BLOCKCHAIN TECHNOLOGY HAS COME UP WITH MULTIPLE WAYS TO COMBAT PRIVACY CONCERNS IN HEALTHCARE
Shahid Akhter spoke to Nishant Rathi, Founder & CEO of NeoSOFT Technologies, to know more about the potential and scope of Blockchain possibilities in healthcare.
Does Blockchain hold the potential to validate vaccine, PPE supply chain and ventilators?
Blockchain along with AI & Cloud is powering supply chain management at its true potential. With its ability to provide real-time insights, Blockchain enhances the ability to check the roadblocks and improve the response time. I must say that with Blockchain gaining immense popularity, it has become pivotal in drastically revamping key operations not just only in the supply chain, but has a dramatic impact on all other sectors. In these unprecedented times, it has assisted the healthcare industry with a single, reliable and transparent outlook of supply and demand data across the stakeholders, legal entities, and geographies. Tracking the vaccines, assisting the patients to keep track of their vaccine records, and unifying records of patient immunization are the core areas where Blockchain technology has gained the spotlight lately.
What are the potential uses of Blockchain to combat security and privacy concerns in healthcare?
Blockchain technology has come up with multiple ways where it can combat all the privacy concerns in the healthcare industry- may it be drug tracking, safeguarding patient’s medical records from any unauthorized access, vaccine tracking, staff records management, or e-health monitoring. With the decentralized architecture, blockchain comes equipped with consensus mechanisms, digital signature schemes, and a chain of hashing and advanced storage proficiencies that makes it ideal to address the complex data threats and other healthcare privacy concerns.
Will Blockchain be a boon for clinical trials and make lives easy for healthcare operators?
This is something where Blockchain excels at! Making patient recruitment smarter and hassle-free is what Blockchain can be harnessed at. The major data and traceability-related issues in clinical trials can be addressed with Blockchain as it allows optimization of double-blind trials on multiple fronts. Besides that, a master smart contract assists in automated patient recruitment, subject matching, and trial-based contracts management.
How has blockchain become the game-changer in pandemic times for healthcare?
Pandemic has led to several revolutions and more important the adoption of digital accelerators. Since its inception, Blockchain came with many expectations. But the best part is now when we are witnessing its ability to revolutionize every segment and industry. We are now experiencing the bigger picture of Blockchain and it is performing a key role in ensuring transparency and enhanced security backed with its decentralized architecture.
How Blockchain improves the micropayments system in the healthcare industry?
Blockchain comes equipped with cryptocurrency token-based payments. During this, the healthcare providers receive a direct transfer of the agreed-upon cryptocurrency in the wallet and there is simply no involvement of any third-party services. This ensures utmost security and transparency while making micropayments a hassle-free process. And if we talk about fraud security, Blockchain transactions are irreversible which minimizes the scope of risk in the long run. So, modern problems need modern solutions and this is what we believe at NeoSOFT Technologies. We develop digital solutions not because it has advanced functionalities, but because it perfectly caters to the modern problems of modern businesses.
Why is Blockchain for Electronic Medical Record (EMR) Data Management gaining momentum?
The decentralized peer-to-peer network is what enables Blockchain to improve and secure Electronic Medical Records. The power of Blockchain can strengthen the EMR system by ensuring immutability of data and taking data security to the whole next level. Besides that, improving interoperability is another area where Blockchain has the potential to improve EMR in the form of smart contracts. And when we talk about building user trust, Blockchain’s decentralized architecture and consensus algorithms are commendable while making the latest information accessible to all the members.
Exclusive interview of our Director Mr. Nishant Rathi with “The Economic Times”. Click here to read.