Blockchain Opportunities and Applications in Healthcare

Blockchain Opportunities and Applications in Healthcare

As the demand for fast-forward technology in the medical field gets more urgent, revolutionary changes are underway. Not only is the charge being answered, it is being done in an affordable and apt manner, according to technology giant IBM

What Needs Fixing in the Current Healthcare System

There are some serious flaws in the current healthcare system. Although the United States requires accountability to the Federal Drug Administration, over half of all results from clinical trials were never reported. Failure to do so can result in stiff fines of up to $10,000 per day not to mention risks those who are taking the drugs remain unaware of. Blockchain technology makes it easier to share results of studies in a simple and safe manner. 

In addition, there is a huge gap between providers and payers in the healthcare industry. The need for a system to be intact to smooth management out is dyer. Better healthcare depends upon communication between the two.

Data breaches compromise sensitive information. Many healthcare facilities still rely on outdated record keeping systems. While Health Information Exchange does make a small difference, oftentimes, patients have little control over their own data and some have no access to it. Identity theft, spamming, and financial data crimes are increasing due to the faulty data systems. 

Solutions Through Blockchain

Blockchain technology uses a list of records, called blocks, that depend on cryptography to securely link them together. Each block has a cryptographic hash of the prior block and a timestamp. The sophisticated method helps prevent data theft and so forth and is used for finances, record keeping, etc. It is designed so that it is difficult, or impossible, to alter the data. 

Three important factors within blockchain technology are:

    • Private key cryptography. A secret key is used along with an algorithm to make the data even more secure.
  • Distributed ledgers (shared ledgers). Network participants update the ledger rather than a central authority. It is updated in real time. 
  • Authentication. All of the transactions within blockchain are authenticated through algorithms that validate and seal them. 

Not only is blockchain technology ideal for medical records, it is an efficient and safe way to keep up with inventory so supplies and equipment are properly managed and ordered. Lifesaving equipment, such as docking cart in emergency areas, must be kept nearby. Managing such equipment on blockchain will be practically foolproof. Furthermore, accounts receivable can pay for the order through blockchain without having to worry that the vendor’s information will be stolen or that the medical facilities’ information will be compromised. 

Since blockchain is an excellent source for keeping secure and accurate records, it is being utilized and perfected in the medical industry where the need is great. This opens opportunities for those who are experts in blockchain technology. 

Medical Blockchain Technology Advancements and Opportunities

Blockchain technology will ultimately put the power back in the hands of the patients, where it belongs. As strides are made to do so, opportunities are opening up for those who wish to dive into areas such as blockchain recordkeeping, blockchain training, and more. Some positions and business opportunities haven’t even been created yet which leaves much room for entrepreneurs and savvy business people to jump in. 

According to 101 Blockchain, global blockchain technology is expected to exceed 500 million this year which is a CAGR of 61.4%. The future growth rate is expected to be even greater at 85.9%. The results will undoubtedly be nothing short of miraculous.

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