How Blockchain can Transform the Health Industry

By CIOReview | Monday, June 11, 2018
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The healthcare industry is witnessing revolution with the advent of blockchain technology as it is being looked at as a disruptor. According to a survey released by IBM, about 16 percent healthcare providers will implement blockchain-based solutions in the current year and the same research report also predicts this figure could rally up to over 50 percent by 2020. The industry stalwarts in partnership with technology innovators are figuring out ways in which the complex challenges facing healthcare could be tackled using blockchain technology.

The decentralized ledger technology can help to decipher and effectively solve issues in critical areas including data management, research, clinical trials, and security. Additionally, the integration of blockchain will facilitate a universal platform for doctors as well as technology vendors to create, share, retrieve, and access medical data while securing the ecosystem from potential breaches. As an open source API, blockchain offers faster interoperability among systems, faster scalability, data encryption, disaster recovery, and a high level of security standards, among other benefits.

The blockchain technology will help care providers and other key stakeholders in the healthcare industry to save time and mitigate cost by eradicating the middle players. Moreover, the decentralized nature of this technology will bring in greater transparency and superior engagement, leaving no room for fraudulent and unethical practices to take place. Another extension of its benefits is that doctors will be able to view medical history of patients and provide value-based medical care at low cost.