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
    photo of hands with blue veins
    8 Proven Tips on Finding Difficult Veins
    November 12, 2021
    tips for getting over the pandemic blues
    4 Proven Ways to Get Over the Pandemic Blues
    February 22, 2022
    medical industry innovations
    How is CNC Machining Transforming the Medical Industry?
    June 2, 2022
    Latest News
    5 Steps to a Promising Career as a Healthcare Administrator
    July 31, 2025
    Why Custom Telemedicine Apps Outperform Off‑the‑Shelf Solutions
    July 20, 2025
    How Probate Planning Shapes the Future of Your Estate and Family Care
    July 17, 2025
    Beyond Nutrition: Everyday Foods That Support Whole-Body Health
    June 15, 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
    comparative negligence
    Not Knowing About Comparative Negligence Can Worsen Your Medical Debt
    April 12, 2023
    racial disparities in healthcare
    Why We Need to Address Racial Disparities in Maternal Health Care
    August 26, 2021
    Enhancing Pharmaceutical Patient Compliance & Drug Efficacy
    February 12, 2024
    Latest News
    How IT and Marketing Teams Can Collaborate to Protect Patient Trust
    July 17, 2025
    How Health Choices and Legal Actions Intersect After an Injury
    July 17, 2025
    How communities and healthcare providers can address slip and fall injuries with legal awareness
    July 17, 2025
    Let Your Lawyer Handle the Work Before You Pay Medical Costs
    July 6, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: Blockchain Technology is Changing the Trajectory of the Healthcare Sector
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 > Business > Hospital Administration > Blockchain Technology is Changing the Trajectory of the Healthcare Sector
BusinessHospital AdministrationMedical InnovationsTechnology

Blockchain Technology is Changing the Trajectory of the Healthcare Sector

Abby Norman
Abby Norman
Share
8 Min Read
changes brought on by blockchain in healthcare
Shutterstock Photo License - Panchenko Vladimir
SHARE

With the increasing emphasis on healthcare and the delivery of medicines, Blockchain can be a new approach to the healthcare structure. Blockchain is a decentralized, digital ledger technology commonly used for cryptocurrency transactions like Bitcoin or Ethereum. But now, it is being used for many different purposes, including medical care. Experts project that the healthcare sector will spend over $513 million on blockchain technology by 2028.

Contents
How it Evolves the Medical IndustryChallenges of ImplementationFAQsConclusion

In simple words, blockchain is a distributed database in which information is stored within blocks secured by cryptography. Cryptography is a process in which information is secure and safe, preventing any third party from manipulating the information, making blockchain a more secure and trustworthy option when compared to traditional database techniques.

There are plenty of reasons blockchain is helping the healthcare sector evolve. You should learn more about the role it will play in the future of healthcare.

How it Evolves the Medical Industry

The medical industry is a highly competitive industry where every single piece of data is one of the most needed commodities in the field. Blockchain guides help us understand its decentralized and transparent nature of data storage. According to the experts, Blockchain has the potential to be the biggest disruptive technology in healthcare since the internet. Blockchain’s technology can be used in all aspects of digital transactions, not just with cryptocurrencies.

More Read

How We’re Rationing Life-Saving Drugs
Pushing, Pulling, Nudging and Tipping Healthcare Evidence into Practice: Highlights from ACRM
Biologics in Spine Surgery
A Conversation with Dr. David Stein at AACC
How Physician Offices Can Improve Patient Health Care

There are many ways that blockchain can transform medical care because it provides us a way to track and store huge amounts of data in a way that is both secure and transparent. It is essential to have accurate reports of each data to ensure that every patient gets the optimized treatment or medication as per their needs. The transaction would also be much easier to assure when an individual and their doctor have complete control. The only way to achieve this is by using blockchain technology, which is entirely secure and safe for each patient’s information, medication, and other health conditions involving a person. Blockchain also provides a long list of benefits to the medical industry, such as:

1. Low transaction fees: Blockchain technology has no transaction fees. With none, the cost saving is much cheaper compared to traditional databases with transaction fees. This is because it’s more cryptocurrency-friendly in terms of language and more secure due to cryptography. Also, since it uses a peer to peer network without an intermediary, no need for banks would incur high costs to transfer money.

2. Easy access to data: With blockchain technology, data is accessible to all parties, which doctors can use for analysis, and patients can access their health data. The distributed database makes the safest way to store and share information.

