At this time, it is widely accepted that blockchain technology represents a high-value market, thanks to its huge potential. In general, benefits include reduced costs, increased profits, quicker transactions, and overall trustworthiness.
However, it is very likely that blockchain technology will save hundreds of thousands of lives throughout the world, as it is integrated within the healthcare system. To put things better into perspective, a study conducted by Global Market Insights, a consulting firm, concludes that the value of the health-related blockchain market will surpass $1.6 billion by 2025.
With this in mind, over the last couple of years, experts have closely examined how blockchain technology can improve the health industry. As such, some of the main advantages that blockchain can offer, include, but are not limited to:
Direct and secure access to the medical data of patients
For years, emergency medical care was slowed down by uncertainties regarding patients’ medical history. Since each treatment is generally customized based on particular sets of data, blockchain technology integration can allow any medical professional to instantly inquire about a patient’s health history – thus, ensuring appropriate medical care.
Keeping track of medicine and combatting counterfeit drugs
An efficient healthcare system entails making sure that each pharmacy, hospital and doctor’s office has a clear, tracked, and steady supply of drugs and other medicinal utensils. As such, stock management can be improved, thus ensuring that lack of medicine or equipment will never be responsible for a patient’s declining condition.
Additionally, given the high profit potential associated with medicine, numerous criminals throughout the world have started selling counterfeit drugs. While certainly cheaper and always readily-available, there is no quality control on counterfeit drugs, hence why they are extremely dangerous.
Worldwide standardization of the medical system
A well-structured worldwide healthcare system entails achieving interoperability for data, and medical procedures. As expected, blockchain can also help in this regard.
The arguments outlined above were quick to attract the attention of decision-makers, thus increasing efforts towards blockchain integration within the healthcare ecosystem.
As such, the report also mentioned: “Growing awareness about implementation of blockchain technology and government initiative for data standardization and operational scalability constraint in data management will spur industry growth in upcoming years.” With a compound annual growth rate of 65.7%, it is very likely that blockchain healthcare integration will be available in most of the world’s developed countries by 2025. Positive outcomes will encourage further adoption.
Based on everything that has been outlined so far, it will be very interesting to determine whether the integration of blockchain tech within the health industry will lead to better outcomes for patients. For now, it can be concluded that it will certainly make work easier for professionals, while also reducing an array of costs.