How Blockchain Is Being Used in The Medical Industry


We may all have initially considered that it would be crypto as a currency that most affected our world and provided an impetus for the development of the metaverse.

However, it looks most likely that it will be the blockchain technology (the foundation of crypto), that will arguably make the most difference to how we live. Affecting all the sectors and aspects of our lives, including healthcare and the medical Industry.

Both the newer cryptos on offer at OKX and those such as the tried and trusted Ethereum have now become more about the blockchain network than the mere act of financial transactions. These networking opportunities and improved tech are changing the medical sector forever.

How Blockchain Is Being Used in The Medical Industry

To Save and Secure Patient Data

The distributed ledger has proven to be a great place to save patient data in what is an incredibly secure environment. It will provide a permanent unchangeable record of patient data that is available across the network and thus at no risk of being deleted or lost.

To Allow Networked and Secure Access by Professionals to Records

Health information exchanges have become some of the latest essential tech in healthcare. Patients, professionals, specialists, pharmacists and care providers are able to all access the shared and decentralized database or blockchain. As long as all those who need access have the right key codes and passwords then access to records will be faster and safer.

Medical Supply Chain Management

The recent pandemic showed how easily a supply chain can be adversely affected and how these effects can bring the medical sector to its knees.  For example, the shortage of a simple item such as suitable masks at the onset of Covid had a disastrous effect on the medical supplies sector. The use of blockchain tech and networked blockchains will allow medical supply chains to continue to function as long as there is internet connection and access to the blockchain by those in the supply web or chain.

Settlements and Insurance Payments

The processing of medical insurance claims and third-party payments for medical care has always proven to be one of the most long-winded processes in the medical sector. Either patients are left waiting without the care they need until their claims are processed, or the hospital is left in the lurch, chasing up for treatments that have already been administered and received. The introduction of smart contracts and the use of blockchain to track and monitor revenue, invoicing and payments has made for a much more streamlined process that can happen seamlessly and ensure a much-improved provision of medical care, based on the medical insurance or medical aid systems of payment.

Blockchain is one of the key changes that are currently occurring in the medical and healthcare sector. Crypto currencies are still at the forefront of access to blockchain tech and blockchain based networks; but as can be seen by the developments in global medical and healthcare systems and processes, it is the blockchain that supports crypto that most business sectors and industries are most interested in exploiting and using.


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