Blockchain innovation is finding a home in industries far beyond crypto. Smart contracts are being embraced by healthcare, with their benefits found in a wide range of use cases within the field.
While some traditional systems can undertake some of the tasks exceptionally well, many of them are prone to failure due to limited interoperability, susceptibility to data corruption and lack of transparency.Smart contracts can be programmed to perform a wide range of tasks. They can, for example, be programmed to record payment information on the blockchain once a transaction is made while ensuring that only entities with permissioned access can view the details.
Such a setup would save lives and help doctors avoid issues related to medical negligence. Health centers can also configure smart contracts to track health complications arising from treatment side effects and encode them to share the information with partner drug manufacturing companies and medical associations that have yet to uncover the full side effects of new drugs.
Additionally, the storage of billing information on the blockchain would help to prevent problems related to data loss due to the immutable nature of decentralized ledger networks.Delayed medical information transfers sometimes lead to poor service. Smart contracts have the ability to change this by disseminating patient information across relevant departments in healthcare institutions.
Because the data is stored on the blockchain, which is transparent, healthcare institutions and their suppliers can easily identify supply chain weaknesses that lead to the entry of fake drugs. Alex Pipushev, founder of blockchain services company GTON Capital, said that blockchain supply chain systems were evolving at a fast pace and will most likely cater to a wider range of healthcare services as their utility increases.
The benefits of smart contracts are also becoming apparent in health insurance due to their ability to improve customer experiences.
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