Blockchain to Revamp the Healthcare Landscape

By CIOReview | Thursday, May 10, 2018

121

213

According to various tech experts, blockchain will be disrupting a large number of industries in this year including medical services. It was originally created to track Bitcoin transactions and share information of transactions across interested parties. The medical industry is set to become the next major field to be disrupted by the emergence of blockchain technologies. According to a recent study by IBM, more than half of the healthcare providers will be implementing this technology into their organizations by 2020. The distributive ledger technology ensures data integrity while sharing between parties and can collaborate between rising trends in healthcare.

Filling out medical history forms will soon become a thing of the past as patients will be able to electronically share their own virtual records and interface them with a disapparating medical record system. Providers can add new records associated with particular patients and then the patients can authorize sharing of those records between providers. Everyone in the chain will have quick, controlled access to any changes in the data distribution across all the members of the chain that can also include medical practitioners insurance providers.

The medical data that will be moved to the healthcare ecosystem will be secure and trusted and will become the differentiator in the market. The healthcare industry is sinking in a lot of data from patient medical records to clinical trials, complex billing, to medical research. It has the potential to provide the infrastructure that is needed to keep health data private while leveraging the advantages of connected medical devices. It also reduces the cost of billing by removing the need for intermediaries with automated activities and efficient processing.