Blockchain technology, the distributed ledger system that underpins cryptocurrencies like Bitcoin, is poised to transform healthcare in major ways. Blockchain has the potential to increase efficiency, security, transparency, and patient control – all areas in need of improvement in the healthcare industry.
Increased Efficiency Through Interoperability
One of the biggest promises of blockchain for healthcare is enabling increased interoperability of health data. Right now medical data is largely siloed in the proprietary systems of hospitals, clinics, pharmacies, and other healthcare providers. This makes it difficult to share data across organizations. The decentralized nature of blockchains allows for the creation of universal health records that can be securely accessed by authorized parties, no matter what system they are using. This could massively reduce duplication of tests, give providers a more complete view of a patient’s health history, and reduce medical errors due to missing information.
Enhanced Cybersecurity
Healthcare organizations have been plagued by cyberattacks and data breaches in recent years. The immutable and cryptographically-secured nature of blockchain networks offers a solution. Health data stored on a blockchain is nearly impossible to alter without appropriate credentials and easy to audit, giving peace of mind that records haven’t been tampered with. The decentralized storage also eliminates vulnerabilities associated with centralized databases.
Increased Transparency and Trust
Blockchain transactions are transparent by design, with every action on a network recorded on an auditable distributed ledger. This gives patient’s confidence that their data is being used appropriately and doctor’s assurance that medical records are complete and accurate. The cryptographic validation inherent in blockchain also reduces opportunities for doctoring of records or insurance fraud.
More Patient Control Over Health Data
Current health data systems are very provider-centric. Blockchain solutions cantered around user-controlled digital identities could finally put patients at the center of the healthcare ecosystem. Such approaches give patients ownership over their own health data and control over how it gets shared and used. This is a prerequisite for precision medicine and patient-driven research efforts.
Conclusion
While there are still regulatory and technical obstacles to be worked out, blockchain technology undoubtedly has huge potential to address some of the most pressing problems facing healthcare today. Creative applications of blockchain could lead to major advancements in medical research, public health surveillance, insurance claim processing, pharmaceutical supply chain tracking, clinical trials, and much more in the coming years. It’s an exciting time for this still emerging technology as it begins making inroads into the complex world of healthcare.
Author:
William Dawsey
Vice President of Sales for Finance and Payments
William Dawsey is Vice President of Sales for Finance and Payments Technologies at Chetu, a global provider of world-class custom software development solutions. William has nearly a decade of experience in the financial technology space and has helped numerous brands and institutions develop and integrate the latest in POS and FinTech solutions. William Dawsey facilitates programmers with expertise in utilizing cloud-based, web, and mobile solutions for financial service modules such as payment gateways and POS software, accounting & tax preparation software, plus banking and finance service modules.
