By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    benefits of using protein powder to build muscles
    Protein Powder for Muscle Mass: Everything You Need to Know
    December 12, 2021
    changes brought on by blockchain in healthcare
    Technology In The Healthcare Industry
    March 28, 2022
    What Does Core Body Temperature Say About Health?
    August 17, 2022
    Latest News
    7 Most Common Healthcare Accreditation Programs: Which Should You Use?
    August 20, 2025
    Hospital Pest Control and the Fight Against Superbugs
    August 20, 2025
    Hygiene Beyond The Clinic: Attention To Overlooked Non-Clinical Spaces
    August 13, 2025
    5 Steps to a Promising Career as a Healthcare Administrator
    August 3, 2025
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    Media Begin Focus on Next Iteration of ACA
    December 13, 2012
    Washington State Care
    Using Homecare for Positive Change in Healthcare
    August 14, 2017
    Do Electronic Health Records Reduce Malpractice Claims?
    February 2, 2013
    Latest News
    How Social Security Disability Shapes Access to Care and Everyday Health
    August 22, 2025
    How a DUI Lawyer Can Help When Your Future Health Feels Uncertain
    August 22, 2025
    How One Fall Can Lead to a Long Road of Medical Complications
    August 22, 2025
    How IT and Marketing Teams Can Collaborate to Protect Patient Trust
    July 17, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: Big Things Are On The Horizon For Blockchain In Healthcare
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Policy & Law > Health care > Big Things Are On The Horizon For Blockchain In Healthcare
eHealthHealth careTechnology

Big Things Are On The Horizon For Blockchain In Healthcare

SoluLab
SoluLab
Share
10 Min Read
SHARE

The blockchain technology is here to disrupt all sectors ranging from manufacturing to healthcare. It is certain that big things are there for blockchain technology in healthcare too. But, we may have to wait long to notice a considerable change in our hospitals. So, what are the current trends in the healthcare sector with respect to blockchain? How soon can blockchain help in changing its face? Can healthcare blockchain companies make an impact? After all, is blockchain necessary to make the situation better?

Contents
  • Need for blockchain technology in healthcare
  • Current trends in healthcare systems
    • Easy management of population health data
    • Secure healthcare setups
    • Patient’s payments through cryptocurrencies
    • Drug Traceability
  • Final Thoughts

Need for blockchain technology in healthcare

With its numerous potential use cases, blockchain is emerging as the must-have technology of the 21st century. Now, we have applications ranging from authenticating of practitioners to supply chain management. These actually have great capacities to transform the healthcare space. The robust privacy and interoperability of blockchain can aid in a wide range of healthcare needs.

There are some networks that are more geared to certain locations, so you should keep this in mind. For example, you can find the best exchanges in Australia if your practice is located there.

The major advantages of blockchain technology in healthcare sector are as follows:

More Read

High Expectations for mHealth in Developing Countries
How Medical Answering Services Can Improve Patient Care
High Quality, Low Cost HealthCare Video Interview Series: Robert Herzog and eCaring
How Digital Is Transforming Employee Healthcare
Exploring the Top 10 Trends in Medical Alert Systems
  • It can provide a consistent and standard chain of ownership with full access to data.
  • Also, it has the potential for tracking patients and the procedures or tests they’ve had. Moreover, blockchain can use this in a secure and scalable manner.

Besides, other advantages of blockchain technology in healthcare also contribute towards its working.  Yet, it relies on three major principles. A combination of these principles helps in providing secure and safe digital relationships.

  • Private key cryptography
  • Distributed ledgers
  • Authentication

In other words, blockchain technology is a boon for the healthcare industry because it has the capacity to simplify the complex medical billing processes by the elimination of the cumbersome validations. Also, the multiple third parties who act on behalf of other entities make the whole process less efficient. Furthermore, regulatory bodies can develop a shared stream of patient information in an easy manner now. Not only this but also patients will have the authority to allow only particular individuals to access their medical information.

Today, many healthcare firms are looking out for new ways to find out what’s possible with the blockchain technology. So, can blockchain make healthcare better and affordable in the future? If yes, how long must we wait for a big change in the healthcare space? What are the current trends in healthcare systems?

Current trends in healthcare systems

More and more healthcare executives are showing interest in the new blockchain technology. Though blockchain is surging across many industries, healthcare isn’t among them yet. But, the patents for blockchain healthcare applications have begun to rise. Also, many industrial sectors see blockchain as a necessary step towards achieving interoperability. Today, there are many issues in transactional processes and the healthcare industry wants to get rid of it too.

According to the Healthcare IT News report, there will be more opportunities for deploying blockchain applications in the future.

Also, there are a lot of advantages of blockchain including centralization, speed and privacy. However, the major key is knowing when to opt between centralization and decentralization.

In fact, blockchain can help in solving some of the industry’s most pressing issues. Some of these issues are compliance, interoperability and data security. But, discovering the blockchain’s potential for the healthcare industry will be a slow process for now.

