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Is Blockchain Technology Taking Off in Healthcare?

Currently, the pandemic is wreaking havoc around the world and healthcare services are under tremendous strain, coping with major problems such as supply chain shortages, medical device counterfeiting, clinical data protection and surveillance, to name a few. Health sector is looking to innovative and evolving technologies like blockchain, the technology underlying cryptocurrency to address some of these challenges and help prepare global health services for potential health emergencies.

Many of the applications of blockchain in healthcare are still being researched and similar technologies are being developed, advanced and scaled. Interoperability and security are two of the most important factors to consider. A healthcare archive must have the ability to share and retrieve information, blockchain can be used to ensure the security of patient data. Keeping the data on a blockchain secures it from corruption, while providing decentralization and transparency. The identity of patients is protected by secure and complex algorithms, in order to protect the sensitive data.

The recently published research report on the Global Blockchain in Healthcare Market provides a comprehensive analysis of the factors affecting the global industry landscape. Increasing acceptance of blockchain technologies, rising demand for cost-effective and safe data interoperability of blockchain, implementation of openness and immutability of distributed ledger technology and the illicit drug risks are several of the factors that will propel the blockchain for healthcare market forward.

In the forecast timeframe of 2020 to 2027, the blockchain for healthcare market is projected to expand. According to Data Bridge Market Research, the market will reach USD 8362.01 million by 2027, rising at a CAGR (Compound annual growth rate) of 72.0 percent over the projected period. The rising number of healthcare data breaches has had a strong effect on the demand for blockchain in healthcare.

Increased government policies and increased investment in the advancement of advanced solutions, on the other hand, would generate fresh and sufficient avenues for the growth of the blockchain for the healthcare sector.

 

Opportunities:

  • Investments in venture capital and initial coin offerings may result in a significant increase in funding 
  • Building trust in telehealth
  • Identity verification
  • Transparency and accountability of clinical trials
  • Drug traceability and visibility of the supply chain
  • Health insurance fraud can be combated using blockchain technologies.

 

Challenges:

  • Since this technology is still in its early stages of development, its adaptability is minimal, which leads to a lack of standardization in the market, which raises its own set of challenges in fully exploiting its potential.
  • Distribution of personally identifiable healthcare data within a public ledger essentially giving access to the data to everyone in the network.
  • Existing key protection concepts are ineffective since one key for all blocks means that if the key is stolen, all of the blocks can be accessed; similarly, using a separate key for each block is inefficient because it raises the cost of saving and retrieving data.
  • Smart devices have little computing capacity.

Finally, although blockchain technology offers several healthcare benefits for patients, researchers and pharmaceutical firms, it is not yet completely integrated for the healthcare industry. A variety of technological, organizational and ethical challenges must be overcome before healthcare companies consider implementing blockchain technologies comprehensively.

 

 

 

 

Image: Scottish Guy

*Disclaimer: Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available cryptocurrency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.

Sources

www2.deloitte.com/us/en/pages/public-sector/articles/blockchain-opportunities-for-health-care.html

www.healthcarefinancenews.com/news/blockchain-telehealth-promise-more-efficiency-healthcare-looks-bounce-back-covid-19

clarkcountyblog.com/news/696390/blockchain-for-healthcare-market-size-global-industry-report-2027-regional-outlook-competitive-analysis/

www.devdiscourse.com/article/technology/1553500-end-is-in-sight-tackling-a-rare-disease-in-a-global-pandemic