Five Promising Applications for Blockchain Technology in Healthcare

Five Promising Applications for Blockchain Technology in Healthcare | Widle Studio
Five Promising Applications for Blockchain Technology in Healthcare

Pros and cons of blockchain technology in healthcare

Pros

  • Transparency. Because blockchain is built on distributed ledger technology (DLT) which is decentralized in its nature, it is completely open for anyone to join and view the information stored therein. Blockchain enables data to be stored in an immutable and unamendable way, thus, safeguarding transparency and providing an end-to-end audit trail. This will help to guarantee the integrity and provide a “single truth” for medical data while ensuring the total traceability of medical products and bringing a new level of trust to clinical trials.
  • Record immutability. One of the most crucial benefits of blockchain for healthcare is its ability to help safeguard highly sensitive patient data. According to the HIPAA Journal, more than 176 million patient records were breached between 2009 and 2017, making blockchain implementation all the more urgent for the medical industry. Blockchains use private and public keys and asymmetric cryptography, which enables users to share their public keys without the risk of giving away access to sensitive data.
  • Time and cost savings. A 2018 report by BIS estimated that blockchain-enabled healthcare technologies could save the sector USD $100 billion annually. By standardizing data and enabling interoperability, blockchain can shave significant time and costs off of EMR management, while clinical drug development timescales could be cut by up to a quarter by enabling parallel working and speedier participant recruitment. And blockchain could also save the medical insurance industry billions of dollars a year in fraudulent claims. We will elaborate on these points below.

Cons

  • Potential visibility for sensitive data. Healthcare data is some of the most highly sensitive information out there. And, while blockchain’s transparency offers many benefits, there are still some concerns around the visibility of this data where bad players are concerned. Healthcare laws and regulations, including HIPAA, are some of the most stringent in operation. So any organization hoping to adopt blockchain technology will need to prove its robustness in terms of information security.
  • It’s a resource-demanding technology. Because blockchain hasn’t yet been widely adopted in a medical setting, small or medium-sized healthcare institutions need to first thoroughly evaluate their current business state vs the worthiness of investment in this technology. The best practice here is to run a feasibility study and start from PoC development before making a major investment. It is also worth mentioning that the amount of storage required to implement blockchain technology in healthcare organizations can challenge adopters. Also, blockchain ledger growth is scaling at a faster rate than hard drives can be created, meaning that there’s a risk that people might not be able to download and store ledgers if they grow too large.

Five key use cases for blockchain in healthcare

1. Electronic medical record (EMR) management

2. Secure remote patient monitoring

3. Medical fraud reduction

4. Clinical trial cost savings

5. Enabling interoperability

Summary

https://www.linkedin.com/in/bhaviklimbani/
https://www.linkedin.com/in/bhaviklimbani/

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Bhavik

Bhavik

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