Blockchain Technology in Healthcare

Blockchain Technology has opened up a new stream of exciting possibilities in different sectors, and its interoperability and security potential makes it especially apt for the healthcare sector. A recent survey by Deloitte reveals that healthcare and life sciences have the most aggressive Blockchain technology deployment plan of any industry, with 35%of respondents mentioning that their company plans to deploy Blockchain within the next year.

Let’s try to observe various use cases of Blockchain technology in the healthcare sector.

  1. Longitudinal health records can be maintained using the technology, as data can be exchanged amongst organizations in a format which is usable for various clinicians across the care continuum – without compromising data security or integrity.
  2. Using Blockchain, data from clinical trials can be securely maintained without the fear of alteration or modification for deceptive purposes. Moreover, Blockchain based systems can help drive unprecedented collaboration between participants and researchers around innovation in various medical research fields.
  3. Blockchain assists in claims adjudication and billing management by offering robust security and flawless auditability. The technology is being widely recognized as an exceptional platform for regulatory compliance.
  4. Blockchain platform helps in detecting counterfeit drugs and preventing them from entering pharma supply chains. Blockchain ensures that transactions between manufacturers, wholesalers, pharmacists, and patients can be tracked to ensure pharmaceuticals are genuine.
  5. Internet of Things (IoT) has enabled various health devices to connect and communicate with each other ,  making it challenging for the existing healthcare infrastructure to support the evolving technology. Blockchain enabled systems possess the potential to connect the gaps in device data interoperability in addition to ensuring data security, portability  and reliability.

In a nutshell, Blockchain technology possesses the potential to transform healthcare, placing the patient at the heart of the healthcare ecosystem, and offering increased security, privacy, and interoperability of the health data. Blockchain technology can greatly reduce the time, costs and risks associated with the way healthcare organizations operate. However, more research trials and experiments need to be carried out to ensure a more secure system is in place before applying it on a large scale.