Blockchain, machine learning, and the Internet of Things are on a collision course, which could be the best thing to happen to healthcare.
Within the next five to ten years, healthcare organizations are likely to have access to integrated health IT platforms based on an emerging set of information management technologies including blockchain, the Internet of Things (IoT), and machine learning, predicts Frost & Sullivan.
The convergence of these big data analytics and access methodologies will accelerate the growing trend of data decentralization and consumer access to personal health information by making it easier for all members of a patient’s care team to stay securely informed, involved, and interoperable with one another.
“A blockchain-based system will enable unprecedented collaboration, bolstering innovation in medical research and the execution of larger healthcare concepts such as precision medicine and population health management,” explained Transformational Health Industry Analyst Kamaljit Behera.
Blockchain leverages a distributed ledger system, in which every member of the community holds identical records of all transactions conducted between them.
Every entity that holds a copy of a ledger must approve any and all changes to the dataset before it can be conducted, providing a more secure way to ensure that access and edits are authorized.