We have seen an exciting rise in the adoption of Electronic Health Records (EHR) technology. Now, many companies are exploring the blockchain technology to transform the way they handle patient data.
One major point of blockchain that is advantageous to healthcare applications is decentralization which makes it feasible to implement distributed healthcare applications that do not rely on a centralized authority. Additionally, the fact that the data in the blockchain is replicated between all the nodes in the network generates an atmosphere of clarity and openness, enabling healthcare stakeholders, and in special, the patients, to understand how their data is handled, by whom, when and how. More importantly, settling any one node in the blockchain network does not affect the status of the ledger since the information in the ledger is replicated between multiple nodes in the network. Hence, by its nature, blockchain can defend healthcare data from potential data loss, fraud, or security attacks, such as the ransomware attack.
Also, the immutability property of blockchain makes it impossible to change or modify any record that has been added to the blockchain. This aligns very strongly with the requirement for storing healthcare records - the necessity to guarantee the integrity and legality of patients' health records.
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The global blockchain technology in healthcare market size is expected to reach USD 11.5 billion by 2026, according to a new report by Grand View Research, Inc.
Furthermore, technological advancements and untapped opportunities in the healthcare sector are some of the major factor leading to the adoption of the technology.Blockchain technology has grown at a rapid pace in the past few years.
The technology has been utilized by the big corporations for profit maximization and cost cutting.
Many leading healthcare and life science companies including Pfizer Inc.; Amerisource Bergen Corporation; McKesson Corporation; and Premier Inc. have all recently joined blockchain-powered project MediLedger to tackle the inadequacies of supply chain.
Reduction or elimination in frauds and errors, reduction in delays from paperwork, identification of issues rapidly, minimization of courier costs, improvement in inventory management, and increase in consumer and partner trust are some of the purported benefits of blockchain technology facilitating supply chain management.Furthermore, the pharmaceutical industry is only one part of the overall healthcare ecosystem which is vigorously exploring the use cases of the blockchain and many of the ideas already have the proof-of-concept implementations.
The hindrances and challenges that arise in multiple level authentication can also be eliminated through the adoption of blockchain.
The global digital health industry size is expected to reach USD 509.2 billion by 2025, expanding at a CAGR of 27.7% over the forecast period, according to a new report by Grand View Research, Inc.
Growing adoption of mHealth technologies by physicians to prescribe for self-management of chronic illness, such as diabetes, has propelled the growth of the market.
Availability of such apps in smartphones makes it easier for healthcare professionals to access patient information and diagnose diseases.
Furthermore, increase in penetration of smartphones and internet connectivity are the key factors driving the market.Growing need for improving workflow efficiency in hospitals and other healthcare centers is propelling the demand for mHealth services in healthcare administration.
For instance, Results SMS in Uganda is an open source SMS-based platform providing appointment reminders.
It gives appointment reminders as SMS to patients.
