Blockchain technology has brought about a revelation in terms of how we conduct our businesses across various distinguished industries. Nishant Rathi, who is the founder and Chief Executive Officer of NeoSOFT Technologies, opened up about the enormous scope and possibilities of using Blockchain technology in the healthcare industry, and how it is going to transform the industry in the future.
Blockchain and Supply Chain
The entire supply chain management system is undergoing a huge transformation with the aid of technologies such as Blockchain, Artificial Intelligence and Cloud Computing. With advanced abilities to provide real time data, Blockchain can help identify whatever the hindrances are, if any, and solve them to improve the response time further. Rathi stated that with the immense popularity that Blockchain commands in today’s world, it can literally transform key operations in any relevant industry and not just in supply chain, almost drastically.
During these difficult days of the pandemic, Blockchain technology has provided assistance to the Healthcare industry through a single, transparent and a reliable perspective on the demand and supply data across legal entities, stakeholders and diverse geographical regions.
A key area where Blockchain is really making a notable difference and contribution right now is how it is useful in assisting the patients with their details of vaccination, keeping track on the vaccines and also in the unification of records of patient immunization.
Blockchain and privacy concerns in healthcare
Blockchain technology has shown us multiple ways in which it can help authorities to address privacy and security issues in the healthcare industry. Issues such as drug tracking, vaccine tracking, protecting the medical records of patients from unauthorized access, e-health monitoring or even staff records management, can easily be taken care of using Blockchain-based applications. As the core architecture of Blockchain is a decentralized one, it automatically comes armed with technologies like digital signature schemes, consensus mechanisms in the form of smart contracts, advanced storage capabilities and a chain of hashing techniques which renders Blockchain as an ultimate tool for use against online or offline threats, or even when it comes down to breaking down complex amounts of data.
Blockchain and clinical trials
Out of the many things related to the healthcare industry, one thing at which Blockchain simply excels at is in making the recruitment process of patients a much less hassle-free process and a smart one at that as well. Blockchain is such a technology that allows double-blind trials to be optimized on multiple fronts. This can be used to deal with the major traceability and data-related issues in clinical trials. On top of that, a master smart contract, much like a master key, can help in automated patient recruitment, trial-based contract management or even patient recruitment.
Role of Blockchain during the Pandemic
The Covid-19 Pandemic has brought about revolutionary changes in almost every aspect of human existence, especially in the areas concerning digital accelerators. Rathi believes that even though Blockchain came with a lot of expectation from its early days, it is now that we are getting to see the technology unfolding itself and changing every aspect of our lives. The global pandemic has shown us the value of security and transparency in the context of our digital assets.
How can Blockchain improve micro payments in healthcare
The Blockchain technology comes enabled with cryptocurrency token based payment methods. A good example of this system in work is that whenever a service has been provided, the caregivers will receive a direct transfer of the amount of cryptocurrency that was earlier on agreed upon and moreover, the whole thing was carried out automatically with the help of smart contracts, and at the same time there are no need for a third party mediator or anyone else to process the certain transaction. Therefore in order to make this process extremely secure, transparent and hassle-free, they have automatically made it a whole lot easier to conduct micropayments.
It is also a well-known fact that the transactions carried out on a Blockchain cannot be reversed and thus eliminates any chance of fraud security. According to Rathi, it is true that modern problems do require modern solutions and that is exactly what they are trying to incorporate at NeoSOFT Technologies. The idea behind creating digital applications is not only to benefit from their functionalities but also about the fact that they can cater to problems that modern businesses are facing.
Blockchain for Electronic Medical Records
The peer-to-peer network which is decentralized is the feature that is helping in improving the Electronic Medical Records or the EMR system. Blockchain has the ability to infuse the power of immutability in order to strengthen the EMR and by doing so, take the entire data security aspect to the next level. According to Rathi, they are also trying to improve the interoperability aspect which will improve the EMR system with the help of smart contracts.
Blockchain know-how has led to a revelation by way of how we conduct our companies throughout numerous distinguished industries. Nishant Rathi, who’s the founder and Chief Govt Officer of NeoSOFT Applied sciences, opened up in regards to the monumental scope and potentialities of utilizing Blockchain know-how within the healthcare business, and the way it’s going to remodel the business sooner or later.
