Why Blockchain will be Integral to Healthcare’s Transformation
Blockchain revolutionized several sectors like finance, the healthcare industry, voting systems, gaming, and many. In a report by CB Insight, its annual spending will grow up to $ 16 billion by 2023. It is considered one of the most secure technologies that will play a key role in the health sector. Blockchain technology can transform healthcare by placing patients at the center of the healthcare ecosystem and improving the security, privacy, and interoperability of healthcare data.
According to Global Market Insight, Blockchain Technology in Healthcare Market size was valued over USD 48.1 million in 2018 and is expected to witness 65.0% CAGR from 2019 to 2025.
Challenges in Healthcare Industry in the New Normal
There exist some challenges in our health sectors that need to be resolved before implementing blockchain or revolutionizing them.
- Integrated System for Data Management: Patients’ medical records are growing with time so the need for a proper data storage system and management. The amount of data is so large that hospitals need efficient storage to effectively manage their databases and are looking for storage professionals.
- Cybersecurity: Connected medical devices among different health institutes have always attracted hackers. Premises need robust security systems to prevent data loss and data theft.
- Digitization and Digital Transformation: Though many technologies have been transforming healthcare, still a vast majority of care providers have not begun Digitization. The trend needs to pick up pace for the benefit of every technology to be successful.
Transformation of Healthcare needs Inclination Towards these Technologies
- AI: AI in cardiology and radiology has enabled doctors to detect severe disease in the early stages.
- IoT: You can track patient compliance with treatment plans or emergency medical needs. The data collected from IoT devices can help clinicians determine the best course of treatment for patients and achieve the desired results.
- Blockchain: It has envisaged facilities in these aspects;
- Protecting medical data from breach.
- Electronic data management
- Point-of-care genomics.
- Managing electronic medical record data (EMR)
Significant Use Cases of Blockchain in Healthcare
- Interoperability: It creates a centralized database synchronized via the Internet and realizes seamless data exchange between the users and stakeholders.
- Drug Traceability: Blockchain provides a cost-effective solution that supports multiple drug tracking functions and processes to determine the correct identification, traceability, traceability, and source.
- Aids in Medical Research: Researchers can analyze unidentified data and request patient access to use their information in medical research.
The Blockchain Revolution in Healthcare
The Industrial revolution first brought changes in the health industry, then came the large production era with upgraded technologies. Then came information technology and now with artificial intelligence, data automation, and blockchain another revolution is on the verge. Some termed it as health 4.0.
In order for blockchain technology to prevail in the healthcare system, industry leaders and policymakers, as well as private and public authorities, must work together and adopt a unified approach.
To know more on use cases of blockchain and technologies affecting healthcare, read our blog.