Blockchain is Reinventing Healthcare - Find out how

Over the last decade, our world has been revolutionized by many digital disruptions, one after the other. Digital transformation is booming and simultaneously evolving, on all levels, to make our experience of life like never before.

Beside quantum computing, artificial intelligence and big data, blockchain is a true paradigm-shift in the utility of digital technology, and it keeps growing by the minute. Blockchain is transforming almost all industries that require decent levels of information security, auditability and transparency. This includes finance and banking, manufacturing, R&D, and most importantly; healthcare.

But what is blockchain? and how does it associate with cryptocurrency?

Blockchain technology is a digitally encrypted ledger that stores data distributed efficiently amongst synced databases with no compromise on its security and ensuring full privacy. Blockchain transactions are verified, validated and stored on massive networks using encrypted protocols called smart contracts. This makes blockchain an ideal technology to serve almost every human activity where any exchange of value needs to be controlled and secured.

Any cryptocurrency requires a blockchain infrastructure. Cryptocurrencies are created and stored on blockchain and sometimes used to process transactions and use specific services. However, blockchain does not require cryptocurrency to be used as a digital encrypted ledger. In other words, any business can use blockchain for as many purposes as required without having any cryptocurrency involved.

So how blockchain is transforming our healthcare systems?

Secured Data Sharing and Accessibility

Millions of patients sign up every day for various healthcare services worldwide, and updating their records becomes difficult, leading to inefficient treatment and preventative care.

Once the blockchain technology is adopted by a specific healthcare system, patient records will not only be easily stored and updated, they would also be easily accessed by patients (through their mobile phones). Data would be completely secure and reliable for treatment purposes as it would track medication, verify a patient’s health, and follow up management progress. Platforms like Factom, Medical chain, Guardtime, and BurstIQ are excellent examples for offering these use-case scenarios.

Medical Research Sharing and IP Protection

For a long time, a platform for sharing medical research amongst experts and medical leaders has been in great demand. It would make diagnostic and medical improvements and reduce fraud since many trials are left unfinished, creating major gaps in knowledge.

Blockchain can provide such a platform where researches and trials are easily shared amongst professionals and experts while confidentiality and IP protection is maintained. Bloqcube is a pioneer blockchain-based clinical trials platform that "takes trials to patients’ locations saves time and money while making data secure, transparent and available instantaneously."

DNA Sequencing

Even though home DNA tests are available now for consumers, whole-genome sequencing is still pretty expensive. This leads to inefficient analysis as consumers tend to feel unsafe while sharing their entire genetic code due to security concerns.

This is where blockchain comes in; with its highly secure information handling, entire genetic codes can be provided without the risk of confidentiality or privacy breaches. This would result in an accurate diagnosis and treatment of diseases. Some of the most successful applications used for this purpose are EncrypGen, Simplyvital Health and Nebula Genomics.

Future Directions and Roadmap

The blockchain revolution will keep disrupting our healthcare systems and technologies through this century. While the technology remains in early adoption stage, perhaps through 2030, more applications and innovative use-case scenarios will definitely expand global adoption.

We will see more platforms offering blockchain-based clinical trials and DNA-sequencing sharing features. These platforms will accelerate discovery and innovation in medical research. The growth of blockchain adoption for securing patients' data will boost the entire value-chain of healthcare systems. Patients will be able to commercialize their medical records for research purposes while ensuring that their privacy is protected and secured.