Blockchain is the Futuristic Approach for the Healthcare Sector
Published by : Industrial Automation
Blockchain has widened up the potential for the healthcare sector through the creation of an efficient and effective health care ecosystem. Also, it enhances the security, privacy, and interoperability of data across the entire health care ecosystem. The concept is based on the health information exchanges (HIE) through handling electronic medical records more efficiently, disintermediated, and secure.
Scope of Blockchain in the Healthcare Sector
The scope of blockchain in the healthcare sector is immense, as per healthcare research companies. The reports are various companies predicted that the growth of the global blockchain in the healthcare market is expected to be over 70% from 2020 to 2025. Moreover, the market size for the market is expected to reach almost USD 2 billion by 2025.
Considering the current trend, the most promising factors influence the growth of blockchain in healthcare include –
Decentralized System – Blockchain operates and based on a decentralized system that makes it better in terms of data security and prevents data compromise from the servers or the ecosystem.
24*7 Monitoring & Access of Data – Blockchain application in the healthcare ecosystem enables its use for storing and updating useful patient data such as blood pressure and sugar level in real-time based on the IoT and wearables algorithm concepts. Moreover, this makes it easy to monitor a patient’s health and create an alerting platform to inform relatives in case of an emergency.
Cost-Effectiveness – Blockchain removes the involvement of third-party and mediator systems for the service of fetching and transferring data and information. Also, the absence of them from the system results in achieving great cost-effectiveness in the healthcare system.
Consistent Rules through Smart Contract – Smart contracts formed a computer protocol that enables the digitally authenticates, facilitates, and enforces the negotiation. In healthcare, it helps in the development of a consistent rule-based process for various healthcare organizations to access patient’s information.
The key growing blockchain healthcare startups
• Guardtime is a software security company, it developed a digital signature system based on blockchain technology for healthcare institutions.
• Gem focused on providing blockchain technology to support a patient-centric approach to healthcare companies.
• bron.tech is a company that specializes in decentralized infrastructure for data sharing and identity management.
• MedRec maintains a set of contracts initiated by patients that define what entities or parties can access which health records across the entire healthcare ecosystem.
• Blockchain Health primarily involves in creating blockchain technology to enhance the platform in terms of security, permission, and sharing of private health data through phone
The Blockchain Future
In healthcare, blockchain creates a development for the companies to invest in development to enhance its advantages such as reduce complexity, enable trustless collaboration and creation of secure & immutable information sharing ecosystem. It is expected that the domestic government around the globe may be needed for blockchain to realize its full potential in the healthcare sector, along with establishing a blockchain framework to coordinate early-adopters, and supporting a consortium for dialogue and discovery. Such factors are expanding its demand to efficiently incorporation and implement of blockchain as a futuristic approach for the healthcare sector.