Irrefutably healthcare is the most tested sector in this year of coronavirus pandemic. In challenging situations, our healthcare facilities have faced a very high number of patients. Also, the management of pharmaceuticals has become another pertaining issue along with many others in the row.
The circumstances of the outbreak created a special environment where the biotech companies have partnered with each other rather than competing. Distribution of vaccines is another challenge the time has bought. Eliminating the cycle of first come first serve, the covid vaccine is something that should be equally distributed among patients.
Smart Contracts for Corona Vaccine Distribution
Smart contracts for those who are not familiar with, it is just a computer program. The program written in a coded language is intended to automatically control and execute the given task.
A smart contract assists you in exchanging money, property, shares, etc. in a transparent and conflict-free process. This helps to eliminate the middleman in between, so does the compulsion to trust one.
The process of developing vaccines is lengthy and expensive. Equal distribution of these among the people in the world throughout makes it way more exacting. Smart contracts being computer programmed does not associate with any individual. Even the person who wrote the program lost access to the code once it is pegged on the blockchain. The coders are awarded a transnational fee whenever someone makes the transaction using that smart contract.
Well, no matter what we all have gone through, life will always tend to balance itself. This pandemic has taught us many things if we choose to take everything positively.
Pandemic has changed the way we work. Which is for sure, one of the major learnings of these hard times. From doing the household chaos to doing work from home, we all learned how these day to day things made a new approach in our minds. Healthcare is the field associated with the provision of medical care for an individual or community. And, it is at the peak of responsibilities in such difficult times. However, efforts are being made constantly to upgrade the facilities provided.
Healthcare Records Management
On reviewing the current research we came across the areas that this potential technology can go for on blockchain applications in healthcare. To name a few, the applications involve biomedical research, drug supply chains, healthcare records management electronically, EMR system management, etc.
It is seen how smart contracts can access multiple applications regularly. And another one in the row is the healthcare sector.
Before jumping to the application part let’s quickly brief what a smart contract is, and why it is in the mind of investors?
A smart contract is basically a digital contract written in code format. This is a type of agreement that helps the signees to access once they are agreed to the terms and conditions. To put it simply it is a contract only. This contract enables us to perform the desired task on which both the parties agree to execute.
Smart Contracts for Record Keeping
For example, a hospital in which 1000 customers are visiting daily. Suppose the hospital conducts 100 overall surgeries and 20 cardiac surgeries on a daily basis. Now, by using a smart contract, the hospital can keep records of every segment of patients on the blockchain. This avoids the need for patients to carry medical records with them every time to the hospital and provides doctors with the necessary information for the best possible care.
Smart Contracts for Security of Medical Data
Another reason for using smart contracts in healthcare is the security of data. Information relating to the health and concern of patients is confidential. Using blockchain ensures the security of data since everything is in an encrypted format.
Smart Contracts for Real-Time Access
Also, the accessibility factor between the appointment and confirmation in case of a checkup is very effective. As soon as the patient puts the need for a checkup the data will be available to the doctor. The smart contract ensures the payment and the doctor is notified at the same time.
Smart Contract for Demand-Based Supply Chain Management
Smart contracts can work in different cases, simple as well as complex. It would not be a surprise when we will be booking our coronavirus vaccine on a smart contract. The blockchain potential is rolling the way we are going to handle everything now. As in the case of the corona vaccine, the data can be stored on the blockchain. Which will help to keep clean records of the supply chains both globally and domestically.
By incorporating blockchain, pharmaceutical companies can track everything associated with it. From vaccine distribution to ensuring equitable process, everything is governed by the smart contract on the chain.
Gina Parry, distribution and pharmaceutical sales manager at VAI, says that as the demand for the vaccine increases, the product becomes hard to attain. Besides, the manufacturing companies are already experiencing a significant decrease in employees due to illness. From storage to transportation, distribution to feedback, everything can be easily recorded with smart contracts. Also, it maintains transparency and confidence in the supply chain.
For sure the technology is bringing a wave to the digital world!!