High medical costs and market access incentives for pharmaceutical companies make value-based health care a more appealing alternative to fee-for-service models
Fremont, CA: Blockchain has the potential to transform the healthcare industry. However, to reap the benefits of this technology, healthcare stakeholders (patients, providers, payers, and pharmaceutical companies) must increase their collaborative efforts to enable further innovation and accountability among all parties.
Blockchain remains at the forefront of technological innovation in the health care sector, owing to the increased adoption of value-based care. In a data-driven future, it has the potential to save billions of dollars and generate innovations.
How is blockchain technology used in the healthcare industry?
Protecting Patient Data
The most popular blockchain application in health care is data security, which can keep an incorruptible, decentralized, and transparent data log.
Blockchain can also protect patients' identities.
Increasing the Patient-centricity of Electronic Health Records
The current Health Information Exchange (HIE) is based on an opt-in or opt-out model for consent to share sensitive information. Blockchain would enable more tailored consent provisions and ensure that requests for information withholding are correctly recorded and accessible. In the future, patients may be seen taking full responsibility for their data and its access.
