How Blockchain is Becoming a Life Savior for the Healthcare Industry?

A healthcare company serving the public for decades was unable to handle the sensitive data of patients in the most secure way. The incident broke years of trust broke the company shared with its clients. The company had to face severe backlash from its patients and other companies. Even after giving all their efforts the company authorities couldn’t find any solution that solves the problem. Finally, the company resorted to Research Nester for its strategic plan and guidance through extensive product analysis.

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An overview:

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The company was handling patient data for years. The company was leading the healthcare industry with its years of experience and dedication.

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In 2020, the company faced a threat regarding patient data due to the traditional patient information-keeping systems that were in place.

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The company lacked new digital methods and technology-incentive methods used for both primary prevention and preventive treatment.

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The company was still recording the medical reports on the papers. Soon after the incident, the company decided to incorporate blockchain technology into its systems.

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For this, they approached Research Nester to understand the secure ways to store medical records and also to make them accessible to patients through a digital portal through product analysis consulting services.

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The Story

The company was incorporated in 1925. The healthcare company has been in the field of service for decades. The introduction of technology has eased the work of healthcare providers. But the company failed to incorporate the new and innovative tools used by the other companies. Hence, the company had to encounter challenges related to data and user experience. In 2021, there was a leak detected in the patients’ sensitive information from the company’s departmental record room. The company lacked digitalized record holders such as cloud computing and blockchain technology. The company was working according to traditional methods even after the debut of digitalization around the world. Finally, the company requested Research Nester to look into the matter and successfully analyze blockchain technology for their company and also to successfully integrate them.

Our Solution:

RNPL analysts conducted extensive product analysis on blockchain technology and how its integration could help safeguard sensitive medical records in the hospital industry.

  • Blockchain can help in protecting health information by integrating data storage, encryption, and distribution.
  • Blockchain technologies created for healthcare provide privacy to information and data.
  • Problems with data protection can be solved by properly developed healthcare applications on a decentralized ledger. Ensures that data are stored, and authorized reading and writing are carried out.
  • Industry blockchain is likely to provide traceability and transparency in the supply chain operations of pharmaceuticals for a vast and complicated ecosystem of shareholders.
  • The decentralized nature of blockchain would allow applications to remain available, such as the COVID-19 certificate, for an indefinite period.
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Results

The company's revenue reached a depressing low by the end of 2020, with revenue amounting to less than USD 95 million. To get the company back on track, the management of the business has considered advice and recommendations from RNPL consultants. Product analysis of blockchain technology and its opportunities for the healthcare industry and the company was thoroughly learned. Suggestions like the medical chain, chronicled were integrated to secure patient information and also to enhance drug traceability and safety. The revenue improved initially only a little, from USD 250 million in 2021 to USD 300 million by 2022 following the restructuring and reshuffling of its product analysis strategies.

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swara-keni
Swara Keni

Head- Global Business Development

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