Advantages of Blockchain in Healthcare

Blockchain technology offers many advantages to medical researchers, healthcare providers, care givers and individuals. Creation of a single storage location for all health data, tracking personalized data in real-time and the security to set data access permissions at a granular level would serve research as well as personalized medicine.

Blockchain in Healthcare – Medical Advantages

Health researchers require broad and comprehensive data sets in order to advance the understanding of disease, accelerate biomedical discovery, fast track the development of drugs and design customized individual treatment plans based on patient genetics, lifecycle and environment. The shared data environment provided by Blockchain would deliver a broad diverse data set by including patients from different ethnic and socio-economic backgrounds and from various geographical environments. As blockchain collects health data across a patient’s lifetime, it offers data ideal for longitudinal studies. A healthcare blockchain would expand the acquisition of health data to include data from populations of people who are currently under-served by the medical community or who do not typically participate in research. The shared data environment provided by Blockchain makes it easier to engage “hard-to-reach” populations and develop results more representative of the general public.

Blockchain in Healthcare – Technical Advantages

Blockchain technology offers many advantages for healthcare IT. Blockchain is based on opensource software, commodity hardware, and Open API’s. These components facilitate faster and easier interoperability between systems and can efficiently scale to handle larger volumes of data and more blockchain users. The architecture has built-in fault tolerance and disaster recovery, and the data encryption and cryptography technologies are widely used and accepted as industry standards. The health blockchain would be developed as open-source software. Open-source software is peer-reviewed software developed by skillful experts. It is reliable and robust under fast- 7 changing conditions that cannot be matched by closed, proprietary software. Open-source solutions also drive innovations in the applications market. Health providers and individuals would benefit from the wide range of application choices and could select options that matched their specific requirements and needs.