How Blockchain is Shaping the Healthcare Industry

Blockchain Shaping the Healthcare Industry

Today, blockchain technology is the new model for the exchange of health information. This technology now has the potential to transform the healthcare sector and is already doing so.

Blockchain now provides patient’s security, privacy, interoperability of the health data. As mentioned, this technology provides a model for health information exchange (HIE). This is done by making electronic medical records to be efficient, secured and disintermediated.

This technology now exists. Tracking epidemics such as Ebola and Influenza can be easily done using blockchain technology.

Blockchain an open and distributed ledger uses the append-only data structure. In simple terms, new transactions and data can be added to the blockchain but the chances of deleting the past data are not possible.

Off late, this technology not only made its presence is known in the banking industry but other industries such as healthcare, manufacturing, real estate, and legal industry, etc.

Impact of blockchain in the healthcare sector

The impact of blockchain technology in the healthcare sector has become a hot topic. The scope in this field is immense. The report by BIS research states that the blockchain which was valued at around $34.47 million will be witnessing an increased surge to revenue of $1415.59 million by 2024. The CAGR growth is predicted to grow 70.45% between 2018 – 2024.

Blockchain can create unique opportunities for blockchain engineer in the foreseeable future. Even so, due to its features that can reduce complexity, increase trust, create secure and immutable information, this technology offers huge potential in the healthcare sector.

1) Easy Exchange of Health Data

The exchange of health data is one of the essential features of Blockchain in the healthcare industry. The healthcare start-ups can use the blockchain-enabled IT systems for delivering technological solutions for many challenges, which include health data security and interoperability.

2) 24/7 monitoring accessibility

Blockchain can be used to store patient’s data such as sugar level, blood pressure in real-time. This process helps the doctors monitor patients 24/7, especially the ones that are prone to higher risk.

3) Building Smarter Contracts for Flexibility

The blockchain technology makes it possible to develop smart contracts. The smart contracts allow the doctors to carry out the information exchange with more flexibility and freedom, in line with the health-related decisions which are made, be it a patient willing to choose to disclose his health records or even a doctor sharing information with his fellow doctors

3) Resolving Challenges of Cybersecurity

The healthcare industry is known for its strict policies and regulations, ensuring the security and privacy of the data.  With the increase in the number of cybersecurity threats, new problems are created for emerging digital workflows.

As it is not possible to hack or modify the data saved on the Blockchain, this technology can help in resolving the cybersecurity challenges faced in the industry

4) Reducing Costs and Gaining Efficiency

The healthcare-related organizations and firms can use the Blockchain for record management as well as bridging the traditional data silos, thereby increasing the efficiency and keeping the medical data safe. This technology would also streamline the entire process for patients to access their medical records and securely share data.

5) SWOT Analysis of Blockchain in Healthcare

Cost-efficientLesser number of software and system vendorsLower fraud risks in medical supply chainHesitant social adoption of technology
Faster access to autonomous medical dataLow scalabilityBeneficiaries getting more control over dataNon-standardization
Tamper-proof sharing of informationLack of storage for a large volume of dataPotential for start-ups and forged partnerships in the industryIssues related to interoperability

Blockchain along with other technology drivers such as IoT and machine learning has become a key driver for triggering new digital processes. It has already begun to revolutionize healthcare and in the coming time.

With the rapid development of blockchain as a technology, the healthcare industry is also adopting it by having many companies in the arena which are looking to implement it for their business.

This includes the pharmaceutical companies along with hospitals and healthcare institutions where the usage of blockchain would lead to faster and efficient problem-solving. The blockchain will make it easier to deploy the technologies for smart storage of data, different transactions as well as patient care and research.

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