There is no doubt that the Blockchain revolution is making significant changes in the healthcare industry already. Here are some ways in which it answers the challenges that the industry faced before the technology became so popular:

Fragmented & Siloed Data

• Computer networks aid in accurate patient data through interconnected / interoperable decentralized storage
• Data can be shared securely across networks and nodes
• Decentralized source of internet

Timely Access to Patient Data

• The Distributed ledger system facilitates distributed, secure access to patient health data
• Updates to patient’s shared data are accomplished in near real-time

System Interoperability

• Decentralized Internet and computer networks across boundaries
• High-level authenticity

Data Security

• Digital transaction security ensured protecting patient identity

Patient Generated Data

• Holistic patient data collected from wearable or available IoT/IoMT
• Provides opportunities for Remote Patient Management and better management of finite clinical resources

Access and Data Inconsistency

• Authenticated research and healthcare companies are provided consistent and rule-based methods to access and analyze anonymous patient data through Smart Contracts that provide tokenized payment to the patient for use of their records.

Cost Effectiveness

• System is highly efficient through real-time processing and reduced transaction costs
• Third-party applications minimized, so reduced time-lag in accessing data

Conclusion

Blockchain is becoming the decentralized ledger of transactions happening across peer networks. Through this technology, there is no need of a central certifying authority to conform the transactions including fund transfers, selling trades, managing vital information and so on. This is all done seamlessly with increased transparency and accurate tracking methods that leads to a greater level of cost reduction.

The healthcare industry is clearly a major beneficiary of the Blockchain technology because patient information is shared across multiple providers with absolutely no risk of security, or privacy breaches unlike that we have witnessed with the EMR/EHR platforms built on old technology. Blockchain technology allows for documenting the transactions in decentralized ledgers, bringing in transparency and saving on other crucial resources like clinician labor, overall time for each process and cost.

Using this technology in this manner will engage millions of individuals, healthcare entities, medical researchers, and other healthcare providers to share vast amounts of anonymous patient data regarding nearly every aspect of life with guaranteed privacy, protection, and security. This could lead to precision medicine, and the rapid advance of medical and biomedical research leading the way to improved health, and more timely prevention and intervention of disease.