Many industry leaders are discussing blockchain — from the President of the United States to the Nigerian government. Despite all the global publicity, the blockchain idea still appears to be hard to get a handle on, which makes it a standout amongst the most misunderstood technological advances of 2017(1).
Blockchain technology is a distributed database that allows users to share data globally and eliminate the need for the middleman or a “gatekeeper”. They have proven the robustness of Blockchain technology in its initial application, which was Bitcoin. We have now applied the technology to other industries. The Blockchain technology also avoids manipulation and misuse of data. Blockchain technology maintains this collective bookkeeping, which enables all nodes to have the computing capability to process the transactions faster and seamlessly.
Total corporate and government spending on blockchain should hit $2.9 billion in 2019, an increase and reach $12.4 billion by 2022. 600 execs 84% of 600 executives said they involve their companies with blockchain technology.(2) This is an astonishing number compared to previous years, and it is on the rise.
The openness, strength, hacker-safe, and distributed nature of Blockchain innovation warrants its appropriateness to many areas in the healthcare industry and other industries. The extent of adaptation inside a healthcare facility or facilities will rely upon organizational and business needs. As dependably as Blockchain technology can be, Blockchain technology is still a technological innovation and must be implemented to improve a business procedure and to stay away from the hype. Healthcare facilities should consider the common sense in responding to the business requirements for information sharing, security, and patient protection and precede these criteria before the quest for using any technology.
Blockchain data is immutable, tamper-proof, and we can apply the technology to several industries. Its application and popularity revolve around cryptocurrencies, but this is also an opportunity for healthcare leaders to invest in the technology.
Where can a healthcare facility use Blockchain technology to enhance its application development suite? Here are ten areas that a healthcare organization can apply Blockchain technology:
- Electronic Health Data Exchange
- Revenue Collection and Billing Management
- Drug Supply Chain Management
- Pharmaceutical Clinical Trials and Population Health Information system
- Cybersecurity and Healthcare Internet of Things (IoT).
- Laboratory Results Auto-verification
- Radiology image management
- Healthcare Facilities Physical Security
- Emergency Room Management
- Healthcare Retail Payments for Pharmacy, Co-pays, and Specialty Services Fees.
Any healthcare organization concerned about where to start, they should consult companies with expertise and knowledge in the Blockchain applicability in the healthcare industry. Healthcare organizations should also collaborate with other entities already taking the lead in this area. Ciox Health in Alpharetta, Georgia is creating Blockchain technology platform to securely transfer records between healthcare providers to reduce paperwork redundancies and medical mistakes. CVS Health plans to publish tamperproof, unforgeable medical credentials so patients can engage with their physicians.
The HyperLedger Foundation is one initiative that is collaborating across industries to create a framework for Blockchain application development. The vision of the foundation is to drive cross-industry joint effort by creating blockchains book of knowledge and circulated records, with a specific spotlight on improving the presentation and dependability of these frameworks. These frameworks would provide a starting point for industry, so it equips them for supporting worldwide business exchanges. The adoption of Blockchain technology across healthcare and other industries shows promise as demonstrated by the efforts of several global organizations.
Das, R. (2017, 05 08). Does Blockchain have a place in Healthcare. Retrieved from Forbes.com: https://www.forbes.com/sites/reenitadas/2017/05/08/does-blockchain-have-a-place-in-healthcare/#7a47052a1c31
del Castillo, M. (2019, 04 16). Blockchain 50: Billion Dollar Babies. Retrieved from www.forbes.com: https://www.forbes.com/sites/michaeldelcastillo/2019/04/16/blockchain-50-billion-dollar-babies/#6117e24a57cc
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