Technology:
PYTHON
,
Golang
more
Category:
Blockchain
Hire the Best Hyperledger Fabric CA Developer
Build secure and scalable enterprise blockchain solutions with Hyperledger Fabric. We develop private, permissioned blockchain networks, enabling seamless smart contract execution, data privacy, and business automation.
Related Skills
Slide 1 of 4
Slide 2 of 4
Slide 3 of 4
Skills Blog Posts
Improving Healthcare with Ethereum Smart Contracts
In our previous articles, we have assessed the potential of blockchain app development in the healthcare industry. We have primarily focused on the advantages of blockchain and how they revolutionize the healthcare industry. In this article, we focus on exploring the challenges faced by the healthcare sector and how the use of blockchain smart contracts solutionsfor instance with Ethereum address them quite efficiently. However, first, let's examine what blockchain smart contracts really are, then delve into the intricacies of smart contracts and blockchain.
Blockchain Smart Contracts
Smart contracts are blockchain-powered business protocols or contracts that facilitate the verification, enforcement, and performance of digital transactions automatically with optimum accuracy. Smart contracts enable transactions to execute even in the absence of third parties.
The healthcare sector faces various challenges, from an increasing number of patients, drug counterfeiting, middlemen, administrative inefficiencies, and more. Smart contracts powered by Blockchain's decentralized applications can solve these challenges. They can facilitate secure and efficient transferring, retrieval, analysis, and management of healthcare-related information and data.
Also Read:Three Ways Blockchain Smart Contracts Are Revolutionizing Healthcare
Challenges in the Healthcare Sector
Data Security and Integrity
With the increasing number of patients, healthcare providers witness a significant strain on their side. Managing and keeping patients' health information, records, and data secure with IoT devices are arduous tasks for medical practitioners and healthcare providers. The data stored in centralized databases are always vulnerable to breaches, hacks, and threats. Indeed, in some cases, malicious actors have stolen patients' health data for marketing purposes.
Then, there are medical insurance frauds that cost taxpayers in billions every year. Additionally, billing for services not rendered, excessive services and duplicate claims, and more are other critical instances of healthcare insurance frauds.
Inefficient Administration
Gross lapses and wastages administrate public health sectors around the globe.
In the US, hospitals splurge nearly a quarter of the budget on billing and administrative costs. Cases of readmissions, poorly managed patient flows, poor communication, and delays and lags further intensify inefficiencies in the healthcare administration.
Not only this but also patients spend a lot of time dealing with appointments, chasing down records, filling out forms, refilling prescriptions, and whatnot. Even physicians and nurses spend over hours to complete paperwork and conduct administrative tasks.
Blockchain Smart Contract Solutions
Telemedicine
Telemedicine is a field gaining traction across the healthcare sector. It enables physicians to reach patients through the means of electronic devices like Wearable Body Area Networks (WBANs), mobile phones, and other IoT devices. Telemedicine predominantly enables healthcare for chronic health management, prescription compliance, and collecting real-time information about patients' conditions. Such advancements provide sufficient assistance in enhancing interoperability, reducing administrative inefficiency, and enhancing patients' healthcare experience. The downside of such solutions, however, is that they are also lucrative targets for hackers. Here, to ensure the safety and privacy of patients' information and other critical clinical data, blockchain smart contracts can play a crucial role. A blockchain consortium of healthcare stakeholders can use smart contracts to analyze, aggregate, and share data across the network. Smart contracts can further assist them in maintaining data in an immutable state, thus, ensuring trust, transparency, and efficiency for all. Overall, blockchain like Ethereum and smart contracts can ensure healthcare data is securely stored while being reliable and transparent.
Enhanced Interoperability and Reconciliation
Blockchain smart contracts in the healthcare sector can also enable efficient interoperability and reconciliation of health records and information of a patient with the digital ledger. They can provide solutions using which patients can move from one hospital to another without carrying numerous separate forms. They can simply permit respective physicians to view their health records on the blockchain network. Also, they can streamline the racking of patients'' treatment activities and data for purposes of insurance payments. Additionally, smart contracts can ensure compliance and adherence to healthcare standards and regulatory requirements. Any changes to any standard, process, or operation can be instantly updated on the blockchain network without hassle.
Put simply, smart contracts and blockchain can be the most effective technological advancements for the betterment of the healthcare sector. While the technologies are nascent, there is no doubt that can empower the healthcare domain. They can provide stakeholders with diverse capabilities and rights that ultimately revolutionize the industry. Smart contracts are equipped with high-level encryption and security. Users, therefore, can rest assured that their information is safe, confidential, and attack-proof including other advantages.
