Healthcare

Blockchain has the capability to make electronic health records more secure, efficient, and disintermediated. The technology can also help in transforming the healthcare sector into patient centric.

Blockchain technology cannot cure diseases directly. However, the distributed ledger technology can provide a platform for investment and experimentation in the healthcare sector.

Blockchain can help in transforming the healthcare sector into patient-centric, along with increasing the interoperability, security, and privacy of health data.

By making electronic health records more secure, efficient, and disintermediated, technology has the capability to revolutionize Health Information Interchange (HIE).

Blockchain is expected to show an immense growth by 2024, with stats valued approximately $34.47 Million, with revenue close to $1415.59 Million. The distributed ledger is considered to be a game-changer for the healthcare industry due to several reasons.

Decentralized System

Decentralized system one of the popular features of blockchain ensures hackproof and data security. Leveraging decentralized systems for commodity hardware in hospitals can help in tackling all human and natural disasters, thereby ensuring foolproof security of data.

Cost-Effectiveness

Blockchain has got the potential to keep third party and mediator systems, away from fetching and transferring data, thereby helping in achieving cost-effectiveness in the healthcare system.

Single Data Source

Data once added to the blockchain can’t be changed, ensuring 100% authenticity and security. Researchers can use this property for “Longitudinal Studies”, that can help in developing precision medicine for effective treatment.

Consistent Rules through Smart Contract

Smart contracts have the capability for digital verification, facilitation and thus by enforcing the negotiation. Leveraging smart contracts in healthcare can help in developing a consistent rule-based process for various organizations to access patient’s data.

Digital Identity Management

Identity is fundamental to almost any blockchain use case in healthcare – inclusive of identity management of individuals (e.g., patient, participant, provider), unique device identifiers for medical devices in the health supply chain, or organizational participants or validators in a network.

Clinical Research & Data Access / Monetization Recruiting and retention

Remain two of the biggest challenges in clinical trials, and despite innumerable attempts over the years, improvement remains largely unrealized. Clinical trial data sharing and the ability for research participants to experience value discovery (including personal health data monetization) are some of the promises of blockchain for these uses cases.

Financials, Insurance & Records

With early distributed ledger technology successes seen in the financial technology arena, the escalating cost of healthcare, and the continuing challenges around fraud (particularly from a federal perspective), healthcare finance has well-aligned needs for the characteristics of blockchain.

Health Supply Chain Management

Product supplies, from initial inception to end-of-life, is the most prevalent use case for distributed ledger technology across industries. In healthcare, medication, clinical supplies, blood products, and medical devices are examples where blockchain is being leveraged for operations, compliance, and forecasting among pharmaceutical manufacturers, blood banks, providers, pharmacies, and payers.