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Blockchain is a trend that has the potential to significantly improve the healthcare industry in 2020 and beyond. Digital ledgers will allow healthcare providers to securely distribute transaction records to patients while also greatly improving data security. The peer-to-peer system of blockchain enables large numbers of users to securely access a common ledger. There is no need for a basis of trust between two parties thanks to blockchain. As healthcare technology advances, portability, security, and accessibility are all desired goals that blockchain can assist in achieving alongside other trends such as IoMT and cloud computing.
Interoperability is one of the most significant advantages of blockchain in healthcare technology. There is greater integrity in the use of healthcare information when using public-private key methods. As an example, a specialist providing a consultation could be granted quick access to information via a secure system shared by all parties. Anonymity can be controlled so that patients can choose to provide data for research purposes. Finally, this would be in accordance with HIPAA and GDPR regulations.
Data integrity, security, accessibility, and portability are all high-demand features during the COVID-19 public health crisis in 2020. Blockchain is an important technology that can help healthcare providers communicate with COVID-19 patients efficiently and remotely.
Blockchain enhances transparency and integrity by providing complete visibility via the digital ledger. All transactions are logged through the blockchain system if there are concerns about counterfeiting or the supply chain. Because this is so easily consolidated, it also saves costs that would have been incurred by manually tracking these transactions.
It remains to be seen how blockchain will be implemented throughout the industry. In 2017, IBM began a research collaboration with the FDA to test how a blockchain system could help handle clinical study information, patient records, and patient wearable data using Watson Health. IBM Watson Health will launch Digital Health Pass, a blockchain certification solution, on October 13th, 2020. Companies will be able to conduct private health checks on their employees as a result of this.
The blockchain market was worth USD 2.01 billion in 2019 and is expected to grow to USD 69.04 billion by 2027, with a CAGR of 56.1 percent throughout that time.
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