Is Blockchain Technology Good or Bad for Healthcare?

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Blockchain technology is having an overwhelming impact when it comes to the financial industry, protecting data and more. One of the next targets that Blockchain technology is focusing in on is the idea of creating a universal blockchain standard within the healthcare industry.

Requirements for healthcare encryption and security are far grander than they ever have been before. As part of the health epidemic that’s happening across the country, Blockchain is delivering overwhelming support to the healthcare industry. There have been breaches all across the United States from insiders in the healthcare industry. When it comes to protecting public health and data security, blockchain encryption represents a bright future in keeping the medical industry more private than ever before.

Blockchain technology can benefit the healthcare industry in some of the following ways:

Helping with managed consent: Smart contracts can be of huge help with authorization on medical records.

Generalized data: Storing, uploading and securely storing updated medical records can be done much-faster using blockchain verification and with fewer errors.

Claim processing: Instead of having a series of different validations and third parties that need to act on behalf of healthcare entities, claim processing can be done much easier.

Data security: Blockchain technology is a much smarter solution that can be used to safeguard the information of patients. Through the advanced encryption, there will be less chance for unauthorized individuals accessing healthcare information.

Public health improvements: Blockchain technology will help with identifying various pandemics and threats as soon as they are happening. Recognizing threats in public health data as well as keeping in anonymous can ensure that authorities can very easily take control in the fastest manner possible for generating health improvements.

 

There are however some challenges that are associated with blockchain being brought into the healthcare industry:

The ownership of healthcare data: The authority that will have access to grant permission to share data and defining who will own healthcare data has yet to be fully established.

Regulations: There’s currently no rules or regulations for using this type of healthcare technology in the HIPAA act. With any type of medical software or data records, it usually takes extensive testing before new standards and allowances are made.

Outpacing the technology: Blockchain technology with advanced medical records could outpace the current storage capacity with available technology. There may need to be improvements for the speed of sharing or with the use of compression technology before this can be widely used in the medical industry.

The overall cost: The overall cost of developing this technology and establishing blockchain as the new standard of encryption/contracts in the medical industry could be seen as a problematic cost in an industry that already faces difficulty with funding.

The future of Blockchain technology does look very promising in the healthcare industry. With the constraints of current technology, funding, and the law, it could be some time before it would be a smooth transition to use this technology widely.

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