The healthcare industry has seen a dynamic evolution in the past couple of years. However, with the high rise in demand and as the standards of the consumers grow exponentially it has tended to stay stagnant when compared to other industries. While various industries have grown significantly over the past couple of years through implementing various technologies in their organizations to enhance customer experience the healthcare industry has lagged behind.
The stagnation in the healthcare industry adversely affected and sabotaged the service hierarchy and free workflow of the industry. While we do admit that some organizations within the healthcare industry were opening up to the implementation of technology, they had not welcomed it with open arms. But, 2020 was a turning point for the healthcare industry.
What changed in the healthcare industry?
With the onset of Covid-19 and the massive rise of demand for healthcare professionals, implementing a full-proof technology that enables them to function seamlessly became the need of the hour. Blockchain healthcare apps and various other healthcare app development companies started pouring into the market. These technologies were introduced in the healthcare industry a few years ago, however, it has gained exponential popularity post the pandemic.
Organizations have been realizing the need to include and invest in healthcare mobile app development for a more free workflow. The ability to protect patients’ data, deflate consumers’ current spending bubble, and improve the overall healthcare experience has been creating a lot of buzz among health care service providers.
The United States of America was one of the first countries to invest in healthcare mobile app development services and blockchain healthcare apps. Currently, 95% of their billing is ledger-based and 99% of the prescriptions are digital all of which are based on blockchain technology.
Various areas of medical and healthcare management have reaped the benefits of the rapid rise in blockchain healthcare app developments. It has helped healthcare organizations to improve their functions in various ways like patient record handling, drug forgery, and administration. When considering healthcare benefits the systematic and automation functional structure of this technology becomes more defined.
From product tracking to electronic health care records, shorter data processes, and increasing data security the blockchain healthcare app development has exponentially contributed to the existing scene in the healthcare industry and it can potentially change the global scenario.
As we progress with this article we will be discussing the various impacts blockchain healthcare app development has on the healthcare industry and how it is going to revive the industry.
What is Blockchain Technology?
According to wiki Blockchain technology is a distributed, decentralized, and public digital ledger that is used to record transactions and data across computers to disable the amendment of the fed record or data retroactively. It works without any alteration of any subsequent blocks. The term “blockchain” is derived from “blocks” or transactions that are connected and verified to the previous record, transaction, or block thus forming a long chain of records.
To explain this in the most simple way, you can imagine blockchain to be a google doc where everyone can view and add but not alter existing information.
What is the buzz regarding Blockchain healthcare app development?
Blockchain healthcare app development is one of the most revolutionary technological breakthroughs seen in the healthcare industry. You ask why? Here is a list of reasons:
Transparency: This technology offers a significant deal of transparency as every transaction made in a blockchain system is verified and recorded publicly.
Immutability: All the data once added to the blockchain system is barred from any further alteration. If it is entered once, you cannot change it anymore. This system also includes a third party and administrator which helps to prove to people that their data is unaltered and genuine.
Security: The records and data fed in blockchain technology are stored across all the systems instead of a single centralized database which makes it hack-proof and enhances its security.
Reduced transaction costs: Blockchain fully eliminate banks and even third parties by allowing peer-to-peer transactions and hence reduces the transaction costs.
Innovation: Blockchain is a great platform for innovation and new business models to grow. The implementation of this technology provides them an upper hand when competing with conventional businesses.
The Scope of Blockchain Healthcare App development In the Healthcare Industry:
There is immense scope for blockchain technology in the healthcare industry. A recent study shows that the global blockchain technology which is currently valued at $34.49 million will see a significantly steep rise by 2024 with revenues approximately hitting a whopping $1415.59. While the stats look promising let us look at the key factors that make blockchain technology so crucial for healthcare:
A single source of data: Healthcare mobile apps and blockchain healthcare apps ensure that all data that is stored and recorded cannot be altered or amended. New data can only be added to the existing transactions. This proves its authenticity and 100% security.
Access to Data and 24×7 monitoring: Blockchain healthcare apps can be developed and used for monitoring and storing data related to patients’ health. With the help of the Internet of things and other wearables, health care professionals can monitor patients with chronic illness 24×7 and vital information such as their blood sugar levels and blood pressure levels is always at their disposal. This improves patient results exponentially.
Cost-Effective: Healthcare mobile app development completely takes away mediator and third-party systems that are usually involved in transferring and fetching data out. The absence of these systems will enable the organization to achieve greater cost-effectiveness.
Integrity in medical records: Healthcare app development will help in deciding the integrity of a medical record. Whenever a patients’ medical record is produced it can be stored in a blockchain that will provide authentic proof. This is crucial as the integrity of a medical report is important from both medical and legal points of view.
Treatment Regimen: Blockchain healthcare app development can have a significant contribution to medical research purposes. Researchers via validated access to patients’ data can effectively study the impact of various treatments over a massive fraction of patient data. These researches can bring forward substantial outcomes that can improve the treatment methodology for diseases specific to the study.
By introducing blockchain technology and the rapid rise in demand for healthcare mobile app services it is safe to say that healthcare app development is the need of the hour and is sure to disrupt the healthcare industry positively. However, it is true that the implementation of this new technology will not be a cakewalk and will be met with challenges but one thing is sure that the blockchain healthcare app will make the healthcare industry secure and safer than ever.
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