Blockchain Technology in Healthcare: Pioneering Solutions for Decentralized Medicine

• In January 2024, the HealthEC hack exposed 4.5 million patient records from 18 providers.

• Blockchain technology in healthcare is built around accountability.

• Through blockchain technology in healthcare, a patient can use VR goals and dive into the virtual world for remote therapy sessions.

The tech world today has expanded its horizon beyond its original applications. Innovators, visionaries, entrepreneurs, and investors have concluded that tech is the key to the future. As a result, a wave of new applications of emerging tech has sprung forth a new fountain of thinking.

 Among these rising trends are blockchain technology, healthcare, and the merger between the fastest-growing tech known and the medical industry’s oldest sector.

Experts from both worlds collaborate to improve various factors of outdated medical practices. For instance, the power of the Metaverse in healthcare is proving to be a more formidable asset to the industry. A prime example is the first digital surgery, facilitated by the power of Veyond Metaverse.

 Moreover, this technology offers many benefits, including improved service quality, secure maintenance of digital health records, and the potential to regulate and improve medical data privacy policies. These advancements will transform the healthcare landscape.

This article seeks to dive deep into the world of web3 healthcare, the next big thing for Healthcare services, showcasing rising giants within the field.

Understanding blockchain technology healthcare and its capabilities

Web3, the next evolution of the Internet/Web2, has captivated many through its progress over the past two decades. The technology initially grasped the globe’s attention after the value of Bitcoin, once considered a hoax, shot past the $1000 mark, showcasing its potential. Soon after, others dived into the sector, giving way to titans like Ethereum, Binance and custodial and non-custodial exchanges. 

At its core, Web3 represents freedom for centralized control and digital privacy, allowing users complete control over their information without worrying about unauthorized alteration. This fundamental understanding sparked the ingenuity leading many innovators to implement this strange yet effective way of governance in other sectors. 

This trend soon led to the recent milestone of Web3, Decentralized Applications—a category of software or application that implements the core concepts of web3 via blockchain technology.

Soon after, DeFi became more mainstream; Data ownership via the power of NFT rocked many governments, and eventually, innovators and forward thinkers materialized blockchain technology in healthcare.

Web3 is now known for its ability to improve upon where Web2 has failed. This fact led to many attempts at actualizing web3 healthcare to introduce a new arsenal to the evergrowing MediTech field.

However, how does blockchain technology healthcare make a difference? How does a technology that thrives in the financial and entertainment industry thrive in a sector built upon the betterment of the human body?

Fret no longer; below are various unique ways blockchain has transformed the industry.

Benefits of Blockchain Technology Healthcare

Healthcare Data Management and Protection

A commonly forgotten fact about the medical industry is that among its core building blocks is privacy. Ordinarily, publicly announcing an individual’s medical records is unbecoming and embarrassing, especially if it involves sensitive topics.

Traditional Medical data privacy policies were much easier to protect since they mainly involved patient-doctor confidentiality and relied on the old-fashioned pen and paper or typewriter. Then came along Web2, introducing a better, faster and more secure storage strategy, digital health records.

This generally has built the foundation we know as MediTech, inspiring many to look into ways to use technology to aid recovery. Unfortunately, it came with its flaws. The rapid growth of data and information collected required third-party collaborators, further blurring the lines of privacy.

For instance, in January 2024, the HealthEC hack exposed 4.5 million patient records from 18 providers, including sensitive information like social security and Taxpayer Identification Numbers and their medical condition.

Medical data privacy is a significant flaw, and blockchain technology is the solution.

Web3 uploads several core factors, making it better than Web2 but not compared to its ability to maintain its integrity. Its make, decentralization makes it impossible to alter or reveal user information without consenting with 51% of the network. This creates an elaborate, self-sorting and immutable ledger via the power of smart contracts. 

On a grander scale, it could provide a single source of information, allowing multiple users access to the database regardless of the hospital. This also provides ample background information for doctors to use when diagnosing.

This attribute secures medical data privacy without infringing on user accessibility and distribution.

Improved Supply Chain Management controlling Pharmaceutical Counterfeit

Every product created in this world has a counterfeit, be it electronics, foodstuffs and scary enough medical drugs. According to WHO, around 10.5% of medications worldwide are either fake or subpar.

