Blockchain is the Next Big Thing for the Healthcare Industry

By CIOReview | Tuesday, April 10, 2018

Blockchain, now, is out of its testing phase and is making rapid inroads into various industries, one of which is healthcare. As per a survey, 16 percent of healthcare organizations are willing to implement blockchain-based solutions by the end of this year, whereas on the other hand, an astounding 56 percent expect it to happen by 2020 in their organizations. While healthcare and technology innovators grapple to find solutions to commonplace issues in the sector, blockchain can be a perfect ally in countering such challenges.

Blockchain is an extremely useful tool that can be optimized to enhance healthcare operations. Although the promises seem too lofty and unachievable, at present, it is, nonetheless, a step in the right direction. The healthcare industry, which is plagued by data management issues pertaining to the areas of clinical trials, billing, medical, research, and others, can use the decentralized architecture to manage such problems effectively. Through blockchain, medical records management can be revolutionized, thereby saving time, cost, and duplication. Additionally, it also provides one-stop access to the entire medical history of patients, allowing doctors and medical practitioners to provide value-based care. In the grand scheme of events, leveraging blockchain in drug development and supply chain alongside claims and billing management is an added advantage as it eliminates the middlemen and breaks the data monoliths.

Although blockchain is currently disrupting the healthcare ecosystem, it has to be kept in mind that the technology–although out of testing phase–is still in its nascent stage. To this date, healthcare organizations are vetting various blockchain products to determine its credibility in the long run. Organizations that are eager to implement newer technologies while facing its evolution with aplomb are bound to emerge as winners.