With so many stakeholders, there is ample room for error and disruption. Platforms like bitcoin up. have a robust algorithm that performs the research for bitcoin traders and makes trading easy.
Also, it helped many beginners to get started with bitcoin trading. Blockchain-based solutions are emerging to address this systemic problem – offering transparency and accountability in the supply chain from start to finish.
Blockchain technology has been used in healthcare for some time, with significant use cases for patient data management. One of the most popular blockchain-based solutions currently being explored by industry players is its use as a decentralized exchange for medical data.
This decentralized marketplace would facilitate buyer and seller transactions without any need for intermediaries – improving efficiency and cutting out costly intermediaries who have previously acted as gatekeepers of medical history.
Their initial limitations have hampered the adoption of blockchain-based solutions for healthcare. For example, in the past, the use of blockchains required large data sets to be processed, and the lack of consumer interest in blockchain technology has slowed adoption.
However, with the launch of blockchain, it is now possible for individuals to sell their medical data on a decentralized marketplace – serving as a bridging solution between healthcare providers and consumers. It also lowers barriers to entry which could increase adoption levels in this industry.
Blockchain and Healthcare:
With blockchain technology poised for market-wide growth, healthcare providers are surveying early adopters throughout the value chain to see if product needs align with their needs (e.g., generics manufacturers, end users, etc.).
Healthcare providers are primarily interested in blockchain as an immutable and secure way to store medical data – decreasing the risk of lost or stolen devices.
Blockchain technology can reduce the amount of data stored on a device using smart contracts (a self-executing agreement that is autonomously executed when the terms of the agreement are fulfilled).
The tech has also been used to issue digital assets such as cryptocurrencies for medical devices (e.g., for payment vs. reimbursement), which could be beneficial for supply chain management but creates an obstacle in value creation by limiting the transferability of products through value chains.
Some Famous Blockchain-Based Solutions in Healthcare:
On the horizon is a network of medical wearable devices that will become an extension of our bodies.
Instead of a cell phone or laptop, patients can access their health information through a simply-programmed smart band or bracelet that can monitor vital signs such as heart rate, blood pressure, body temperature, and movement. People could use the same technology for programmed medication delivery.
Electronic Health Records and their Security:
As the central hub for health records, patients and medical providers will no longer need to worry about whether medical information is being shared securely.
Blockchain technology allows patients to give permission directly to the medical provider to share their data by encrypting each patient’s information and storing it on nodes dispersed across multiple locations.
Tokenization in Healthcare:
There is no single marketplace for all related product types or across supply chains on most consumer-to-consumer platforms.
In healthcare, this is very different – companies are attempting to develop a platform that will not only manage product lifecycles but also facilitate the exchange of payments across supply chains and allow consumers to pay for products via tokenization instead of paying with fiat currency.
The benefits include reduced costs, greater efficiency, and improved data security and privacy. For example, in a decentralized marketplace, consumers can own their medical device history through intelligent contracts – keeping all their private data secure from hackers.
A blockchain-based software solution designed to disrupt the fragmented healthcare marketplace by providing new financing solutions for patients with high out-of-pocket medical expenses.
The development of blockchain-based solutions in the healthcare industry is a significant step forward – but more work still needs to be done to use this technology across the value chain.
The Following are Some Challenges in Addressing These Challenges:
Where are the Requirements?
Many stakeholders/interest groups have been involved in creating healthcare standards and regulations – which were often driven by government regulation and reimbursement decisions.
Therefore, the roll-out of blockchain can only occur with a clear sense of requirements from all interested parties. Blockchain does not address these issues – it simply allows for more secure data transfer and new ways for individuals to exercise control over their medical data.
Who will Take Advantage of Blockchain Technology?
The development of the Internet was driven by consumers, who saw the value in its ability to transfer information more quickly and easily (e.g., email and social media).
However, blockchain is still a relatively new technology – with its market growth more likely to be driven by innovative startups than established market players. As a result, it could slow initial adoption – particularly if sizeable multinational healthcare companies are still determining if they can benefit from a blockchain-based solution.
As with most new technologies, regulators have begun introducing laws and regulations surrounding blockchain technology – but not all of these laws exist or have been implemented.