Blockchain Opportunities for Healthcare

By CIOReview | Thursday, May 23, 2019

Blockchain technology can revolutionize health care, placing the patient at the center of the health care ecosystem and increasing the security, privacy, and interoperability of health data. It also has the potential to reduce the friction and costs of current intermediaries. The promise of blockchain has a variety of implications for the healthcare system. Capitalizing on this technology can connect systems to generate insights and to assess the value of care better.

Interoperability is a top priority for the healthcare industry. Blockchain technology offers a decentralized system of health data exchange that protects and helps authenticate health information. It also eliminates the burden and cost associated with data reconciliation by enabling easy access to real-time health information.

With blockchain technology, barriers to supply chain tracking can be eliminated using artificial intelligence based add ons to build proof of ownership data for medicines. Blockchain technology can aid in reducing the incidence of errors and fraud in clinical trial records by providing permanent records of clinical trials and results. Additionally, Blockchain-enabled technology can address outcome switching and selective reporting in clinical trials.

Blockchain technology bridges the gap of data interoperability, ensuring security and privacy of the internet of medical things use. It guarantees information authenticity by anchoring data to the public blockchain, resulting in the creation of proof of data security. It also provides a decentralized platform of ownership by tracking transactions made through the system.

It also presents numerous opportunities for healthcare, but it cannot be immediately applied. Various organizational, and technical challenges must be, addressed before a health care blockchain can be adopted by organizations globally.

Blockchain technology creates unique opportunities to reduce complexity, collaboration, and generate secure and immutable information. To shape the future of blockchain healthcare organizations should consider mapping the blockchain ecosystem, establish a blockchain framework to coordinate adopters, and support a consortium for discovery and dialogue.