What are the Benefits of Using Blockchain Technology in Healthcare?

blockchain technology

By the end of 2018, there will be over $2 billion in global spending on blockchain technology. It’s no exaggeration to say that blockchain could alter the way industries operate all over the world.

Much of the current discussion and media coverage of blockchain relates to finance and currency, but this is only part of the story.

There are other fields that blockchain could help. Here are a few of the reasons blockchain may be the key to improving healthcare:

Blockchain Technology Can Improve Healthcare Security

Today’s healthcare providers struggle with patient record security. This is the reason we have HIPAA guidelines and other strict regulations in place. Data companies and providers have made significant strides with EHRs, but there is more to be done.

Imagine a secure, unified system for storing and managing patient data. This is the promise that blockchain could deliver to the world if it is used the right way.

Blockchain could help improve healthcare security because of its encryption. Blockchain transactions are transparent and impossible to crack. Even if someone could crack a blockchain, since the ledger is public, the breach would be obvious.

Blockchain Technology Can Contribute to Patient Education

If you speak with anyone in the modern healthcare field, they will tell you that one of the biggest current challenges is siloed data. A patient going to a new doctor’s office has to contact someone from their old office to get their records. This entire process could take hours, sometimes days or weeks.

With blockchain, this entire process could be streamlined. A universal healthcare blockchain would mean that any doctor could access patient data in a secure, private manner. Patients would be able to pull up their previous medical records, prescriptions, and advice from their doctors.

Blockchain Could Simplify Medical Payments

Collecting payments is another huge obstacle for medical providers. More than half of Americans delay medical payments some of the time. While blockchain wouldn’t be able to solve all of these problems, it could allow people more flexibility in paying for medical services.

Not only could blockchain allow patients to make payments, it could allow providers to create their own tokens. Imagine being able to pay for medical treatment with a designated coin. This coin would also give you access to special privileges for being a patient of that practice.

This idea is one of the reasons blockchain is a massive trend in 2018. It helps both consumers and people who create their own cryptocurrencies.

Don’t Get Caught Up in The Bitcoin Hype

Blockchain is much more than just bitcoin or Ethereum. Don’t make the same mistake as so many other people who believe that blockchain is just a pyramid scheme or an investment scam. The future of blockchain looks bright since companies continue to pour money into its projects and startups.

It can be difficult to keep up with the fast pace of blockchain news today. To help you with this, check our blog for the latest info about how blockchain technology could disrupt many different industries.