Blockchain: The Immediate Opportunity for the Digital Ledger Technology

By CIOReview | Friday, November 24, 2017
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The undeniably ingenious invention of Blockchain is being adopted by many enterprises that are earning practical experience and identifying worthwhile use cases for the technology. 

The buzz around Blockchain in healthcare has till now mostly focused on EHRs, interoperability and security. But new potentials are emerging for value-based care along with precision medicine and a patient-driven healthcare system. A variety of possible use cases for Blockchain are coming into focus for healthcare, ranging from clinical to financial to administrative.

Blockchain can fundamentally change the way data and information are secured by the health care industry. The decentralized nature of the blockchain provides the ability to distribute anonymized, encrypted data. These data can be verified by credentialed users. It is a whole new approach to distributing, managing and verifying information in a tamper-proof, decentralized system.

Blockchain based system can provide realistic solutions by minimizing medical billing-related fraud as well.

In a situation where a health plan and patient are dealing with a contract, the blockchain could automatically verify and authorize information. It can boost also transparency and efficiency By having a direct process of information transfer. This further can lower administration costs, faster claims processing and less money lost.

Blockchain-based systems could help drive unprecedented collaboration between participants and researchers around innovation within medical research.

According to IgeaHub, 40 percent of clinical trials are estimated to go unreported creating crucial safety issues for patients. This is where Blockchain can play a role by enabling the healthcare providers to have access to several information, that will help them treat the patient in a patient-driven healthcare system.

Wearables and internet of things devices can also be integrated into the health IT ecosystem via Blockchain. This will make the data more accurate; will give better access to new treatment options and ultimately resulting in better outcomes.

Already more than 100 blockchains are being used by different companies worldwide and in the next 10 years patient consent and data exchange backed by Blockchain could change the way healthcare services are provided an make it more efficient and secure than ever before.