On one side of the table you have Blockchain, the self-processing capable architecture that has been widely adopted in the healthcare sector. Through successful use cases, Blockchain in healthcare has enabled better electronic health records (EHR), smart contracts for health insurance and alternative mode sof payments for medical services through cryptocurrency.
On the other side of the table, you have the Internet of Things (IoT) that is changing the interface of communications itself. IoT allows secure communications between devices that enable automation and self-governance of facilities and systems.
Innovative technologies such as Blockchain and IoT are converging as both platforms are both enablers of automation and autonomy. When we combine the purpose of Blockchain and IoT into a vital industry such as healthcare, we enter a very promising future.
According to Grand View Research, the global market for internet healthcare services is poised to reach $308 billion by 2022. Aside from profitability, the global healthcare industry is bracing for a sustainable future as the global population is bound to even grow by 2022. It is a future where medical services and health organizations will be facing a challenge to deliver quality health care and medical services to a growing population.
When we combine Blockchain’s automated information processing capability with IoT’s device to device communications, we are creating a future where health information will be free-flowing and that continuous stream of health information will be vital in its timely application.
When it comes to efficiency, the global health information industry is in the process of transitioning from its ageing EHR systems into a Blockchain ecosystem. With Blockchain being developed for interoperability and ability to harness data from various providers, it is a foundational improvement from the industrial siloed environment of the EHR model. When health and medical organizations have achieved a level of optimal health information processing delivery, the traditional cost aggregators of actors, manual processes and communication delays will help organizations achieve cost-efficiency of its operations.
IoT will impact medical devices that will allow advanced real-time tracking of patients that are dependent on medical devices. In emergency situations, the time between informing emergency response teams and the application of emergency first-aid is vital to the patient’s well being.
In an example of a converged medical ecosystem that is powered by Blockchain and IoT, a medical device will constantly report the vitals of a patient to a medical organization. During the time of an emergency, the medical device will inform the emergency teams to respond. In a distance, the medical room is prepared for the patient’s arrival with the needed treatment. Through smart contracts, insurance coverage is executed during the medical alert, so the health benefits are set in play for the patient’s benefit coverage.
In essence, the progress of science is constantly inspired to create a better quality of life for society. In the field of healthcare, the continuous improvement of technology such as Blockchain and IoT holds a very promising future.
DynaQuest is a technology solutions company that is focused on the application of Blockchain for hospital administration and medical insurance.
DynaQuest Technology Services Inc.
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