Blockchain Technology in Healthcare to pave way for Full Ecosystem Interoperability in Value-based Patient Care
Adoption of healthcare technologies—horizontal as well as vertical—paves way for new paradigms in value-based care. Health information exchanges (HIE) world over are in the way of becoming more patient-centric with each passing day, and the industry constantly seeks better models. Blockchain is fast becoming the talk of the town, given the potential of the technology to transform HIE. Blockchain-based systems help stakeholders in the healthcare industry unlock new business value. Common benefits are better interoperability of HIE, cost reducing through slashing current intermediaries, and making electronic medical records more secure and responsive to patient needs.
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Peer-to-peer Distributed Ledger Technology keeps Patients at Center
The technology can become a key enabler of nationwide interoperability; the lack of it can be a huge problem. Perhaps, the most compelling proposition underpinning the potential of blockchain technology is setting a trustless collaboration among various stakeholders that prevents unauthorized access to medical data. The peer-to-peer distributed ledger technology bereft of a central authority offers a technology to verify and authenticate participants in the network chain. As a result, this makes the access to electronic health information increasingly secure.
The profound security and privacy propositions that the distributed system displays are key to their increasing role in establishing an integrated healthcare ecosystem interoperability, where patient is at the center.
Blockchain Digital Securities takes Health Management to New Level
Another proposition for adopting blockchain in the healthcare sector can be for simplifying the process, including patient monitoring. This can bring transparency to the process. Take for instance, the sedate falsifying prevalent in the medical industry. Blockchain technology has the potential to track medications as they move from store network to hospitals.
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Industry efforts toward easing implementation of the technology will undoubtedly open lucrative avenues in the market. A recent case in point is the efforts made by ikioo Technologies Inc. The company has announced through a Security Token Offering in March 2019 to adopt a digital securities capital structure. Such structures will impart momentum to healthcare providers in unleashing the potential of healthcare ledger-based ecosystem, thereby boosting the market.