The healthcare industry can make use of blockchain technology for various applications, reducing time and costs while ensuring security and privacy.
The use of blockchain technology in healthcare is being mulled upon for a while now. The digital currency technology, with its features like immutability, security, and privacy makes it an ideal candidate to safeguard confidential information.
The healthcare system has so far been using conventional data management and communication methods, provided by a handful of vendors. The vendors of health systems usually follow their own set of information standards, creating challenges when it comes to cross-platform operations.
The emergence of interoperable blockchain platforms for healthcare applications may soon make these challenges a thing of the past. Other potential applications of the distributed ledger technology in health industry include supply chain validation and revenue cycle management.