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Blockchain to Transform the Healthcare Industry

By CIOReview | Thursday, May 3, 2018

Healthcare industry is now witnessing the blockchain revolution.  A study from IBM—Healthcare Rallies for Blockchain—reveals that around 16 percent of healthcare executives are aiming to implement a commercial solution this year, the count of which is expected to rise up to 56 percent by the end of 2020. The healthcare industry including the tech innovators and other healthcare companies are analyzing all possible situations that can be resolved with blockchain technology in the future.

A common database will be built with the help of blockchain technology comprising all healthcare information that can easily be accessed by doctors or providers through any medical device. The information while adhering to the highest security standards can also enable doctors to access it quickly greatly reducing the admin time.  Therefore more time can be spent on patient’s care as well as better research results will be shared to promote new drugs and treatment therapies for various diseases.

There are several interesting ways in which blockchain can help the healthcare operations. Though it might not end up as a cure for all industry requirements it would definitely be the right step to guide the healthcare industry in the right direction. There is a sea of data in the healthcare industry starting from the clinical trials to patients’ medical records, medical research, among others. Since blockchain applications are well scrutinized and adopted alongside its applications in the field of governance, deployment of blockchain will definitely foster collaborative decision making in the healthcare industry.

CIO Review Client: Flagship