January 21, 2019
Blockchain is essentially a technology that can enable secure path for transactions. Although blockchain finds its first applications in cryptocurrency, it has evolved to become a technology capable of much more than that. Industries, which are enroute to their digital transformation journey, have found blockchain as the trust that can string together their information exchange.
Healthcare is one such industry that is now looking to leverage blockchain to resolve its data challenges in particular. It has always been a long-discussed possibility, but recent surveys have shown that industry leaders also believe in the potential of blockchain, and are more than willing to execute this technology to transform healthcare. This belief is part of the reason why blockchain in healthcare market is projected to reach USD 829.02 million by 2023.
Today, nearly 40 percent of the data records maintained by the healthcare providers are plagued with errors or misleading information. Blockchain can make data storage reliable and information exchange secure & quick leading to improved medical interoperability and better patient experience. Blockchain can resolve and expedite most concerns of connectivity, privacy, and patient record sharing.
The key applications of blockchain in healthcare include: drug supply chain management, claim and billing management, data security in clinical trials, interoperable EHRs, digital identity, financial transactions, and HIE related applications. In the following infographic, we have made a business case for blockchain in healthcare through a glimpse of these applications. Please feel free to embed this infographic in your blog or website.
In our eBook — “Blockchain in Healthcare: Applications, Challenges & Implementations,” we further discuss the possible roadblocks that a healthcare provider might face in implementing this technology and how providers can address them. As this eBook maps blockchain capabilities with possible healthcare challenges, providers can easily identify where they can get started with their blockchain implementation. Download this eBook for free here.