Is Blockchain Technology a Part of The Healthcare Industry’s Future?

Is Blockchain technology a part of the healthcare industry’s future?

Healthcare industry is one of the most sensitive ones when it comes to data security. Blockchain technology has influenced almost every industry with its potential to take over the data security landscape. Blockchain technology became popular as soon as it was first used in 2008, a whole decade back. Blockchain was initially used with Bitcoin but its use became popular in other investment related developments and ventures. Research in 2017 has shown that more than 90% of the enterprises were keen to spend more on data security in the coming years. Blockchain technology has the potential to make the process of verification more transparent and trustworthy for all industries, including the healthcare industry where data security is a very sensitive issue.

Blockchain technology has been put to use in many industries. It has proved useful by removing many intermediate steps and processes which were redundant. This has led to improved efficiency in these industries. In the case of healthcare industry however, the scope is even wider. Blockchain technology can have a much bigger impact on the healthcare industry. In the healthcare industry not only Blockchain technology provide support in the financial side but it can also prove to be very useful in analyzing data from patients regularly and thus help in identifying counterfeit activities in drugs distribution. Quality in healthcare system can be improved a lot.

In healthcare industry, security of data is very important to the organizations. Any misuse of data can lead to fatal results. This is different from any other industry. Even in banking, if the organization loses money due to leakage of credit card data, they can pay it back to their customers later on. In the healthcare industry, if the data is compromised in any way and someone’s health gets affected, it can prove to be devastating for the organization. Thus the ability of storage and analysis of healthcare data with reliable security on a huge scale is an important benefit that blockchain technology offers. Risks are minimized as the access to this stored data can be controlled. Blockchain technology can help in comparing data collected over time so that the findings through medical and healthcare data can be validated. This technology can provide real-time data and historic data and offer a comparison while maintaining the integrity of the data being analyzed.

Since 2016, breaches of healthcare data have increased in number. The challenges to keep healthcare data secure have thus become much more complex than the past. A lot of records have been stolen from the healthcare industry since 2016, and the cost of these data breaches has grown up to $355 per stolen record. Also, only in the US, more than 80% of the counterfeit drugs were exported from other countries. If blockchain technology is applied, such counterfeit drugs can be caught without much trouble.

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