Blockchain can help improve the functioning of the healthcare industry by addressing the major problems that this industry faces. The problems that can be addressed through the application of blockchain in the healthcare industry are as follows:

Safety of patients’ records:

In the traditional method of transmission of medical data, one single mistake can lead to compromising the personal health record of not only the person whose record is being transmitted but the whole database of medical records.

Through blockchain, these records are safe and secure. Patients can grant access to their medical and related documents to healthcare providers to refer to and add to the records which will become the permanent medical history of the patients.

Theft of drugs:

Maintaining a track of the movement of drugs is tough for pharmaceutical firms which lead to theft between the end points.

Through the implementation of blockchain, these firms have a full record of the drugs being transported, leaving a far less chance for theft between the points of transfer.

Clinical trials:

Usually pharmaceutical companies invest billions of dollars to bring new drugs in the market. A non-favourable result can lead to a lot of financial repercussions. So, a lot of data which is produced during the trial of the drug can be or changed by the various parties involved, which if approved can lead to introduction of drugs which may lead to maleffects for the users of such drugs. On a blockchain network, once the data is uploaded, it cannot be altered, only added.

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