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
    What Are the Benefits of CBD?
    November 27, 2021
    How to Measure Adult Diapers- The Ultimate Guide to Picking the Right Size
    March 8, 2022
    medicine cabinet
    The Effect Of Finished Dosage Form Manufacturing In New Drugs
    July 5, 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
    Ebola Education, Hospital Marketing, Healthcare Marketing, Healthcare Communication
    Hospital Marketing and Ebola: Communication and Education Needed
    October 30, 2014
    healthcare IT
    The Billion Dollar Healthcare IT Opportunity That the US Government Wasted
    January 27, 2013
    red bull
    Downing Energy Drinks: A Real Buzz Kill
    March 17, 2015
    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: What is the Future of Blockchain Technology in 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 > Uncategorized > What is the Future of Blockchain Technology in the Healthcare Sector?
Uncategorized

What is the Future of Blockchain Technology in the Healthcare Sector?

Ryan Kh
Ryan Kh
Share
7 Min Read
changes brought on by blockchain in healthcare
Shutterstock Photo License - Panchenko Vladimir
SHARE

Blockchain technology, a powerful and integral part of decentralized applications, has been gaining a great deal of attention over the last year. However, it is still not very clear how blockchain will be used in the healthcare industry. Although it is changing the healthcare industry, experts are still debating the extent that it will do so.

Contents
  • Health Care Companies’ Interest in Blockchain
  • The Challenges of Blockchain for Health Care:
  • Distributed Autonomous Organizations (DAOs):
  • Cross Chain Portability:
    • Blockchain Offers Huge Benefits to the Healthcare Sector

The main idea behind the development of blockchain technology was to create an open, decentralized database that could manage transactions between two parties without the need for a central authority or trusted third party. When making transactions using blockchain, a peer-to-peer network is used to update and maintain a shared list of records.

This results in a distributed ledger, which can only be changed by the consensus of all of the network participants. Once all network participants agree to a new transaction, that record is added to the shared ledger. The network itself is continually updated, therefore changing the state of the blockchain. The distributed nature of the blockchain means that it does not require a trusted third party for communication between two parties, and this makes it great for the healthcare industry, which is heavily regulated and regulated with multiple parties.

Health Care Companies’ Interest in Blockchain

Healthcare companies are expected to spend over $8.3 billion on blockchain by 2027. The market for healthcare blockchain solutions is growing over 70% a year, due to the huge benefits it offers.

More Read

cryptocurrencies changing healthcare
Top Healthcare Cryptos that Are Changing the Medical Industry
Are You Eligible To Claim A Disability Benefit? Why To Talk To A Lawyer
Do’s and Dont’s of Telemedicine
Health Reward Stat of the Day – Aug 31
HIPAA Breaches By State

There are many benefits that blockchain can provide in the healthcare industry. Blockchain has already been implemented in several different sectors of the healthcare industry, from food safety to payments to supply chains. For instance, blockchain technology is being used by the medical device industry to ensure the unique identity of a medical device currently on the market and to prevent fake devices. There are also several companies in the healthcare space that are using blockchain technology for their own internal purposes.

A great example of this is Gem, a company that uses blockchain technology to make medical records more secure. Gem also created a separate product called Gem Health, which is a decentralized health care ecosystem. In this ecosystem, developers can use blockchain technology and digital assets to track healthcare-related data, and patients can use it to create smart contracts that allow them to monetize their own data.

The Challenges of Blockchain for Health Care:

With the prevalence of blockchain technology becoming more widespread, many companies that are interested in using it have started to do so. However, blockchain is not an easy concept to understand and even less so to implement within existing healthcare systems due to the vast number of interwoven pieces.

The most difficult part of implementing blockchain for the healthcare industry is its inability to scale. Within the current healthcare system, there are many different types of information, such as clinical data on each patient, laboratory data, and information on treatments and prescriptions. The sheer amount of data in the healthcare industry is overwhelming enough without adding blockchain to the mix. Therefore, in order to implement blockchain technology within health care systems, it will need to be able to scale. Another challenge that the healthcare industry will have to overcome concerns privacy and security. With the rise of data breaches and cyberattacks, information that is stored on a blockchain is not secure from these threats.

Distributed Autonomous Organizations (DAOs):

In order to overcome the challenges that have been faced by blockchain technology, it is necessary for the industry to look at new ways of implementing blockchain within its systems. One option that is being explored is the use of Distributed Autonomous Organizations (DAOs). A DAO is a business model where a computer program manages an organization and carries out transactions on its own. It uses smart contracts to facilitate, verify and enforce the performance of unique business activities without the need for human actors. By creating a DAO, the healthcare industry can implement blockchain without requiring it to scale in order to handle the complex information that is released and the blockchain’s inability to keep data private.

Distributed Autonomous Organizations (DAOs) allow for the development of blockchain solutions that do not require a trusted authority or centralized management. If a healthcare company wants to integrate blockchain into its system, it can create a DAO and place it under its own management.

Cross Chain Portability:

Another option is the implementation of a cross-chain component in the blockchain. The healthcare industry relies heavily on data, and a good place to start would be with the most common piece of data: medical records. Currently, there are different standards that are used to manage medical records, which makes it difficult to combine them across different networks. By adding a cross-chain component to blockchain technology, data can be shared using one system and therefore make it much simpler to manage medical records between different parties. Bitcoin Prime is an innovative platform that provides solutions for the healthcare industry with bitcoin.

Blockchain Offers Huge Benefits to the Healthcare Sector

There are many benefits that blockchain can provide to the healthcare industry. From making records more secure to incentivizing patients and their information, blockchain can provide a great solution for the healthcare industry. The healthcare industry is already seeing blockchain technology being implemented in their systems, but with the fast-paced nature of this technology, it is important that they continue to look at new ways of implementing it. If they are able to create an efficient system that solves current problems, then this could be huge for the health care system.

TAGGED:blockchain in healthcaretechnology in healthcare
Share This Article
Facebook Copy Link Print
Share
By Ryan Kh
Follow:
Ryan Kh is an experienced blogger, digital content & social marketer. Founder of Catalyst For Business and contributor to search giants like Yahoo Finance, MSN. He is passionate about covering topics like big data, business intelligence, startups & entrepreneurship. Email: ryankh14@icloud.com

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

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
physiotherapist at work
How One Fall Can Lead to a Long Road of Medical Complications
Health care
August 20, 2025
Common Healthcare Accreditation Programs
7 Most Common Healthcare Accreditation Programs: Which Should You Use?
Health News
August 20, 2025

You Might also Like

vegan lifestyle or diet
Relationship and LifestyleUncategorized

5 Ways Choosing a Vegan Lifestyle May Be Easier Than You Think

May 11, 2021

Interview Podcast: Healthcare Cyber Security Issues in 2012 with Alan Brill Vol. 1

January 21, 2012
Medical device classification and development strategies
Uncategorized

The role of digital therapy in changing the future of healthcare

April 30, 2022
Choosing the colour of dental veneers: How bright should I go
Uncategorized

Choosing the colour of Dental veneers:  How bright should I go?

March 10, 2022
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?