Traditionally, the medical industry has fallen behind when embracing new technology, but blockchain is changing the status quo. Blockchain technology can improve transparency and accountability within medical systems while decentralizing the healthcare system. The adaptation of these innovative technologies is already starting to take place in the healthcare industry and will continue using not only blockchain, but also cryptocurrency, virtual reality, and artificial intelligence to revolutionize the industry.
What WaveDancer has seen talking to customers in the healthcare space is that blockchain can help organizations spend less time managing data and more time leveraging data. Right now they have very little “situational awareness” leaving them with major blind spots. Blockchain will give them a trusted platform by which they can establish interoperability – and that integration between partners which leads to visibility upstream and downstream will allow them to operate more efficiently and effectively.
Here’s a great article from Entrepreneur that provides more insight into “The Next Frontier for Healthcare: Blockchain, AR and VR” – https://www.entrepreneur.com/article/425443
The article highlights some very real flaws within the current system, including healthcare hierarchy, data ownership, and data security. Smart contracts – self-executing contracts by which the terms of the contract are written into the code – which are enabled via blockchain, will provide permanent records to all parties involved while restricting access to unwanted third parties, especially when regulating sensitive information like patient medical history or insurance details. Smart contracts allow for a more patient-centered model that puts them in full control when managing their healthcare records and needs like never before. Due to blockchain’s immutable nature and ability to create trust between parties, functionality like smart contracts can be successfully used to create a more efficient, distributed, and patient-focused healthcare ecosystem.