Blockchain and Provide Chain
The complete provide chain administration system is present process an enormous transformation with assistance from applied sciences resembling Blockchain, Synthetic Intelligence and Cloud Computing. With superior skills to supply actual time knowledge, Blockchain will help establish regardless of the hindrances are, if any, and clear up them to enhance the response time additional. Rathi acknowledged that with the immense reputation that Blockchain instructions in right this moment’s world, it might probably actually remodel key operations in any related business and never simply in provide chain, virtually drastically.
Throughout these tough days of the pandemic, Blockchain know-how has supplied help to the Healthcare business by way of a single, clear and a dependable perspective on the demand and provide knowledge throughout authorized entities, stakeholders and numerous geographical areas.
A key space the place Blockchain is absolutely making a notable distinction and contribution proper now could be how it’s helpful in aiding the sufferers with their particulars of vaccination, holding observe on the vaccines and in addition within the unification of information of affected person immunization.
Blockchain and privateness issues in healthcare
Blockchain know-how has proven us a number of methods through which it might probably assist authorities to handle privateness and safety points within the healthcare business. Points resembling drug monitoring, vaccine monitoring, defending the medical information of sufferers from unauthorized entry, e-health monitoring and even workers information administration, can simply be taken care of utilizing Blockchain-based purposes. Because the core structure of Blockchain is a decentralized one, it mechanically comes armed with applied sciences like digital signature schemes, consensus mechanisms within the type of good contracts, superior storage capabilities and a series of hashing methods which renders Blockchain as an final device to be used in opposition to on-line or offline threats, and even when it comes all the way down to breaking down advanced quantities of information.
Blockchain and scientific trials
Out of the various issues associated to the healthcare business, one factor at which Blockchain merely excels at is in making the recruitment technique of sufferers a a lot much less hassle-free course of and a wise one at that as effectively. Blockchain is such a know-how that permits double-blind trials to be optimized on a number of fronts. This can be utilized to take care of the foremost traceability and data-related points in scientific trials. On prime of that, a grasp good contract, very like a grasp key, will help in automated affected person recruitment, trial-based contract administration and even affected person recruitment.
Function of Blockchain in the course of the Pandemic
The Covid-19 Pandemic has led to revolutionary adjustments in virtually each facet of human existence, particularly within the areas regarding digital accelerators. Rathi believes that though Blockchain got here with a number of expectation from its early days, it’s now that we’re attending to see the know-how unfolding itself and altering each facet of our lives. The worldwide pandemic has proven us the worth of safety and transparency within the context of our digital belongings.
How can Blockchain enhance micro funds in healthcare
The Blockchain know-how comes enabled with cryptocurrency token based mostly fee strategies. A great instance of this method in work is that every time a service has been supplied, the caregivers will obtain a direct switch of the quantity of cryptocurrency that was earlier on agreed upon and furthermore, the entire thing was carried out mechanically with the assistance of good contracts, and on the similar time there are not any want for a 3rd social gathering mediator or anybody else to course of the sure transaction. Subsequently so as to make this course of extraordinarily safe, clear and hassle-free, they’ve mechanically made it an entire lot simpler to conduct micropayments.
Additionally it is a well known undeniable fact that the transactions carried out on a Blockchain can’t be reversed and thus eliminates any likelihood of fraud safety. In keeping with Rathi, it’s true that trendy issues do require trendy options and that’s precisely what they’re attempting to include at NeoSOFT Applied sciences. The concept behind creating digital purposes shouldn’t be solely to profit from their functionalities but in addition about the truth that they’ll cater to issues that trendy companies are dealing with.
Blockchain for Digital Medical Information
The peer-to-peer community which is decentralized is the function that’s serving to in bettering the Digital Medical Information or the EMR system. Blockchain has the power to infuse the ability of immutability so as to strengthen the EMR and by doing so, take all the knowledge safety facet to the following stage. In keeping with Rathi, they’re additionally attempting to enhance the interoperability facet which is able to enhance the EMR system with the assistance of good contracts.