How smart contracts can impact healthcare

Smartz platform is the window to the world of smart contracts for everyone. Every Tuesday we will be telling you how smart contracts can be implicated in certain sphere. Enjoy!

Healthcare system is bloated with cost, bureaucracy, and middlemen. It’s ripe for the picking for disruption. Use of smart contracts can destroy unnecessary bureaucracy, provide transparency and protection for all people. Smart contract can also reduce the time needed to get pharmacy.

Smart contracts can help validating patient data, managing electronic health records, tracking research methods to manufacture safer drugs, and many other useful stuff. Here are a few examples:

Smooth exchange of data

Smart contracts-enabled healthcare systems can provide solutions to challenges like health data security, interoperability and integrity. Most importantly, the technology can enable the health data exchange systems that are cryptographically secured and irrevocable. Using blockchain systems, healthcare centers could direct a regulated set of information, which could be then stored in a nationwide distributed ledger. This information would be then made available universally through the blockchain private key, enabling patients to easily share their information with those organizations.

Securing pharmaceutical supply chains

Drugs are first being developed and produced at manufacturing centers and transferred to wholesale distributors before reaching retail companies and pharmacies. Only then, they are delivered to patients. Smart contracts can validate the integrity of the drug supply chain and fuel new drug development by allowing the blockchain system to manage and support the drug development process.

Improved security

Data breaches at healthcare institutions occur with alarming regularity. Smart contracts can bring data security to a revolutionary new level, making it almost impossible to steal data.

Smart contracts will never act as a magic wand to solve emerging business problems in the fast-changing digital health ecosystem. It is still nascent stage of development and will slowly lead to better care, added protection, and improved transparency for all trusted parties.

Stay tuned to our blog for more texts and be Smartz!