Blockchain has revolutionized the financial industry in many aspects, from helping small businesses to changing how banks keep their information secure. Now it is time to see how it can improve the health industry and how it can help secure data and ensure that patients who need medical cannabis are receiving what they need to manage their health.
What Is Blockchain And Why Is It Important?
Blockchain is an online ledger that is secure and transparent. Information is placed on blocks after it is confirmed correct, and will continue to do so to create a chain. The online ledger is safe because it is decentralized, that means that data is shared between all blocks and information will not be lost should something occur to one. In terms of its security, information within the block cannot be altered without being flagged. If any information in previous blocks is changed fraudulently, then the data after the incorrect information becomes void. The technology is also transparent; you can see when and where changes were made.
How Can It Help?
Blockchain is a vital technology that can be used to help distribute medical cannabis to patients and also verify the amount they are receiving. It can help prevent illegal manufacturing and limit overconsumption by patients. Blockchain can assist in supply management by showcasing where the medical cannabis originated from and where it has gone. This will ensure that the product hasn’t been taken somewhere offsite and can also show where loss of stock occurs. Doctors and patients can know they are receiving medicine that has not been contaminated. With a tracking system that can contain previous receipts of prescription, cannabis cannot be sold improperly or overprescribed. Blockchain can help monitor sales and ensure that there is no oversight in who it is being sold to.
Billing Services & Patient Payment
Blockchain can enforce smart contracts that complete themselves when specific parameters are met by both parties. This can help medical cannabis be sold more efficiently. When the medicine is received by the patient, the contract will complete itself and charge the individual. Blockchain can help medical cannabis reach individuals who aren’t as mobile and still obtain the prescriptions they need in the comfort of their home. Blockchain would hold all the data the patient needs to find a doctor and receive an order while holding their payment information and ensuring a seamless sales process.
Medical cannabis is being used to help many of those who have been unable to get treatment for their conditions. To ensure that what they receive is accurate and their information is secure, patients need technology that evolves as the medical cannabis industry does.