Mar 3, 2019 03:00 UTC
Mar 4, 2019 at 19:20 UTC
How Can Blockchain Contribute To Curb Medical Exploitation?
It’s no secret that blockchain has been taking the healthcare industry by storm. Information sharing, connecting customers to verified medical personnel, data storage are few of the areas where blockchain has been a boon for the industry.
This association between technology and healthcare appears to be Jack’s beanstalk, it only keeps growing.
With the use of blockchain technology, the giant pharmas can be stopped from pricing their drugs too high. The technology can be used to ensure a standardized rate for drugs, which can be enforced in any and all pharmacies across the country.
It can ensure that the right patients are connected with the right doctors, who are able to administer the treatment required, but without charging the patient and exorbitant amount for the treatment.
Every year, millions of people suffer due to high prices of drugs. They cannot afford the medicines that they require, which often leads to premature death. In the US, the very basic drug, Insulin, which is needed to keep diabetes in check, is priced insanely high.
With blockchain, we can enable data sharing and supply chain management of the drug. The patients can verify the authenticity of the drug, and the giant pharmas can be pushed to put in place a fairer pricing system, that can be administered by the technology.
Even when it comes to data storage and transparency, blockchain technology could really benefit any company’s data storage policy since it will assure the utmost safety and security of the data that would be stored.
It is also a hack resistant technology which ensures that a person’s private and sensitive information cannot fall into the wrong hands.
We look forward to greater adoption of blockchain technology in the healthcare sector, in order to eliminate medical exploitation.