Blockchain technology could transform the future of healthcare

Blockchain technology has truly revolutionized the vision for the future of information and data. At the most basic level, blockchain technology enables the decentralization of data; that is, it allows the control of the information to move away from a centralized entity (eg a person or organization) to a distributed network. By using a distributed network to control information, society can establish better transparency, trust and fidelity in this data.

In an early whitepaper published by the University of California Berkeley’s Sutardja Center for Entrepreneurship & Technology, the authors explain that “blockchain is essentially a distributed database of records or public ledger of all transactions or digital events that have been carried out and shared between participating parties. Each transaction in the public ledger is verified by the consensus of a majority of participants in the system. And once the information is entered, it can never be deleted.” The most popular use of blockchain so far has been the famous cryptocurrency Bitcoin, which is a decentralized version of digital currency.

Proponents of the technology postulate that blockchain will revolutionize the world across all industries, making data and information exchange easier, more reliable and secure. Although some sectors are trying to become early adopters of this technology, others are wary of exactly how it can be used and are treading carefully.

In a presentation late last year, the United States Department of Health and Human Services (HHS) discussed the potential for blockchain in healthcare. The article presented several potential use case examples, ranging from supply chain transparency and securing access to medical records, to streamlining communications with insurance companies, and even better enabling remote patient monitoring capabilities.

Especially when it comes to health data, blockchain enthusiasts believe that the technology can provide increased security and fidelity compared to existing solutions. An article published by the World Economic Forum explains: “Blockchain-based solutions for health records offer secure encryption techniques that safeguard the integrity of individuals’ information when communicating with various parties. Through tokenization, smart contracts, and the encryption techniques involved in blockchain network transactions, the process of prior authorization will be massively reduced, enabling patients to receive needed and informed care more efficiently. This is a result of healthcare personnel being able to access relevant information quickly, when previously they would have had to rely on the patient or on files that have been physically sent or sent by e-mail from different sources, such as local doctors, laboratories, etc.”

But others are cautious. First, blockchain is not well understood by the masses, which creates skepticism and reluctance among many when it comes to using the technology for something as critical as healthcare infrastructure. Furthermore, blockchain use cases, while growing, are still limited. However, the basis of the technology itself is not entirely new. In fact, as explained by the HHS presentation, the earliest forms of blockchain theory were presented in the 1980s, with iterations of the modern technology taking shape more definitively in the past two decades.

Needless to say, health information and data are long overdue for innovation, especially in a world where cybersecurity threats and data integrity are constantly at stake. In fact, blockchain technology is probably here to stay; however, innovators, political leaders, and technology enthusiasts will need to find ways to apply this technology to healthcare in a safe, responsible, and patient-centered manner.