While the blockchain is primarily associated with cryptocurrency, more and more sectors are now looking into the potential applications of this technology. In this article, we will examine how the blockchain could be utilised within the healthcare sector to streamline processes and improve patient outcomes.
What Are Blockchains?
A Blockchain is a secure way of storing data and is used to keep a digital log of transactions. To ensure greater security, the blockchain is stored on a peer-to-peer network rather than being kept on a single computer. The use of cryptography and encryption also ensure that only authorised users can access the blockchain. All of the records on the blockchain are time and date stamped to prevent tampering and to boost transparency and data integrity.
Potential Applications of Healthcare Blockchains
Industry experts have predicted that the global healthcare blockchain market will hit $5.61 billion by the year 2025. Many key players within the sector could benefit from this technology, including
- Healthcare providers e.g. hospitals, clinics, medical professionals
- Health insurance companies
- MedTech companies
- Biotechnology companies
- Pharmaceutical companies
- Health departments and government agencies
Blockchain in Healthcare: A Case Study
When it comes to healthcare blockchain, the small Baltic nation of Estonia is leading the way. In 2012, the Estonian government adopted blockchain as a means of securing health records and to process transactions. After seven years, all healthcare billing is handled on the blockchain and around 95% of health information is now ledger-based. The introduction of blockchain technology has helped to enhance the cost-effectiveness, sustainability and efficiency of Estonia’s healthcare system.
Healthcare Blockchains & Patient Privacy
Blockchains are public – i.e. everyone can see the data that is stored on a blockchain network. This means that ensuring a high standard of data protection is integral for anyone using the blockchain in a healthcare context. Strict data protection rules (e.g. GDPR or HIPAA) means that healthcare providers must take care when processing patient data. Failing to secure patient data in a way that is safe and secure may result in legal penalties.
Find Out More About Healthcare Blockchains
If you would like to learn more about the blockchain, then we recommend reading the below infographic which comes courtesy of Study Medicine Europe. This fascinating guide includes an explainer of the Blockchain in plain-English and also features insights on how this technology could tackle key pain-points within the healthcare sector.
