How Blockchain Technology will Affect the Healthcare Industry

With all the hype and media attention surrounding cryptocurrencies such as Bitcoin, Ethereum and most recently, JPM Coin, you likely have heard the term “blockchain” mentioned. What is this technology and why is it so revolutionary to our way of life? This article will demystify the blockchain and highlight some of the ways that it will pave the future of the healthcare industry.

What is Blockchain?

Blockchain is a system that facilitates secure online transactions. Specifically, Blockchain acts as a distributed ledger. Like that of a bank ledger, Blockchain records transactions between individuals in a decentralized manor, providing authentication, transparency and the ability to audit. The magic of this system lies in the ability to record transactions of everything from cryptocurrency to contracts, or even other types of assets such as digital music, copyrighted material or wills.

How Will Blockchain Affect Healthcare?

The healthcare industry is always on the forefront of the latest technological innovations, provided that the technology will not disrupt the vital systems and workflows of healthcare professionals. Blockchain will have a significant impact on the way hospitals and medical practices operate, and it will revolutionize the degree and quality of care that these facilities provide to patients.  Below are just a few examples of how blockchain technology could be deployed:

• Distribution and Tracking of Pharmaceutical Drugs
• Access to and Transportation of ePHI (HIPAA Compliance)
• Patient and Provider Payments via Cryptocurrencies
• Health Insurance Policy Management
• Credibility of Results in Clinical Trials
• Patient Consent for Shared Data

Healthcare institutions that adopt blockchain technology to their day-to-day operations will have an advantage by enabling greater security and trust for their patients and employees within their networks. As time progresses, the cost and difficulty to implement blockchain infrastructures will decrease and become widely-adopted. 

How Are Other Industries Deploying Blockchain Technology?

Healthcare is just one of many industries capitalizing on the power of blockchain technology. Real estate, for instance, is looking to blockchain to make transactions more accurate, eliminate paper-based records, tracking and verifying ownership and transferring property deeds. Artists, designers and musicians are also looking to blockchain to improve media ownership, rights and royalty management and other transactions using smart contracts and smart assets.

Are You Ready for Blockchain?

While the future may be uncertain, one thing you can guarantee is that the need for reliable and secure transactions between individuals and organizations will only become more prevalent. As blockchain technology improves, think about how you can deploy these tools to enhance the quality, scalability and integrity of your business.

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