Some blockchain technology advocates claim that the healthcare industry is poised for revolution.
Many see a bright future in which medical records can be easily shared between doctors and institutions. Personal information is managed by patients and not harvested by tech companies, and services are affordable and accessible.
These visions can be easily realized if Web3, a blockchain-based internet platform is established globally. Some medical professionals may not be excited about blockchain in healthcare. They see many blind spots.
Lukas S. Vogel MD, a German blockchain expert, stated that it would still take years before he could find a scaling solution. This is despite the potential for blockchain technology to improve the future of healthcare.
What can we expect?
Blockchain Solutions for Healthcare Companies
Various healthcare organizations, including the Centres for Disease Control and Prevention (CDC), Patientory, Nebula Genomics (SAP), and IBM, use enterprise blockchain solutions in healthcare for a variety of tasks. These include verifying credentials, tracking organs and donors, sharing medical records, and tracking pharmaceutical supply chains.
Interoperability is essential in medicine, research, and pharmaceuticals.
Industry experts predict that blockchain-based applications will grow rapidly in the next five years. Patients and doctors are lobbying for sovereign IDs to allow them to control their private information.
Unfortunately, there is evidence that hospitals and corporations can sell medical records. Jose Morey, the Chief Medical Officer of a Carolina-based medical technology company explained that patients still need permission to access their data.
It would be a difficult task to allow patients control over their medical records. It is equally crucial to address financial concerns as well as technical issues. It would be difficult to solve today’s healthcare problems if there was no incentive for corporations and individuals to work together or transfer ownership.
Experts say it will require new management techniques and systems to make the companies work together.
The Pros and Cons of Blockchain in the Healthcare Industry
While blockchain technology has the potential to revolutionize healthcare, there are some drawbacks to its integration into healthcare systems.
Cryptocurrency
Healthcare innovators believe that cryptos can be used to pay for services or reward employees. A patient could get a new NFT if they exercised at least once a week.
Web3 enthusiasts want to give patients incentives to make healthier choices.
There is also the possibility that bad actors could join the system to manipulate it. This risk extends beyond healthcare. Trading, for example, is one area that presents high risks.
If you are looking to trade cryptos, make sure you only use reliable platforms like Kraken and Bitcoin Profit. Remember that NFTs and cryptos have not yet been defined.
Credentialing
Credentialing can be made easier by blockchain solutions. Partnering with other parties can help physicians prove that they are licensed.
Blockchain can speed up the process of verifying a doctor. It takes several months.
You can store doctors’ credentials by using NFTs in digital wallets. It would require a technically skilled doctor to process this.
Non-fungible Tokens (NFTs)
Although NFTs are used primarily for gaming and art objects only, they can also be used to register medical records, permanent records of one’s identity and other data related to healthcare.
Users can then choose to share or sell their patient data to a research company.
It takes technical skills to store and acquire NFTs. Many users may need to be more technical in order to follow the steps.
Security
Hacking blockchains is almost impossible. Many people find solutions to sensitive data such as financial details and patient information.
However, hackers can trick users into entering secret passwords and phrases, especially if they play with emotional reactions, which are common in emergencies and health.
Distributed autonomous organisations (DAOs)
DAOs are becoming more popular. DAOs are also popular among medical field innovators.
Healthcare innovators might raise funds to help patients with rare diseases.
It is important to raise funds for these ventures because investors are not interested in diseases that are less common, as they do not generate substantial revenue.
However, it is still experimental and cannot guarantee positive outcomes for your health.
Environmental concerns
Blockchain solutions are able to support healthcare services. However, there are environmental concerns.
The amount of energy required to verify and secure data on the two largest blockchains, Ethereum and Bitcoin, is a concern for environmentalists.
The good news? Bitcoin miners are switching to renewable energy. Ethereum will soon use proof of stake in order to reduce electricity consumption by more than 90%.
Other blockchains have already started to move towards greener solutions. This is crucial for better health.
Conclusion
It is possible that blockchain solutions can influence and improve healthcare services and data collection, retention and research.
But, this technology needs to be refined and adopted worldwide to overcome its shortcomings.
One thing is certain: The future of healthcare and Blockchain is exciting!
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