Ethereum Smart Contracts
Healthcare professionals and medical providers in fields including global public health, pharmacology, medicine, and health data are recognizing the advantages of using Ethereum blockchain and its smart contract capabilities. Ethereum blockchain development and smart contract solutions can significantly streamline and secure healthcare data management, enable drug traceability, automate operations, and more.
Ethereum Blockchain and Smart Contract Use Cases in Healthcare
An Ethereum Blockchain-based solution equipped with smart contracts can further augment the overall healthcare industry's capability to improve operational performance, patient data transparency, tracking, traceability, accountability, reduced costs, and more. We, at Oodles, provide healthcare solutions using blockchain platforms and applications like Ethereum and smart contracts. We can tailor them to address various challenges across healthcare applications, including the following:
Secure Electronic Health Records (EHRs) Management
Patient Consent Management
Drug Traceability
Strengthened Healthcare Supply Chain
Data Security in Clinical Trials
Incentivization Through Micropayments
Mudit Kumar
27 Feb 2020
Strengthening the Procurement Process with Blockchain
Almost every organization, from healthcare to financial services, can gain several benefits with blockchain supply chain development solutions. Itnot only maximizes efficiency and security of financial transactions, but also anything of value, including contracts, records, and other important business-sensitive information.Blockchain technology, with its security-focused and peer-to-peer nature, offers several unique benefits to the procurement process.Strengthened SecurityNo matter which industry it is, a procurement department deals with hordes of sensitive data that can cost a company millions upon falling into the wrong hands. While cloud storage provides a safer solution, it is not as efficient and secure as digital ledgers. Also, they are getting expensive as data continues to rule. However, blockchain provides a more effective alternative to these solutions. On a stored on the blockchain ledger, records become tamper-proof. No one can edit or alter them. With secure cryptography or private blockchain solutions, critical information, contracts, and other documents or transactions of the procurement process eliminate any duplication or chances of fraud.You may also like | Blockchain for Procurement Management | Enabling OpportunitiesImproved TransparencyEither private or public, intrinsic end-to-end visibility of blockchain promotes fair and compliant practices. It prevents money laundering, fraud, and other illicit activities and detects way before they cause any damage to the business.Enhanced ProductivityOne of the primary reasons for blockchain adoption across diverse industries is it hugely reduces costs when applied appropriately. It boosts productivity and growth by shifting most of the functions on autopilot through smart contracts while ensuring data security. With no intermediaries' dependence in operations and automation of repetitive actions with security, it does reduce costs. Besides, automated processes increase accuracy by minimizing the chances of human injected errors.Applications of Blockchain in ProcurementSingle Source of TruthBlockchain enables a single, consistent source of information for all participants in the network. In industries struggling with inefficiencies around the storage, reconciliation, transfer, and transparency of data across multiple independent entities, this feature could be highly beneficial.Immutability, Traceability, and AudiatbilityFrom contract execution to fulfillment across the supply chain, blockchain can create a chronological and immutable audit trail of all transactions. As a result, procurement gains a systemic view of the full supply chain involved in fulfilling the contractual obligations. Any issues are more easily resolved with a clear view of which party is responsible for which aspects of the supply chain activities and movement. Perhaps even more importantly, this insight into all transactions makes it easy for procurement to understand how well a vendor has met contractual obligations. In other words, it provides a mechanism for whether or not procurement should do business with a relatively unknown entity.Improved Cost AssessmentThe transparency facilitated by blockchain could reduce the information asymmetry and network disadvantages that some companies, especially smaller ones, currently face in supply chains. In turn, procurement could more astutely and confidently determine market rates and negotiate accordingly.Minimized Inventory ChallengesIn a blockchain, a company and manufacturer can set up their smart contracts to exchange information. Should inventory start running low, the company's contract would automatically request more inventory from the manufacturing contract based on preset rules. Once the terms were validated, the blockchain could automatically send payment to the manufacturer. Automating both upstream and downstream supply chain activities in this way could save the company tremendous time and money. So, are blockchain solutions right for your organization? They are if you handle a significant number of transactions involving many parties and use interrelated complex contracts. That said, even if you feel they're not a fit for you now, every procurement group needs to prepare for blockchain-based contracts—because those that don't use them will be at a disadvantage.
Technology:
ReactJS
,
Node Js
more
Category:
Blockchain
Mudit Kumar
20 Oct 2019
Don't just hire talent,
But build your dream team
Our experience in providing the best talents in accordance with diverse industry demands sets us apart from the rest. Hire a dedicated team of experts to build & scale your project, achieve delivery excellence, and maximize your returns. Rest assured, we will help you start and launch your project, your way – with full trust and transparency!
