 61.79 billion) which is expected to reach Rs 8,60,000 crore (US$ 132.84 billion) by FY2022.
Under this scenario, healthcare with emerging technology is inevitable. Emerging technologies are Blockchain, Artificial Intelligence, Machine Learning, Augmented and Virtual Reality. The science behind these technologies can take the healthcare system to a whole new level.
Blockchain Technology is the decentralized technology that disrupted everything. Along with many other sectors, it can also disrupt healthcare due to its nature of anonymity and data integrity.
The medical records of patients can be secured forever with the data that is secured in blocks. Vast numbers of patients’ physical and mental health data cannot be tampered with. Moreover, immutable data will help hospitals and patients with further treatment. In Blockchain technology, interoperability is a significant mileage for the world of technology. The hashtag identifications of each and every patient can be utilized globally; anywhere, anytime.
Supply chain management is a key service that blockchain can promise to deliver. Reports said pharmaceutical drugs are consistently stolen from the supply chain to be sold illegally to various consumers. To eradicate this problem, the blockchain-based tracking system will assist immensely. From pharmaceutical companies to hospitals and retailers, the tracking process will be implemented properly.
Without progress, civilization cannot breathe and progress comes forth with research. Advancement of healthcare, data storage and its access on a global scale is quite significant. Blockchain is the only solution for concrete database structures that can minutely and properly store medical data worldwide for the sake of further research and medical headway.
Medical insurance coverage is a big help for saving lives. A study states medical insurance companies make a profit as much as they make losses out of fraud claims by the patient’s family. To exterminate fraud in claiming insurance, a blockchain ledger can help supplying the medical history of each and every patient. A decentralized database of blockchain can be accessed by the insurance company to verify the similarity between the claim of the patient and the actual cost of medical treatment.
Tokenization of Treatment Cost
Tokenisation is a typical concept in DLT (blockchain) technology. Contributing medical data for the sake of clinical trial and research, the patient can be rewarded with token-based points which they can redeem for their future healthcare needs.
Blockchain is a disrupting technology to magnify the healthcare industry and with that, there will be a boost in the integration of blockchain technology within healthcare applications.