Blockchain technology, with its ubiquitous security infrastructure for seamless health data exchange, promises to drive unprecedented collaboration between industry participants, academia, researchers and patients to foster innovation in medical research and execution of larger population-based genomic studies to promote precision medicine. As the drug development industry is betting big on precision medicine, blockchain-based, time-stamped immutable records could potentially eliminate the burden and cost of clinical trials data reconciliation, and facilitate interoperability and research commons.
Conclusion
Blockchain technology provides an inimitable convergence potential across several digital initiatives. It could help the healthcare industry resolve some of its pressing challenges, such as cybersecurity, data interoperability, drug supply chain provenance, insurance notarization, billing fraud issues, etc. Additionally, blockchain could also provide significant scope to optimize existing IT systems or digital workflows and introduce new business models to improve care coordination. Despite the potential of blockchain across these digital themes, it may not be the universal solution for managing conflicting data standards with disparate terminologies in the healthcare industry. It is critical for healthcare industry stakeholders to selectively evaluate the blockchain deployment trade-off across potential healthcare use cases.
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This article was written with contributions from Kamaljit Behera, Visionary Innovation Industry Analyst in Frost & Sullivan’s Transformational Health Practice.
Healthcare Technology
& Innovation
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