With the recent influx of attention on blockchain, many have been left wondering if the technology is ready to be implemented in any of the industries that need it the most. In the case of healthcare, the answer to that question is both positive and negative. Blockchain can be implemented in the healthcare industry, but there are a few things that first need to be worked out.
Right now, the healthcare industry has several pain points as well as a lot of potential. The question is whether blockchain technology and the healthcare industry are a match made in heaven. Let’s look at both sides of the coin.
The healthcare industry is one of the prime beneficiaries of blockchain technology, which can be applied as a distributed ledger for health records. The technology is intended to reduce risks of fraud, ensure privacy of data, reduce administrative costs and improve data quality. The technology has applications in areas such as electronic health records, clinical trials, data sharing, identity management, and the pharmaceutical supply chain.
The healthcare industry has a long history of being slow to make changes due to the way it operates, and new technologies and best practices are often met with resistance. This is mainly due to the fact that the healthcare industry is largely dependent on technology that is outdated and the organisations themselves are slow to adopt change.
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