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Blockchain Impacting Healthcare and Life Sciences

By Apac CIO Outlook | Monday, December 03, 2018

The underlying architecture of Bitcoin-Blockchain has been recognized as having more value beyond just being a decentralized substitute for paper currency.

Currently, we are witnessing a wave of blockchain-based technology offerings, most of them have been evolving in the Healthcare sector, Pharma and Biotech spaces. With the rate of evolution being surprisingly fast, blockchain offers secure and high integrity, neutral third party mechanism for understanding data and the way it changes with the passage of time.

Blockchain is no magic that would solve all data management issues but few areas of data sharing demands improvements in security and efficiency than data domains of the healthcare sectors.

Blockchain in Healthcare

One of the biggest and most significant challenges of the healthcare sector is creating high integrity records connected with a patient despite moving through various healthcare systems and domains. Blockchain steps in and provides the opportunity of creating a reliable place to track changes across systems in a way that gets around numerous concerns connected with data integration between proprietary systems. In effect, Blockchain unifies and holds together a highly scattered healthcare record.

As hospitals have numerous ways of entering the data of the patient, blockchain can help tie patients to their data.