The Influence of Blockchain Technologies in the Healthcare Industry

The healthcare industry is on the brink of revolution, as some blockchain technology proponents claim.

Many envision a bright future where medical records are easily shared among doctors and institutions, personal data is controlled by patients – not harvested by tech companies, and services are accessible and affordable. 

Such visions could be easily realized if Web3, a blockchain-based internet platform, established itself globally. However, not all medical professionals are excited about using blockchain in healthcare because they see many blindspots.

German blockchain expert Lukas S. Vogel, MD, expressed his opinion that it will still take years to reach a successful and scaling solution despite the possibility of blockchain technology improving the future of healthcare systems. 

So what can we expect?

Blockchain Solutions and Their Appeal to Healthcare Companies

Presently, various healthcare companies, such as Centres for Disease Control and Prevention, Patientory, Nebula Genomics, SAP, and IBM, utilize enterprise blockchain solutions in healthcare for different tasks, including verifying credentials, tracking organs and transplants, sharing medical records, and following pharmaceutical supply chains.

After all, interoperability is vital in medicine, pharma, and research.

Some industry experts predict that there will be a proliferation of blockchain-based applications within the next five years. There is lobbying that doctors and patients be given sovereign IDs so they can control their private data.

Sadly, evidence shows that, currently, hospitals and corporations own medical records and can sell data. Patients still need permission to access their data, explained Chief Medical Officer Jose Morey of a medical technology firm based in Carolina. 

Thus, it would be an arduous task to give patients control over their medical records. In addition to technical issues, financial interests need to be tackled. With no incentive for corporations to collaborate and transfer ownership, providing solutions to today’s healthcare problems would be challenging.

Experts claim that it would require changing systems, new management techniques, and companies to work together willingly.

Pros and Drawbacks of Blockchain in the Healthcare Industry

Despite its potential to revolutionize the healthcare industry, there are also disadvantages to implementing blockchain technologies into healthcare systems.

Cryptocurrency

Healthcare innovators predict that cryptos could be used to pay for services, reward, or provide incentives. An example would be a patient who could obtain a new NFT from a hospital if they exercised for a week thrice.

Enthusiasts of Web3 desire to provide patients with incentives to help them make healthy choices.

However, there is a risk that bad actors will join the system and manipulate it. Talking about risks, keep in mind that this goes beyond the healthcare industry. For example, trading is one of the areas that pose high risks.

So, if you trade cryptos, choose only reliable platforms, such as Bitcoin Profit and Kraken. In addition, remember that there are still no clear rules regarding NFTs and cryptos. 

Credentialing

Blockchain solutions can help with credentialing. Physicians partner with different parties, and these firms must validate that the physician is licensed.

Verifying a physician takes months, which can be sped up through blockchain. 

One possible method of storing a doctor’s credentials is using NFTs in digital wallets. However, it would take a technically savvy doctor to process that.

Non-Fungible Tokens (NFTs)

Though NFTs are utilized mainly across gaming and art objects, medical records, permanent records of one’s identity, and other healthcare data can be registered.

Then, users can opt to share their patient data or sell it to a research company.

However, it takes technical skills to acquire and store NFTs, and many users might need more technical to follow the required steps. 

Security

It is nearly impossible to hack blockchains, so many find solutions ideal for sensitive data, such as medical records, patient data, financial details, and insurance information.

That said, users can be tricked into giving these secret phrases and passwords, especially if hackers play with one’s emotional responses, which are common reactions in health and emergencies. 

Distributed Autonomous Organisations (DAOs)

DAOs are emerging in popularity. Medical field innovators also show interest in providing funds or raising money via DAOs.

For example, healthcare innovators may raise funds for patients who have rare diseases for research funding.

Raising funds for such ventures is significant because usually, investors do not show interest in illnesses that are less common as these do not provide substantial revenues. 

Yet, this is still experimental and does not guarantee positive health outcomes. 

Environmental Concerns

While blockchain solutions can support healthcare services, there are some environmental concerns.

Environmentalists are concerned about the amount of energy computers need to secure and verify data on two of the largest blockchains, Bitcoin and Ethereum. 

The good news is that Bitcoin miners are shifting to renewable energy. Ethereum is about to use proof of stake to decrease electricity usage by more than 90%.

Other blockchains are already moving to greener solutions, which in the end, is vital for better health.

Conclusion

There is an excellent possibility that blockchain solutions will influence and improve healthcare services, data collection, medical record retention, and research.

However, there is a great need for this technology to be polished and adopted globally to overcome its drawbacks.

One thing is for sure, though: the future of healthcare and blockchain is exciting!