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What comes into our minds when we think of cryptocurrencies? You nailed it! It’s blockchain technology that manages bitcoins and other cryptocurrencies globally. However, blockchain app development goes beyond cryptocurrencies. It can assist companies in saving money, improving performance, increasing security, and enhancing efficiency.
Today, companies across all industry sectors embrace blockchain technology for leveraging benefits. In this article, we will delve into the role of blockchain software development in strengthening the medical supply chain. But, before moving ahead, let’s understand this concept and its importance in the thriving healthcare sector.
Blockchain technology is about making shared and immutable logs of peer-to-peer transactions based on linked translation blocks stored in a digital ledger. The blockchain concept depends on established cryptographic methods. These methods enable every participant to interact without any preexisting relations between the parties in a network. As this technology has no central authority, storing and distributing transaction records across the entire network is possible.
Critical and confidential information of patients require an additional layer of security with easy access to healthcare professionals. A reputed blockchain app development company makes it possible by building a robust and customized healthcare app. Here, blockchain-based features streamline medical records and make their sharing secure. In other words, blockchain offers high scalability, privacy, and security.
A recent survey revealed that 53% of healthcare executives see Blockchain as one of the five priorities. According to a BIS Research report, the global healthcare market investment in technology will reach $5.61 billion by 2025. An IDC report states that 55% of all healthcare applications will have employed Blockchain for commercial purposes by 2025. The following image shows the adoption of blockchain in the healthcare sector.
This is not all! A comprehensive Precedence Research report has revealed that the blockchain in the global healthcare market size is expected to reach USD 14.25 billion by 2032. As per the prediction, the market size of blockchain technology will grow and remain at over 34% CAGR during the forecast decade of 2023-2032. The following graph says the entire story of consistent growth in the market size of blockchain technology in the global healthcare sector.
After seeing the importance of blockchain in the thriving and highly regulated healthcare sector, let’s dig deep into its role in managing the medical supply chain. Blockchain app development can ensure secure patient data retrieval and storage, leading to streamlined medical processes.
Blockchain technology offers a promising solution to the complex challenges in the modern healthcare supply chain. With its ability to address crucial issues and improve various aspects of the system, blockchain has the potential to revolutionize the way we manage and oversee supply chains in the healthcare industry.
Blockchain records and tracks each transaction and movement of healthcare products, ensuring authenticity, quality, and integrity.
Blockchain app development services help your organization ensure patient safety by combating issues related to counterfeit or substandard healthcare products.
Decentralized and tamper-resistant nature of the blockchain strengthens supply chain integrity by preventing unauthorized modifications or data tampering.
Healthcare organizations can establish a robust system for tracking and managing products using blockchain’s immutable ledger.
Blockchain app development enables healthcare organizations to streamline critical processes like inventory management, procurement, and logistics to reduce administrative overheads. Improved Patient Care You can redirect the saved operational costs toward patient-centric initiatives and services, enhancing patient care services.
A reputed blockchain app development company can integrate some useful features in a custom medical supply chain software. These features can increase the overall efficiency and data security of your healthcare organization.
In a blockchain-based medical supply chain management system, immutability plays a crucial role. No one can alter the stored data by any means. This feature ensures the data’s security, accuracy, and reliability, minimizing the risk of data breaches or manipulation. With immutable records, stakeholders can trust the integrity of the information, promoting a secure and trustworthy supply chain environment.
Transparency is a key benefit of blockchain in the medical supply chain. All stakeholders can access the complete transaction history of drugs or medical devices recorded on the blockchain. This transparency helps prevent fraud, waste, and corruption within the supply chain. It also enhances accountability at every stage and empowers patients to verify the legitimacy of the products they receive. By tracing the entire journey of a product, stakeholders can ensure quality control and maintain a high level of trust in the supply chain.
Smart contracts, a feature of blockchain technology, are self-executing contracts with predefined conditions. They automate specific tasks based on predetermined criteria, such as payments or product shipments. In the medical supply chain, smart contracts can be utilized to automate various processes, including verifying the authenticity of items and ensuring compliance with legal standards. Automating these tasks makes the supply chain more efficient, reliable, and compliant, reducing human error and promoting seamless operations.
Efficient tracking is a significant advantage of implementing blockchain in the medical supply chain. As a product moves through the supply chain, its location and status are recorded on the blockchain. This tracking feature ensures transparency and accountability by providing stakeholders with access to the complete transaction history of any drug or medical device. It allows for real-time visibility, making it easier to identify and address any issues or delays. By enhancing tracking capabilities, blockchain promotes streamlined logistics, reduces inefficiencies, and ensures the integrity of the supply chain.
The blockchain-based medical supply chain system ensures regulatory compliance by adhering to industry standards and regulations, such as the FDA’s track-and-trace requirements. Compliance with regulations like the Health Insurance Portability and Accountability Act (HIPAA) and the General Data Protection Regulation (GDPR) helps the healthcare sector fulfill its legal obligations. By enforcing regulatory compliance, blockchain safeguards the public from counterfeit or subpar pharmaceuticals and medical equipment. It provides a secure and auditable system that helps prevent non-compliant products from entering the supply chain.
Blockchain in the medical supply chain can also be utilized for patient verification purposes. When a product is delivered, patients can access its complete transaction history on the blockchain. This transparency and openness increase patient safety and trust in the healthcare system. Patients can verify the authenticity and regulatory compliance of the product they receive, ensuring they are receiving genuine and safe medications or medical devices. This feature empowers patients to actively participate in their own healthcare journey and make informed decisions about the products they use.
The manufacturer of medications or medical equipment can enter the product’s information on the blockchain, including its composition, expiration date, and batch number. Other network nodes then verify and store this record, ensuring the data’s security and accuracy. Blockchain’s distributed ledger ensures that the records are tamper-resistant and reliable. This robust record-keeping system enhances transparency and traceability throughout the supply chain, facilitating efficient recalls, audits, and quality control measures.
All these features can enhance transparency and improve data privacy, increasing patient trust over the period. You can consult a reliable blockchain app development company to know more about the features and benefits of blockchain for your organization.
It is fair to mention that blockchain technology has emerged as a transformative force in the healthcare sector, offering immense potential to revolutionize the management of supply chains. Blockchain offers unprecedented levels of security, transparency and efficiency to healthcare supply chains. It has unique features like immutability, smart contracts, efficient tracking, and regulatory compliance for handling supply chains effectively.
Silicon IT Hub is a renowned blockchain app development company that offers end-to-end services for building robust and user-friendly blockchain apps. If you want to know more about the scope of blockchain technology for your healthcare organization or wish to get the solution for various challenges through a seamless blockchain app, just drop us an email at [email protected], and we will get back to you soon!