How blockchain is set to transform healthcare | Blockchain Expo
How blockchain is set to transform healthcare
Blockchain is regarded as one of the most disruptive technologies today. Its importance can be realised by how various industries across the world have explored the technology to bring transformation into their current way of functioning. The healthcare segment too is at the forefront among other sectors when it comes to adoption of the technology.
Industry experts are confident in blockchain’s potential to transform the entire healthcare sector, mainly prioritising patients and boosting security, privacy, and interoperability of health-related data. They believe that the technology can create a new model for health information exchanges by enhancing the efficiency and security of electronic medical records. Though blockchain is not a universal solution in the sector at the moment, its rapid development does provide an opportunity for experimentation, investment and proof-of-concept testing.
Let’s see how blockchain is set to sync up with healthcare in the coming years.
Experts believe that blockchain-enabled health information exchange (HIE) could unleash the true value of interoperability and any system powered by blockchain has the potential to eliminate or mitigate the frictional expenses of mediators.
Investors in the healthcare ecosystem can also benefit from blockchain. They can capitalise on this technology by using it to connect fragmented systems to generate insights and evaluate the value of care. In the near future, a nationwide blockchain network for electronic medical records would streamline the process and support better health outcomes for patients.
In the United States, the Office of the National Coordinator for Health Information Technology announced a plan that can be implemented across the country’s healthcare system. This roadmap outlines critical policy and technical components required for nationwide interoperability, which includes:
- secure and universal network infrastructure
- recorded identity and authentication of all involved members
- constant representation of authorisation to access electronic health information and many other requirements
These requirements are not addressed in their entirety, as they have limitations related to security, privacy, and full ecosystem interoperability.
Recently, the UAE Ministry of Health and Prevention (MoHAP) collaborated with the Ministry of Presidential Affairs and Dubai Healthcare City among others, to launch the country’s first advanced digital platform for data storage aimed at pharmaceutical companies, health practitioners, government, and private facilities.
The blockchain-enabled platform enhances the efficiency of MoHAP and other health authorities’ smart health services and helps in organising the search for health facilities, its licensed medical and technical personnel, and their expertise through the MoHAP application. Moreover, the project would also improve the effectiveness of health inspectors and encourage medical tourism by providing access to integrated information on healthcare in the country.
Last year, Samsung SDS had deployed its blockchain-based medical claims processing system, which simplified the traditional process wherein a patient receives a receipt for services provided and submits the documents to the insurance company that must then verify their accuracy before the claims are paid off.
The claims processing system links hospitals, pharmacies, insurers, and other companies in the sector. According to the company, its system would reduce the workload at medical institutions, shorten wait times for claims processing and reduce the cost of processing medical claims by up to 70%.
Blockchain aims to reduce complexity, builds infallible partnerships, and create secure and immutable information. Healthcare systems across the world must consider mapping and establishing a blockchain ecosystem to organise early adopters and support discussions and innovations in the industry.