Blockchain; The healthcare prospects

Introduction

Rajat and Sameer are friends who have started a healthcare venture together. Rajat got advice from someone regarding blockchain in healthcare. He discussed it with Sameer, and Sameer wasn’t convinced.
Rajat tried to explain it in-depth and how it is the future. Let us understand why Rajat feels that blockchain is the way to go.

The enabler

The United States expects to spend 20% of its GDP on healthcare shortly. If that statistic wasn’t shocking enough, consider that the industry is still plagued by skyrocketing hospital costs, inefficient practices, and frequent data breaches. These (expensive) issues are driving a push for greater efficiency and innovation.
Blockchain in healthcare may help alleviate pain by deflating the current spending bubble, protecting patient data, and improving the overall experience. The technology is already being used to do everything from securely encrypting patient data to managing disease outbreaks.

The influence

Blockchain is open and secure, it can thus be applied to the medical industry in various ways, resulting in dramatically reduced costs and new methods for patients to access healthcare.
When combined with the compounding nature of data and innovation, futureproofing technologies can be used to foster an era of growth and innovation.

Technological Aspect

The Office of the National Coordinator for Health Information Technology published a shared nationwide interoperability roadmap that identifies critical policy and technical components required for nationwide interoperability, such as:
  • A widespread and secure network infrastructure
  • All participants’ identities and authentication must be verifiable.
  • Several other requirements include consistent representation of authorization to access electronic health information.
However, current technologies do not fully address these requirements due to security, privacy, and full ecosystem interoperability limitations.

Modularity

The foundation of growth and modularity provided by blockchain technology is one of the most exciting aspects of it. Though its initial implementation will face the same limitations as today’s technology, the open nature of blockchain will encourage and support industry-wide advancement for years to come.
According to BIS Research, the immediate application and integration of blockchain in healthcare could save more than $100 billion per year in IT, operations, support functions, personnel, and health data breaches by 2025.

Conclusion

Blockchain technology offers novel opportunities to reduce complexity, enable trustless collaboration, and create secure and immutable data. As healthcare evolves, you should consider mapping and convening the blockchain ecosystem, establishing a blockchain framework to coordinate early adopters, and supporting a consortium for dialogue and discovery to shape the blockchain’s future. ​

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