The figure increases to 13.6% in low- and middle-income countries; it is around 1% in developed nations. This may appear small, but when viewing it from a practical perspective, this figure represents over 800,000,000 individuals who are taking counterfeit drugs, resulting in prolonged ailment or death.

Illicit manufacturers of such drugs target institutes or regions with weak technical capacity or accountability within their supply chain management. This means that one vehicle transporting genuine medication always needs to show along the way and is replaced with counterfeits.

Fortunately, blockchain technology in healthcare is built around accountability. Since decentralization upholds integrity, transparency and immutability, tracking and identifying shipment movement is far more accessible.

Web3 healthcare shares similar perks as digital assets or cryptocurrency, such as an irrevocable timestamp. This generally proved that the goods did reach their destination without alteration. 

Metaverse in Healthcare

The Metaverse in Healthcare has made astounding breakthroughs in the past decade. Its applications range from VR training to allowing upcoming students to experience near-perfect representations and practice what to do during surgery.

It also recently made a breakthrough with the first digital surgery between Paris, France, and Yangon, Myanmar. Despite the patient and doctor being over 8000km apart, through the power of VR, the two doctors collaborated and performed a successful operation. 

According to Digital Healthcare Technology Vision 2022, nearly 81% of healthcare executives concur with using VR technology. This provides better opportunities to train upcoming field students without fear of endangering a patient.

The Metaverse in healthcare also contributes to the upcoming and visionary digital diagnosis. Generally, through augmented reality and AI capabilities, one can scan a human body via valuable data such as movement, interaction and body heat, creating a draft for diagnosis. This significantly aids in digital surgery as the doctor can pinpoint the individual’s troubles without necessarily meeting physically.

Furthermore, it also broadens multiple paths for dealing with mental issues. Through blockchain technology in healthcare, a patient can use VR goals and dive into the virtual world for remote therapy sessions. Here, the doctor can tweak the effects of the virtual room to suit the patient best.

Top Web3 Healthcare Companies

With Decentralized applications steadily becoming a trend, many emerging startups have dominated the franchise. Blockchain technology healthcare is no different. Its current position is built on the backs of startups that choose to adapt and evolve with the changing times. Despite blockchain technology still being an upcoming trend, its developers are rare.

Below are some of the pines for web3 healthcare:

Medicalchain: As one of the first web3 healthcare companies, Medicalchain developed a platform that allows patients complete control of their medical data and shares it securely with medical providers. The platform utilizes blockchain to ensure patient data is secure and immutable. In addition, the web3 healthcare company also provided telemedicine services, allowing patients to request a session with a medical practitioner remotely.

Solve.Care- Unlike its predecessor, Solve utilizes the blockchain to improve healthcare administration and coordination. The platform provided patients, healthcare providers and insurers a way to communicate directly and effectively with users. This reduces the lag time many hospitals face during a busy day.

Akiri –  is a blockchain-based company that operates a network-as-a-service specifically for the healthcare industry by securing the transportation of patient information.

FarmaTrust- This AI and web3 company merged both concepts to ensure complete transparency in the medical industry. They utilize this capability of decentralization to create an efficient pharmaceutical supply chain to eliminate counterfeit products, improving the lives of patients and hospitals.

GuardTime – aids the healthcare sector by implementing blockchain technology within hospital technology for cyber security. The company played a vital role in implementing blockchain solutions in Estonia’s healthcare systems.

The Future of Medicine

Despite the inability to directly aid the human body, blockchain technology healthcare facilitates access to such services. The protection of medical data privacy without infringing on the accessibility of digital health records is a marvel in its own right.

It may still be an emerging concept, but various organizations have made significant strides. For instance, in the last quarter of 2023, XRP launched a web3 healthcare firm with the primary intention of expanding into Africa. This, coupled with a few wins for Metaverse in health care, has created momentum many didn’t see coming.

In a matter of decades, Web3 Healthcare will soon replace MediTech completely via its diversity, security and transformative potential.

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• Source: https://web3africa.news/2024/04/05/news/blockchain-technology-in-healthcare/