Ever since the blockchain became popular and people started realizing its extensive utility, the North American region seems quite aggressive for harnessing the power of decentralization. If we particularly talk about Canada, it is worth noticing that the taxpayers are pouring hundreds and billions of dollars every year into the healthcare niche and therefore, it is very crucial that they enjoy the pros of decentralization.

We will shed light on the importance and benefits of blockchain technology, as implemented and offered by Medical Veda.

Ensures Better Coordination

As of yet, the Canadian Healthcare System is very fragmented (please understand that decentralization is not at all related to market fragmentation and both are entirely different). Every hospital or clinic maintains its own database, follows a different technology stack and therefore, it is quite difficult to achieve interoperability among the industry. So, this kind of centralization limits the extent of information sharing between a variety of stakeholders, thus risking the lives of patients.

However, Medical Veda offers a totally different yet robust solution. It has the potential to take every stakeholder on board, define their roles and ensure that every authorized person has access to medical records, regardless of their affiliation.

Diminishes Labor Cost

When it comes to labour compensation and other incentives, healthcare is a very expensive sector and the ultimate burden is thrown on ordinary taxpayers. One of the primary reasons is that nothing major has been done until now when it comes to cost reduction. Even if we look at some of the tech advancements in the Canadian healthcare industry, it is quite evident that they simply increase the labours required to operate the system/machines.

Medical Veda’s solution paves way for community-based healthcare where everything is automated and the contracts execute without requiring any human intervention. As a result, we can significantly minimize the number of labour per system while increasing the overall efficiency.

Better Execution of Different Programs

When it comes to healthcare, several agreements and memorandums have to be executed every day on a national scale. Earlier, we had manual systems but a couple of decades ago, everything has moved on EHRs. Even though that seems to be a better solution, there are a lot of problems and a major issue happens to be the role of intermediaries.

However, with the solution provided by Medical Veda, there is no need to have middlemen between the two parties. Whenever they (e.g. patient and doctor) have to agree on something, they can put up the details on the portal provided by Medical Veda and the system will allow automatic execution at the agreed date. Thus, there would be no delay.