Blockchain Technology Is Bound To Reinvent The Healthcare Industry

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October 17, 2018 by
Blockchain Technology Is Bound To Reinvent The Healthcare Industry

Blockchain in healthcare is a phenomenon that is experiencing a speedy growth. According to a PwC survey, 49% of global healthcare companies are already developing blockchain solutions.

This significant impact of the technology on the healthcare industry does not come as a surprise. The fact that effective health management revolves around critical and accurate management of data plays a big role in the extent of interest that blockchain technology is receiving in the health sector.

According to a report by Healthcare Executive Group (HCEG), Data and Analytics stand out as the leading challenge that healthcare executives expect their organizations to face in 2019. Meanwhile, Binary Fountain in a report of its survey, established that 51% of people share their personal healthcare experiences online.

Healthcare Needs Blockchain

While in theory blockchain is seen as a technology that will be very beneficial, the fact that the concept is still young and undergoing a lot of changes makes it a bit difficult for it to experience a relatively express adoption as seen in other areas like financial technology.

The volume of data to be managed within the health sector based on forecasts, and the delicate nature of healthcare statistics makes if imminent that more effective processes must be introduced in order to avoid data crisis in the future.

Blockchain technology is known for its basic characteristics of data security, effective traceability, openness and the tamperproof nature of data stored on a given network. Being a decentralized technology, the flexibility of application also makes it an attractive piece for innovative technologies within industries like healthcare.

A Blockchain DIY Platform

In a typical example, Atlantico Network according to its whitepaper claims to be building an innovative service that will enable patients, health centers, pharmacies and other related service providers in the healthcare industry to access and utilize useful information simply on hand-held gadgets.

The network is explained to offer individuals the opportunity to find and evaluate the details of a doctor, insurance company and their services, evaluate pharmaceutical products and also leave ratings about products and services. The platform claims to be a kind of cycle of information exchange between its users, on the basis of which each of them can make correct and balanced decisions.

Considering the online habit of millennials and the relative convenience that such system offers, it is reasonable to expect a growing adoption of services like this in the near future.

Basic online systems would have been able to implement systems like this before now, but for the fear of non-transparent systems that can be controlled and manipulated by individuals or groups. By using blockchain systems, considering its fundamental properties as mentioned above, high-tech level products are expected, which excludes corruption, negligence and unprofessionalism.

Motivated By Incentivization

Another factor that is likely to encourage the expected adoption of blockchain systems in healthcare are the incentivized systems that is made possible via tokenization.

Networks like Atlantico rewards both individuals and organizations for using their platforms and also for performing basic tasks such as rating the services of service providers that they have used. All these tasks take place upon a globally decentralized network that is not limited by location.

Indeed, blockchain is quickly finding its way into various industries that affect the existence of humankind. The healthcare industry, as robust as it stands with its all important role for humans in general isn’t left out as developing events point towards obvious disruption and blockchain implementation within this sector.

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