Researchers have accounted many researches, studies and use cases of Blockchain in healthcare and have surmised that the impending Blockchain revolution is closer than we think.
According to the research paper “Geospatial blockchain: promises, challenges, and scenarios in health and healthcare”, published by joint researchers associated with universities in Scotland, the UK, and the US, there is still a growing awareness about Blockchain based on all the resources about Blockchain that are readily available across online repositories.
In a diverse area such as healthcare, Blockchain solutions are being developed to disrupt and innovate sectors such as medicine and healthcare, including patient data management, research and data monetization, fraud detection, public health surveillance, the enablement of convergence with other equally disruptive tech platforms such as the Internet of Things (IoT) tanglement.
One of the innovations being sought on Blockchain is how health information is processed in real time to deal with the complexities of health crises out in the world through data modification that involves “mechanisms for validating, crediting and rewarding crowdsourced geo-tagged data,” as Big Data. This will enable the use of a crypto-spatial coordinate system that harnesses data in real time, minus process stopping mechanisms that hinders big data structures in today’s harnessing practices.
When coupled with Blockchain’s immutability of records, geospatial coordinated data become less structured to be able to deploy specific data models as responses to a crisis. This decentralized form of data and application are still made governable but granted more autonomy basing on a trust-less environment.
With the progress of Blockchain basing on challenges posed by interoperability, security, privacy, scalability and demands for commercialism, the researchers stated that this is just the tip of the iceberg when it comes to Blockchain’s potential.
“We expect blockchain technologies to get increasingly powerful and robust, as they become coupled with artificial intelligence (AI) in various real-world healthcare solutions involving AI-mediated data exchange on blockchains.”
Blockchain’s capability to track and harness data based on immutability will also be a solution in today’s dispersal of drugs in the medical supply industry. This will bolster the fight against counterfeit drugs while improving overall logistical condition handling of drugs to maintain its integrity of shelf-life, where the industry will experience cost-savings as a primary benefit.
As the development of Blockchain progresses, new market and industry opportunities are achieved as regions such as Asia and the Pacific will adopt Blockchain for a wide-range of industry specific solutions that includes health.
DynaQuest Technology Services is a specialized Blockchain solutions and support company that is pushing the applicable innovation and disruption of Blockchain in Southeast Asia’s healthcare sector.
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