Blockchain, also known as distributed ledger technology, is a decentralized processing and recording system that allows for both secure data storage and information exchange.
With blockchain technology, all confirmed transactions completed via blockchain are recorded and are accessible to the parties involved on its peer-to-peer network.
Data stored in blockchain is immutable and traceable, allowing for trust and transparency. Blockchain allows for interoperability between systems and an accessible environment that is secure for transactions, sharing and data storage.
The Healthcare market is driven to providing a patient-first approach.
Blockchain is a win-win for Healthcare organizations with its ability to store Healthcare Information Exchange.
Other data can be stored such as patients’ medical records, genomic data, insurance claims and research with the transparent, decentralized ledger for all confirmed transactions and patient records and at the same time capable of securely encrypting the patient details.
According to a report by BIS Research, the use of healthcare blockchain for health data exchange is expected to contribute the largest market share, reaching a value of $1.89 billion by 2025. Healthcare blockchain could save the industry up to $100 billion per year in costs related to IT, operations, support functions, personnel, and health data breaches by 2025.
Blockchain could save as much as 80 percent of the current cost and time invested in physician credentialing, estimated J.P. Morgan.
When implemented properly, the blockchain can redefine Healthcare with Healthcare Information Exchange that is secure and cost-effective yet readily transparent and accessible, allowing patients, doctors and healthcare providers safe and quick access and reference to health records.
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References:
HIMSS
HITInfrastructure
BIS Research
ScienceDirect
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