Blockchain is poised to grow up in healthcare soon, according to a new CB Insights study. The technology of the digital cryptographic register is extremely secure and resilient, and while sectors such as banking or retailing are bullish on it and are already building it in myriad ways, CBI believes that "still very early for blockchain and sanitary applications ".
Making blockchain spells now with smaller projects that do not involve patient data can help prepare health organizations for larger blockchain tasks, adding value in no time, cutting costs and streamlining data.
Blockchain is emerging as one that could soon become an indispensable technology in the healthcare space, with numerous and interesting potential use cases – applications ranging from professional credentials to data sharing to supply chain management. Thanks to its robust privacy design and interoperability, it can be applied to a wide range of healthcare needs.
In each application where there is "access to complex data from different entities", CBI states that blockchain can provide a consistent and standardized chain of ownership and data access. Properly implemented, it has the potential to "track where a patient is, and what procedures / tests they have" in a safe and scalable manner.
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More and more health managers are expressing interest in Blockchain technology. The CBI discovers that at this moment the money is falling into the blockchain, and that while it is making its way through some sectors, health care is not yet among them.
However, he notes that even the patents for health applications that mention "blockchain" or "distributed ledger" have started to tick "and many in the industry consider the new technology a necessary step towards interoperability and they are enthusiastic about the idea of "removing significant frictions in today's transactional processes".
"Blockchain could help solve some of the industry's most stringent compliance, interoperability and data security issues, as well as enabling new patient-centered business models," according to the report. "But unlocking the potential of health care blockchain will be a slow process and hardly change will come quickly."
The researchers noted that, with the construction of the blockchain ecosystem, "there will be more and more opportunities to distribute blockchain applications, but there are also merits of centralization, including speed, privacy and more." Know when to opt for centralization vs. decentralization will be the key ".