Is Blockchain the Next Big thing in Healthcare Ecosystem?

By CIOReview | Tuesday, March 6, 2018
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Blockchain technology, IoT, machine learning, AI, and others are, currently, the hottest trends in the technology landscape. While all of them carry the promise to revolutionize the healthcare ecosystem, it is absolutely safe to assume that blockchain champions the prospect. It can be used for a variety of purposes such as validating patient data, EHR, EMR management, tracking research methods, and facilitating safer drug manufacturing, among others.

Blockchain-based solutions can ensure a smooth exchange of data across various healthcare devices and systems. Although, there are a lot of technologies that cater to such need, however, the current technology doesn’t address the problems of data security, interoperability, and integrity. What makes blockchain a sought-after choice is its cryptographically secure data exchange systems that allow healthcare organizations to securely store their data in its distributed ledger. Furthermore, blockchain can be utilized to transform the pharmaceutical supply chain by empowering them with smart contracts, distributed ledgers, proof of work, and transfer of assets.

Successful implementation of blockchain in the healthcare industry will make it immune to various ransomware and cyber attacks. According to a Deloitte whitepaper, all the healthcare organizations can view their copy of ledger and therefore, any changes in it have to be approved by the majority of the participant. This averts the malicious attacks and makes the systems more resilient and robust.

All in all, blockchain can act as a perfect ally to healthcare ecosystem. Although, with the technology yet in its nascent stage, the tech world is all set to witness major disruption once blockchain emerges as a trusted partner of the healthcare organizations.