Blockchain technology is one of the most important and disruptive technologies in the world. Multiple industries are adopting the blockchain technology to innovate the way they function. One of the industries that are looking to adopt the blockchain is the healthcare industry.
Blockchain will bring a lot of benefits to the health sector:
Blockchain is Immutable and traceable, patients can easily send records to anyone without the fear of data corruption or tampering.
Similarly, a medical record that has been generated and added to the blockchain will be completely secure.
The patient can have some control over how their medical data gets used and shared by the institutes. Any party which is looking to get the medical data about a patient could check with the blockchain to get the necessary permission.
The patient can also be incentivized for good behaviour via a reward mechanism. Eg. they can get tokens for following a care plan or for staying healthy. Also, they can be rewarded by tokens for giving their data for clinical trials and research
Pharma companies need to have an extremely secure supply chain because of the kind of product they carry. Pharma drugs are consistently stolen from the supply chain to be sold illegally to various consumers. Also, counterfeit drugs alone cost these companies, nearly $200 billion annually. A transparent blockchain will help these companies to enable close tracking of drugs to their point of origin and thus help eliminate falsified medication.
Various medical institutes around the world conduct their research and clinical trials on various new drugs and medications. A blockchain will help create a single global database to collect all this data and put it in one place.
Insurance fraud is a major problem that is affecting the healthcare industry. This happens when dishonest providers and patients submit false claims/information to receive payable benefits. To get an understanding of how serious this problem is, try to wrap your head around this: According to Boyd Insurance, Medicare fraud in the U.S. alone costs about $68 billion a year.
Since all the data will not be stored in a centralized infrastructure, it will be impossible to hack the system and get their hands on all of the data. This keeps the system leakage-free and it also helps secure the privacy of the patients. My Cloud FX is a company that is a pioneering in-depth research on Blockchain in healthcare to solve all the problems that the medical industry is facing.
With the desire to strongly develop blockchain technology and related applications, My Cloud FX has officially issued CFX preferred shares to investors worldwide from June 1, 2020. CFX share will be listed on some stock exchanges and will be sold within 3 years. Then, it will be listed on the Nasdaq, London, NYSE stock exchanges.
Name: Bharat Prasad
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Organization: My Cloud Solutions Limited