For over a decade, blockchain technology has made its way to the center of various industries, including, finance, gaming, healthcare, engineering and agriculture. By 2023, it is predicted that the blockchain (and cryptocurrency) industry will reach well over $23 billion. Tech expert Joshua Esan shares an article on cointelegraph.com of the many ways this technology will revolutionize the healthcare industry.
Blockchain eliminates breaches in doctor-patient confidentiality. Patient confidentiality has been a long standing issue for many years. With the adaptation of blockchain technology, records can be safe and secure on digital ledgers, with patients given the option of who can access their personal information. Esan explains that this way, responsibility is maintained by the health professional, any breach of patient health information can be easily traced, and unauthorized third-party access to sensitive information can be eliminated.
Blockchain prevents medical errors. A study published by Johns Hopkins patient safety experts suggests that in the United States, over 250,000 people die every year due to medical errors (computer glitches, deleted/lost information or human error). Blockchain tech can only be added, not erased and that is a good thing. With this technology, Physicians can access the historical medical records of their patients from their very first hospital visit. Esan comments that Blockchain has come to effectively dissolve the dilemma of errors and digitize patient health records.
Blockchain improves research in medicine. The field of medicine is vastly dynamic, with health professionals constantly seeking new ways to improve patient care and satisfaction. However, there hasn’t been a centralized system for sharing research data. Embracing blockchain technology, a secure digital system, can help researchers worldwide, with patients’ permission, to have access an extensive database of information that would help accelerate improvement in healthcare.
Blockchain can help manage and prevent future pandemics. Esan explains the outbreak of COVID-19 puts the healthcare system to its biggest test in nearly a century. The World Health Organization is coming under increased scrutiny, false information is on the rise daily, and developing and sharing triage procedures has been tedious. The Center for Disease Control has already set up a project to use blockchain to track, store and disburse sensitive information in real time to health centers for effective and uniform management of pandemics. With this tool, ravaging epidemics like COVID-19 can be stopped sooner than expected.
Blockchain will help reduce health cost. According to a report published by Bisresearch, the adoption of blockchain in the healthcare industry is estimated to save up to $100 billion yearly by 2025. Via tokenization, the industry would take a tremendous drift toward complete transparency and accountability, and ultimately save money for both patients and healthcare companies. The inevitability of blockchain in every industry is gradually catching up with the healthcare industry. Without a doubt, both the medical practitioner and the patient stand to gain the most from this revolution.