3. Accessible records: Blockchain can store and access records anytime, making the medical industry more efficient in terms of time usage. Due to this factor, it is easy to reach any record or data of any kind with blockchain technology.

4. Reduces costs for insurance companies for storing and maintaining extensive databases: Blockchain can help insurance companies reduce costs for managing their databases more efficiently because blockchain is more secure and reliable with its cryptography system. This can play an important role in lowering healthcare spending.

5. Energy efficiency: Blockchain can save energy for medical institutions by reducing transaction time for each data. This will allow data to be distributed into smaller parts, making it less energy-consuming than traditional database techniques. Every piece of information is stored into a single large hard drive or memory device.

With blockchain technology in use, people can control their records and decide who can access them. If someone wants to share their health data with any doctor or a hospital, that person can do so. The doctors or hospitals would be happy to see how much information about their patients is available to analyze and assess.

Challenges of Implementation

Although it is a promising technology having numerous benefits, blockchain is still a new technology that we are just getting used to. The following are a few challenges for implementation:

1. Medical facilities need to be trained in blockchain programming, and therefore, it will take time for them to switch to this technology.

2. Blockchain is just a new technology different from other existing technologies that insurance companies are already using to serve their customers and maintain an extensive database for information storage.

3. The trust issue still exists among all parties involved. There’s also no proper regulation of the field, which makes healthcare companies hesitant in implementing blockchain. Besides this, there’s also a lack of knowledge and skill needed to fully grasp the nature and intricacies of this application in society.

FAQs

1. Can blockchain technology be compared to a traditional database technique with less accessibility to data and low security?

Blockchains are less accessible since they are peer-to-peer networks, while traditional databases are connected over a central server. Blockchain has much more security than traditional databases, with cryptography playing a crucial role in safety and protection.

2. Can patients have complete control over their health information?

With blockchain technology, it’s technically possible for patients to access their data. They can also decide whether anyone can access it, including doctors or not. At first, it may be challenging to understand as one won’t see their health diagnosis or medication, but it is possible by using a private key. A secret key that only the owner of the data can access.

3. How is blockchain technology better than a traditional database technique?

Blockchain is a more secure and trustworthy technology because there’s no third party involved, making it more accurate in data storage and transfer. This is evident in the medical industry, where many instances of data manipulation are prevented by blockchain. Moreover, it’s more cost-effective than other database technology in transaction fees.

4. Can blockchain technology be implemented in a traditional database system?

The answer to this question is a big YES! It is possible to integrate blockchain technology with a traditional database system because they are both decentralized by nature. There’s no need for an intermediary like banks when implementing blockchain technology.

Conclusion

Blockchain can transform the medical industry and make it more efficient. It is easy for patients, doctors, and many other parties to access their health records in a decentralized form. This will also reduce time consumption and cost for insurance companies, hospitals, and government bodies for storing data in centralized systems. There’s still a long way to go before thoroughly implementing blockchain technology, but it has shown its potential and is being used in many industries. Individuals can use blockchain guides and resources to help implement and adopt this system.

TAGGED:blockchain in healthcaretechnology in healthcare
Share This Article
Facebook Copy Link Print
Share
By Abby Norman
My name is Abby Norman and I am a healthcare blogger. With over 10 years of experience in the medical field, I have developed a passion for helping others understand the complexities of healthcare.

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

5 Steps to a Promising Career as a Healthcare Administrator
5 Steps to a Promising Career as a Healthcare Administrator
Health
July 31, 2025
holistic dental
Holistic Dentist Services Are Natural and Safe
Dental health Specialties
July 28, 2025
botox certification
Help Improve People’s Skin Health Via Botox Certification
Skin Specialties
July 22, 2025
Telemedicine Apps
Why Custom Telemedicine Apps Outperform Off‑the‑Shelf Solutions
Health
July 20, 2025

You Might also Like

ONC Releases RFI on Catalyzing Interoperability of EHRs at HIMSS13

March 7, 2013
Medical InnovationsNews

Emmy-Winning Daytime Series, THE DOCTORS, To Reveal Results of a New Surgical Procedure for Parkinson’s Disease.

May 2, 2012
health technology
BusinessHospital AdministrationTechnology

3 Major Technologies Providers Need for Population Health Management

August 5, 2014
FAQs for medical marketing content
BusinesseHealth

Use “FAQs” to Produce Marketing Content for Your Medical Practice

April 18, 2014
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?