We are not only living in a generational opportunity for economic transformation and growth but blockchain is also reshaping healthcare.
We are living in the fourth industrial revolution. It started with the steam engine and developed into the age of science and mass production. Then we experienced the rise of digital technology. The internet of things has developed into a revolution that is powered by information communication and technology and artificial intelligence as well as blockchains. Each new wave of technological change solves different problems and benefit the world in different ways. As a health professional I am interested in looking at what problems can be solved by blockchain in health care.
Blockchain technology has the potential to solve problems linked to trust, verification and security and the health care sector is benefiting from this technological revolution. One problem within the health care sector is data breaches where patents personal and health records are stolen. The decentralized nature of and security of blockchains make it possible for patients, doctors, and health care providers to securely share the same information. Instead of using paper or multiple different digital services health care providers can use one secure system that is updated in real time. Smart contracts are smart! By using blockchain technology health care providers can solve issues with storing and maintaining immense amounts of patient data in accordance with laws and regulations. Patient activities can be up to date which assists doctors, scientists, lab technicians in doing faster diagnoses and radically improve the quality of treatment. The patient data puzzle can be solved. Furthermore, since all changes can be tracked on a blockchain the integrity issue can be solved.
Inefficient practices in hospitals are costly and the organization and logistics at a hospital can be improved and labor cost lowered as patient data is streamlined with the use of blockchain technology. The medical supply chain is also a major benefactor. The World Health Organization claims that the black market of medicine is worth $75 billion and falsified medication and illegal data is a major problem. It has been claimed that pharmaceutical companies lose $200 billion to counterfeit drugs annually. By using a ledger, data about drugs can be tracked and traced which lowers the risk of counterfeiting and theft and increases safety and decreases supply chain problems.
There are also benefits in research and drug discovery with using the distributed ledger technology as patients’ original health records and billions of genetic data can be stored on the blockchain. Genetic databases of the future are likely built on a blockchain. AI can use data to perform predicting modeling in care. The fourth technological revolution can also help public health professionals to manage national medical emergencies. Now days medical personnel can use wearables when diagnosing patients and accelerate care that involves multiple parties. Furthermore. Payments between health care parties can be accelerated with blockchain technology.
How long it will take for the public healthcare sector in adopting this new technology fully is a guessing game, but health care companies such as Ananeer, Akiri, BurstIQ, Factom, ProCredEx and Robomed are active in solving different problems. According to Delloite 2020*, several developed nations and senior industrialists are making blockchain systems a top priority for their organizations.Things move fast in a revolution.
However, the fourth industrial revolution will not fully shape the health care industry until we have further clarity on blockchain regulations and laws.
*Deloitte, Critical Blockchain Statistics: 2021 Data Analysis & Market Share — Financesonlinecom (2020)