Blockchain is arguably the technology of the future, and rightfully so. It is a distributed ledger technology that is mostly used for cryptocurrencies.
However, it can also be useful in many other applications--one of them being the healthcare supply chain industry. The supply chain of healthcare products is extremely important because the health and lives of people depend on it.
Pavel / Pexels | More than ever before, health professionals are in need of better and more efficient blockchain technology.
Therefore, it is imperative that the healthcare supply chain industry is efficient and secure. This article will discuss how significant blockchain is for the healthcare supply chain industry.
The Healthcare Supply Chain Industry
The supply chain of healthcare products is highly complex and involves many stakeholders, such as manufacturers, distributors, hospitals, pharmacies, and patients. The objective is to ensure the products reach the patient safely and in the right condition.
Many issues may arise in the supply chain, including counterfeit medicines, product recalls, and insufficient quality control. Additionally, maintaining the privacy and security of patients' data is essential. Thus, Blockchain can potentially solve these issues.
How Blockchain Works?
Blockchain is a distributed ledger technology that stores data in decentralized blocks. This secures each block cryptographically. Once they add this, they cannot alter or delete it. Transactions on the blockchain occur based on consensus and are transparent to all participants.
Anna / Pexels | After the mayhem of coronavirus, the healthcare sector - the supply chain in particular - yearn for enhanced blockchain technology.
The ledger is maintained by all participants. Thus, ensuring its security and immutability. Blockchain eliminates the need for intermediaries. Consequently, it helps reduce the time and cost required for transactions.
Blockchain in the Healthcare Supply Chain Industry
Essentially, blockchain has several use cases in the healthcare supply chain industry. One such case is inventory management. Currently, hospital inventory management is manual and prone to errors.
By using blockchain technology, hospitals can automate inventory management and track the movement of goods, increasing efficiency and reducing waste and costs. Another use case is traceability. Tracking the origin and journey of drugs is crucial in the fight against counterfeit medicines.
By using blockchain technology, companies can track the origin and journey of drugs. Thereby, preventing counterfeit medicines from entering the supply chain. The tamper-proof nature of blockchain ensures that the information is accurate and secure.
Morthy / Pexels | Blockchain uses a decentralized technology to store and manage patients' critical data.
Similarly, Blockchain also has potential in patient data management. Maintaining a patient's data is crucial, and it is important to ensure it is secure and confidential. By using blockchain technology, patients can have control over their data and can share it with healthcare providers as needed. The blockchain ledger ensures that the data is accurate and secure, and patients have control over who sees their data.
Parting Thoughts
Blockchain has the potential to revolutionize the healthcare supply chain industry. By using blockchain technology, the supply chain can be made more efficient, secure, and transparent. Blockchain can help solve several issues, such as counterfeiting, data confidentiality, and traceability.
Thus, Blockchain technology can help save lives by reducing errors and increasing efficiency. As blockchain technology continues to evolve, we can expect to see more use cases in the healthcare industry and beyond.