Healthcare is on the cusp of a major transformation, one that will see systems, medical records, and care digitalized. As systems become interoperable and more IoT devices enter the healthcare matrix, security becomes an even greater issue. This is driving healthcare providers to seek out the possibilities of blockchain.
As a decentralized digital ledger technology, blockchain can help enhance digital security in healthcare. It allows patients to access their health data safely and enables secure transactions. This will play a key role in mitigating the threat of fraud and data breaches – which are, at this stage, increasing in number.
Blockchain has extraordinary potential to revolutionize healthcare – and this potential is beginning to become realized. BCC Research estimates that the market for blockchain technology in healthcare will witness growth at a CAGR of 61.1% between 2022-2027. This staggering percentage will bring the market to a value of around $7 billion by the end of this period.
Advantages of blockchain in healthcare
The integration of blockchain technology into healthcare will offer numerous benefits, with data security being top of the list. But there are several advantages, including:
- Transparency in the supply chain: Healthcare providers face considerable challenges with murky supply chains. Often, it’s incredibly difficult to pinpoint the origin of a pharmaceutical drug or technology, making it impossible to verify the item’s authenticity. The blockchain-based supply chain tracking system allows users to track items from manufacturing to distribution. Customers gain complete visibility and transparency into the goods they are purchasing. This is particularly integral to developing markets, where fake prescription drugs cause tens of thousands of deaths a year.
- Data management and sharing: Data breaches are climbing. While it’s impossible to isolate a patient’s medical records with so many parties needing access to them, blockchain ensures secure and controlled access. The unique ID of a patient allows stakeholders to store patient information as blockchain blocks. This method allows patients to remain anonymous when sharing health-related information.
- Patient-centered electronic medical records: Healthcare systems around the world are wrestling with the problem of silos. This is making patients and healthcare providers at risk of not having an in-depth understanding of medical histories. Fortunately, this problem can be addressed through blockchain. It’s entirely possible to create a blockchain-based system for medical records in conjunction with existing electronic health record software.
- Blockchain-based payments: Blockchain technology makes it possible to receive medical assistance and pay for it using cryptocurrency. A technology-focused medical group such as Aveon Health is one example. The medical group recognizes the benefits of Bitcoin as a virtual currency, and offers its users the ability to receive and send Bitcoin electronically through wallet software.