As various industry continues to experiment with blockchain, healthcare is yet another one which currently seems to be exploring the possibilities. Blockchain is expected to improve the United States Department of Health and Human Services (HHS) to bring consistency in healthcare info by maintaining a transaction layer on which stakeholders can collaborate safely, as per a recent report by Deloitte titled, ‘Blockchain: opportunities for healthcare’.
“In India, people shifted from manual entry to digital health record format. The Digital Health Mission launched by the government of India is the first step in entering the digital health record format. Blockchain brings a new approach to security and confidentiality in storing healthcare data. Also, it can be utilised to assess various diseases and treat them,” A.S. Raj Nagarkar, MD and Chief, Surgical Oncology and Robotic Services, HCG Manavata Cancer Centre.
Industry experts opine that with the government maintaining digital health records, perhaps it will be a lot easier to manage the healthcare system, especially in diseases like cancer, alzheimer’s, among others. “With blockchain, audiences can choose to share their data and get rewarded along with privacy and security. This ownership and earning model encourages patients to share data. It will eventually improve healthcare outcomes through accurate diagnoses and personalized treatment plans.
Furthermore, blockchain provides transparency in the insurance industry by reducing fraud and improving access to coverage for patients,” Johnny Lyu, CEO, KuCoin, added.
Interestingly, between 2017-2025, about 55% of healthcare applications are expected to adopt blockchain for commercial deployment by 2025, as per reports by projected distribution of healthcare. “In all probability, the seismic shift in blockchain adoption was unexpected. Over the past two-three years, blockchain gained popularity. So, it is possible that we shift to blockchain-based medical records,” Utkarsh Sinha, managing director, advisor, Bexley, a boutique investment bank, said.
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