Although blockchain solutions are not a cure-all for healthcare, the technology does have potential. Below are four reasons blockchain continues to grow in healthcare, according to CoinGeek.
1. Blockchain solutions eliminate information blocking. Because the technology is decentralized, every person on the blockchain has the ability to view and access the data. Within healthcare, this means that a patient has access to their information at any time.
2. Data stored on a blockchain network is thought of as more secure. Information stored on a blockchain cannot be altered or deleted.
3. By leveraging smart contracts on a blockchain, healthcare providers can reduce costs. These contracts are fulfilled automatically when certain requirements are met, eliminating many administrative costs.
4. Pharmaceutical companies are using blockchain solutions to better track and verify prescription drugs. Blockchain solutions are designed to improve supply chain management.