Blockchain and Healthcare

Overview: The healthcare industry, in most countries, is a complex system of interconnected entities. Each of these entities has separate, siloed information systems that a) contain plan member/patient data and records, and b) support the (regulated) processes specific to the entity’s contribution to the healthcare delivery value chain. The cost of healthcare delivery continues to increase rapidly, and administrative costs are a major contributor. Taking into consideration all the capabilities of the technology, blockchain has a huge potential to become the next big technology innovation engine. Blockchain applications for patient data portability, interoperability, care delivery management and administration can provide the answers to many challenges facing this industry.

The potential of blockchain for healthcare highly depends on the acceptance of the new technology within the healthcare ecosystem in order to create technical infrastructure. Though there are certain concerns and speculations regarding blockchain’s integration with current healthcare systems and its cultural adoption, the technology is beginning to prove popular in the sector.