The Future of Healthcare is Blockchain

Published: 01/06/2020 | Last Updated: 05/06/2020

With majority of the world reeling to the effects of the coronavirus pandemic, tech and medical experts are scrambling to find a cure. While medical experts estimate that it will take until the end of the year develop a cure, tech experts are using new technologies to help in finding one.

One particular piece of technology that has surged in popularity over the past few years is blockchain. It is the open-source technology that allows cryptocurrencies to exist in the first place. Due to its transparency, security, and redundancy features, many industries are now adopting blockchain technology.

Many experts believe that blockchain has a great application when it comes to healthcare. Blockchain allows for a more decentralized system with extreme transparency. This means that no single entity or infrastructure holds the data, instead it is stored in a decentralized system.

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Privacy and Security

Since the early years of healthcare, there is one recurring theme that has been at the very heart of this profession: patient confidentiality. Over the years, many hackers have proved the utter vulnerability of many healthcare institutions. So far, experts believe that the main culprit lies on how patient data are being stored.

In a centralized system, all of patient data are stored in a single database housed in a server. This particular setup is prone to brute force hacking as hackers can only concentrate into a single point of vulnerability.

On the other hand, the decentralized system used by blockchain means that there is no central server. Instead, all patient information are stored on a multiple devices and infrastructures giving hackers no central point of attack.

Moreover, using blockchain technology will allow patients to control whoever can access their data. Through blockchain technology, experts can easily track any breach or unauthorized access into the system.

Blockchain is cost-effective

Many studies have revealed that the healthcare industry will save more than $100 billion annually if they adopt blockchain technology. Through tokenization mechanism, the healthcare industry will essentially eliminate counterfeiters, hackers, malicious users, and third-party clients.

Aside from this massive cut in spending, the healthcare industry can also provide transparent, secure, and fast solutions to its clients.

Experts believe that early adoption of this technology will be hard. However, once companies start to better understand the benefits of blockchain and the massive savings they will get, they will jump into it in no time at all.

There are also studies that suggest blockchain technology can help in the management and prevention of future pandemics. With patient information all store inside a single massive blockchain, experts can essentially analyze these data and create a prediction into how it will spread.

The current coronavirus pandemic has been quite a challenge for the healthcare industry. The current state of healthcare technology have also been an aggravating factor which frustrates both patients and medical professionals alike.

For many, the future of blockchain remains unknown.

However, many in the tech industry are hoping that this breakthrough technology will finally be adopted in the future. Many believe that while the world takes a quite a long time to do that, it will inevitably come in the future.