Blockchain in healthcare is steadily getting traction with businesses as we watch Bitcoin shake the world of finances. Thanks to Bitcoin and other cryptocurrencies that have been making the headlines, by now nearly everybody knows what blockchain is.
Let’s briefly recap its main idea.
The Role of Blockchain
Simply put, blockchain is a system or data bahrain phone number data structure that stores records in a secure, transparent, and decentralized manner. It’s a technology that has enough potential to revolutionize the IT world and just about every industry that relies heavily on IT – one chain at a time.
“The most popular connectivity strategy circulating among healthcare technologists, and even ONC*, is blockchain technology”
— Doug Brown, Managing Partner at Black Book
*The Office of the National Coordinator for Health Information Technology
Blockchain-in-Healthcare Hype
No wonder tech pioneers from various industries are searching high and low for ways to implement blockchain solutions into business operations. Healthcare is certainly one of these industries where blockchain implementation is a welcome change.
As reported by Mordor Intelligence, the blockchain market for medical care was valued at USD 2.12 billion in 2020, and is expected to reach USD 3.49 billion by 2026.
According to Healthcare Weekly, 40% of healthcare aaron hall founder/ceo executives see blockchain as top 5 priorities. Some large-scale partnerships take place to research the benefits of blockchain in the medical industry.
Blockchain Opportunities for Healthcare
Blockchain technology provides exceptional opportunities for the healthcare sector. Its potential, when realized fully, offers transparency and immutability, which are essential for secure management and storage of Protected Health Information (PHI).
In particular, blockchain application in healthcare leads to reduced complexity and paves the way to trustless collaboration between network participants while tracking all interactions.
Adopting Blockchain in Healthcare
The relevance and value of blockchain for medical care can be proved by real-world scenarios where this technology has already found its way. Medical organizations should consider existing challenges that blockchain can tackle rather than adopting the technology in vain.
Blockchain application in healthcare drives a complete list of unit phone numbers the improvements in medical health records where it enhances the management and accuracy of health data.
Another use case for this technology is shaping a secure environment for remote patient monitoring. It guarantees confidentiality while storing, sharing, and retrieving remotely collected PHI.
Medical companies actively collaborate to leverage blockchain for the pharmaceutical industry. For example, it majorly helps the drug supply chain fight against counterfeits and inadequate medications, verifying compliance to quality control standards.
Lastly, blockchain boosts insurance claim and payment transaction processing. Offering immutability and transparency of stored data, it creates a network that propels the medical insurance processes.