Blockchain's Health Services to Promote More Efficient Medical Systems

Blockchain's Health Services to Promote More Efficient Medical Systems

Healthcare Tech Outlook | Monday, May 20, 2019

FREMONT, CA: The challenges facing the national health system are well known to us. Healthcare stakeholders are increasingly pressurized to control both costs and to provide patients with high-quality treatment, from expensive data-sharing procedures, the ambiguity about clinical trials, and medical research to complicated billing and patient adherence. Indeed, Bitcoin's technology power can quickly reduce many of these pressures and provide safe ways to share information and improve medical research for patients and healthcare providers.

Blockchain ensures the uniformity of the ledger and user safety using asymmetric cryptography and consensus algorithms. It produces distributed data records that can be shared, among linked database systems. Blockchain's key features are its affiliated transaction decentralization, anonymity, continuity, and auditability. Simply stated, data cannot be recognized or modified by using blockchain technology until it arrives at the recipient. The global blockchain for the health care market is estimated to grow at CAGR of 63.85 percent from 2018 to 2025, with a market value of $5.61 billion, according to a Frost & Sullivan study entitled "blockchain in Healthcare, Forecast 2017 to 2025." It is also anticipated that, blockchain will provide effective health care by making progress in information technology. The industry is projected to save up to $100–$150 billion annually by 2025.

Blockchain offers a decentralized data sharing system for the protection and authentication of health information. Moreover, blockchain removes data reconciliation burdens and costs by allowing easy access to real-time health information. The recent partnership of the Estonian eHealth Foundation with Guardtime is an example of the blockchain application, which protects the health records of a million Estonian citizens with the Patented Keyless Signature Infrastructure (KSI). The iSolve ADLTTM platform-based drug supply solution is a practical blockchain application in the pharmaceutical industry. iSolve ADLTTM provides visibility and safety at all levels of drug development, supply and inventory, drug needs, and patient needs for companies. ADL TM from iSolve also contributes to reducing leaks in the supply chain, fostering marketer incentive-based programs, and improving drug compliance.

A significant concern for data protection is the increase in the amount of health information for patients. In 2016, a total of 450 health data breaches affected the Protenus Breach Barometer reported more than 27 million patients. Blockchain can overcome data interoperability gaps, guaranteeing Internet safety and privacy for use by medical devices (IoMT) and ultimately lead to the creation of data security proof.

Without a doubt, blockchain is a disruptive innovation in several areas. Through its large investment in distributed ledger technology, stakeholders in healthcare are equally enthusiastic about blockchain's health services opportunities to promote more efficient medical systems.

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