Can The Next Big Thing Be Using Blockchain In Healthcare?

The world’s Blockchain market has been projected to reach a total figure of USD 829.0 million by 2023.

  • The world’s Blockchain market has been projected to reach a total figure of USD 829.0 million by 2023.
  • The US has an annual budget from which 20 percent is spent on healthcare.
  •  According to reports 56 out of more than 200 healthcare centers have the plan to execute blockchain and its technology.

Blockchain in Healthcare

The intervention of Blockchain in healthcare has empowered many potential trends starting from verifying medicines, safeguarding patient’s records, constantly analysing difference in data standards to create a vacancy for health data interchanges. 

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Today’s health care focus has completely shifted towards patient centric approach to create a safe and secure environment. This plan has started to take place with the help of blockchain which is also bringing immutability to health records. Several healthcare centres have started to incorporate blockchain in their main stream work.

Not only manually controlled centres but also several health care applications will be able to use blockchain for commercial purposes. This will take the blockchain market in healthcare to $5.61 billion. 

Roadblocks of Healthcare industry

No doubt there are two sides of a coin, similarly healthcare industry has also come across several challenges.

First of all, which comes to mind is controlling advanced healthcare technology. Giving a proper training to manual worker has to be a long process. With the advancement of blockchain It has provided much security to patient’s records which becomes a major challenge.

Second one comes the Health data and its accuracy. But blockchain has made a vision to keep every important data safe and secure to give right treatment to everyone. 

Third one is data inconsistency. It was a havoc for patients to get charged with excessive money without any records. But blockchain with well organized structure has started to provide ample support to very patient.

The last challenge is tracing different type of drugs. With the recent deployment of blockchain, nobody will be able to change any set of data. It is also going to keep each track of drugs so that there will be no mistake in future.

Blockchain has enabled healthcare industries to make their rules even more safe and secure. Patient’s will get a great amount of advantage in getting right treatment and can keep track of every medicine.   

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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