How blockchain could change the future of healthcare
Blockchain technology has not been fully embraced in healthcare compared to some other industries. However, according to a new report from Global Data, blockchain’s impact on patient care could be quite massive.
“Since blockchain can be used as an interoperability layer, it can help to link the data between disparate systems creating a transparent and secure path for patient data sharing,” Urte Jakimaviciute, senior director of healthcare market research for Global Data, said in a statement. “Blockchain-based systems can also give patients more control over their personal data, as the technology allows them to track who has access to their data and when.”
The report, available here, explores some of the biggest trends in blockchain, looking specifically at how researchers are already testing its usefulness in healthcare with a variety of case studies. For example, one pilot project backed by the FDA investigated blockchain’s potential for giving the pharmaceutical supply chain a much-needed facelift.
“Pharma supply chain management has a lot of issues deriving from lack of modernization and a high number of intermediaries involved,” Jakimaviciute said in the same statement. “Blockchain technology can potentially support the digitization of supply chains, overcome the middleman problem and increase transparency and efficiency.”
The report also addresses some of the technology’s current limitations, including “high implementation costs, slow transaction performance, limited storage capabilities” and more. Despite these issues, blockchain is still viewed as a crucial piece of healthcare’s future—even if implementation does continue to move at a considerably slow pace.
“Whether hyped or not, blockchain offers higher security and transparency which is a top priority for the entire healthcare industry—from pharmaceutical companies to payers and hospitals,” Jakimaviciute said.
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.