Have you ever imagined a world where all medical information of a patient is secured within a single system and how they can be shared with any healthcare professional anywhere in the world, without any red tape? Until now, this had been a pipe dream. The Blockchain technology would ensure this dream becomes a reality.

Blockchain, which made its debut in the world of cryptocurrency, has now made inroads into many fields, including healthcare.

The healthcare industry is expected to benefit to a very great extent from this groundbreaking, advanced technology that is expected to improve its abilities to provide better patient care. It is only a question of time when the use of Blockchain will become mainstream.

Opportunities for using Blockchain in healthcare are very many today. While healthcare is among the early joinees in the Blockchain revolution, many a critic has expressed his doubts that Blockchain technology’s potential is being exaggerated.

In a study ‘IT innovation efforts at hospitals and health systems’, about 48 per cent of the respondents said they consider Blockchain technology’s potential as being overestimated.

On the other hand, there is a growing chunk of e-health enthusiasts who are positive about the potential of this technology in healthcare. When the 200 top healthcare executives were surveyed in 2017, some 16 per cent expected a commercial Blockchain solution already, and 56 per cent expected one by 2020. They planned to partner IT vendors, support e-health start-ups, and bring IT expertise to internal processes.

But, is it a silver bullet? It has become increasingly difficult to differentiate the hype around Blockchain from the facts.

Areas Blockchain can improve

  • Blockchain can improve healthcare by providing a cost-efficient and secure way to manage patient data.
  • When applied to healthcare, the technology is expected to improve and mature to be useful in many aspects of healthcare:
  • Supply chain management: In terms of pharmaceutical supply, where counterfeit drugs exist, Blockchain can provide a proper ledger to ensure patient safety and logging of pharmaceutical purchases.
  • Billing management: A distributed ledger technology would help eliminate the fabrication of medical bills and provide a solid record of medical history.
  • Medical research and data security: At a time when something a crucial as clinical trial records are mostly not documented properly, the Blockchain system can mitigate the situation by providing detailed reporting and transparency of results.
  • Pharma purchases: With a proper ledger, logging of pharma purchases will ensure patient safety.
  • Safety and security: With the help of smart contracts based on Blockchain systems, all personal information regarding treatment can be securely saved and handled, eliminating data breaches.

Meanwhile, uncertainty abounds around the new technology and has generated some trepidation over the poorly-developed Blockchain technology and if its adoption by healthcare providers could lead to a catastrophe.