Blockchain in Healthcare from Challenges to Business Model Optimization
Published by : Industrial Automation
Blockchain in Healthcare primarily used to check drug ingredients, counterfeit drugs, medical records, and patient identification. The use of technology can enable companies and organizations in the healthcare sector to optimize their operations in terms of saving cost, time, and increase productivity. Moreover, it reduces the change for the creation of glitch across the healthcare ecosystem through traceability of the fake or counterfeit drugs and further identification of that source to rectify it for future operations.
Challenges for Blockchain in Healthcare
Blockchain in Healthcare has seemed to identify and recognize as a cluster of benefits and applications. However, the main challenge includes –
Uncertainty – Blockchain is recognized as a new technology in the global market and growing development makes it possible for its use in healthcare applications. Moreover, the limited presence of companies in healthcare creates a sense of uncertainty and doubt.
Data Ownership – Limited standardization in the flow of data and no authorization is creating a kiosk, which is the major challenge in the current system.
Cost – There is a high cost for the establishment and maintenance of blockchain in healthcare, which makes it difficult to consider in the basic operation across the ecosystem.
Rules & Regulations – Currently, there are no rules & regulations stated for the blockchain in healthcare from the side of industry officials. Moreover, with the privacy regulations such as HIPAA act in place, it’s uncertain as to how the new rules & regulations regarding healthcare blockchain will be incorporated.
Blockchain in Healthcare brings Business Model Optimization
Blockchain in Healthcare opens up scope for the advancement in the healthcare business model to generate revenue through the development in business processes.
Pharma Companies – Blockchain enables pharma companies to extract data in real-time that further assists them to offer a vast array of medical products and treatments to the consumers.
Healthcare Professionals – There is a wide possibility in the healthcare system, where healthcare professionals such as doctors and nurses can easily access and monitor the patient’s health records with the real-time framework to further alerting them in case of any emergency.
In conclusion, blockchain in healthcare is a new concept, which witnesses a wide adoption in other verticals such as cryptocurrencies. In addition, it is expected that the blockchain technology may disrupt the healthcare industry along with boosting the healthcare app development based on the blockchain framework in the coming years.