So, what are some ways the blockchain technology can prove to be a panacea for the healthcare sector? Let us take a detailed look at some of the potential use cases. Besides, healthcare blockchain companies can adopt these too.

Easy management of population health data

The largest challenges faced in population health management include data security, shareability, and interoperability. Also, it is often not possible for a smooth exchange of information between multiple data systems. This leads to a decrease in the number of population health data sets across various patients.

But, blockchain technology in healthcare can provide the best solution. It can actually improve security, data integrity and data sharing capabilities. Also, people can monetize their data in the form of tokens using blockchain. Thus, better data and sharing of population health data will result in better care delivery across the population.

Secure healthcare setups

The current healthcare systems operate uses a single database. Moreover, only one person of an organization can manage it. Hackers can attack such systems having a single point of operation with much ease.

Blockchain technology in healthcare can help in protecting the internal infrastructure of an organization. The presence of multiple independent actors having different levels of access on a blockchain ledger can be the best solution. The blockchain ledger will have encryption embedded within the blocks that will save organizations from any threats and attacks.

Some healthcare startups that are using blockchain include PokitDok, doc.ai, Medicalchain and Gem.

Most of them aim at making the whole healthcare process easier for patients as well as doctors. For instance, the PokitDok platform helps healthcare organizations to develop modern commerce experiences across the healthcare chain.

However, other US-based companies like the Gem Healthcare Network, focus on the patients’ welfare. This company aims at adding security via permission by which patients can control access.  In fact, the shared ledger system will also record each and every new change.

Patient’s payments through cryptocurrencies

The use of cryptocurrencies instead of cash is another benefit of the blockchain. Also, cash payments in medical practices are prevalent. But, the health care costs are not defined in the proper manner.

In fact, even today 5-10% of the cases are due to fraud in terms of money. Also, this includes billing of services that have never been performed at all.

That is why blockchain is a cure for all here. The bill processing using blockchain can remove the third parties from the chain. Moreover, it will definitely reduce the administrative costs. Besides, when institutions adopt cryptocurrencies, they can track each penny. This can ensure that no frauds are happening.

Drug Traceability

The World Health Organization estimates that 50% of the drugs for sale on the Internet are fake.

Further, 1 million patients die annually from toxic counterfeit pharmaceuticals.
Drug counterfeiting is a huge problem in the pharmaceutical space today. It causes deaths of lakhs of people who consume the wrong medicine. The main aspect of blockchain that will help in drug traceability is its security. Using blockchain, every new transaction is time-stamped and added to a block that is immutable.

Besides, the main parties involved in the drug supply chain include the manufacturers, wholesalers, pharmacists and the end users. With blockchain technology, whenever the manufacturer produces a drug, a hash is added to the blockchain. After this, the transaction between the manufacturers and wholesalers is stored permanently in the blockchain. Similarly, each transaction between the pharmacists and customers is also stored in the blockchain safely.

Moreover, the feature of data transparency in a blockchain system is also a boon.  It can aid in verifying and finding the complete path and origin of the drugs. This is what will actually help in eradicating the circulation of fake drugs.

Final Thoughts

The blockchain is ready to go big in healthcare soon. Its advantages like high security and resilience make this cryptographic digital ledger technology the best. Moreover, blockchain brings trust in the healthcare industry. But, while other industries are already building on it in many ways, blockchain healthcare applications are in its early days.

In fact, smaller projects that don’t need patient data can help in preparing healthcare organizations for larger blockchain tasks.  It will also add value by cutting costs and streamlining data. Also, if you are a blockchain healthcare startup building healthcare apps, there is a long way to go.  So, what are you waiting for? Are you excited to embrace this new technology for your healthcare needs?

TAGGED:blockchainblockchain in healthcarecryptocryptocurrencyHealthcare
Share This Article
Facebook Copy Link Print
Share
By SoluLab
Follow:
Sonal Mehta is a Content Lead at SoluLab, a leading Blockchain, Enterprise Mobile Apps and Web development company, started by ex-vice president of Goldman Sachs and ex-principal software architect of Citrix. SoluLab Inc provides full spectrum, 360-degree services to enterprises, startups and entrepreneurs helping turn their dreams into awesome software products.

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

travel nurse in north carolina
Balancing Speed and Scope: Choosing the Nursing Degree That Fits Your Goals
Nursing
September 1, 2025
intimacy
How to Keep Intimacy Comfortable as You Age
Relationship and Lifestyle Senior Care
September 1, 2025
engineer fitting prosthetic arm
How Social Security Disability Shapes Access to Care and Everyday Health
Health care
August 20, 2025
a woman explaining the document
How a DUI Lawyer Can Help When Your Future Health Feels Uncertain
Public Health
August 20, 2025

You Might also Like

Why Physicians Are Afraid of Social Media and Why They Shouldn’t Be

January 28, 2015
eHealthPolicy & Law

4 Reasons Why Medical Device Compliance Matters

May 22, 2020

Nuance PaperPort Goes to the Cloud

August 3, 2011

Leading in Social at Cleveland Clinic

May 23, 2012
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?