Benefits Of Blockchain Integration For Healthcare Industry
Blockchain technology is being rapidly incorporated into various sectors and healthcare is not an exception. Blockchain is projected to deliver significant transformation and improvements in its operating model. According to an IBM study, 56% of all the healthcare executives plan to implement blockchain-based solutions by 2022.
In March 2017 Hyperledger, an open source collaboration for distributed ledgers on the blockchain technology, announced its integration with SAP.
What benefits will the integration of SAP into the Hyperledger blockchain community deliver for healthcare and will it help healthcare achieve better and more reliable healthcare milestones? Considering that today’s tech advancements have affected every industry out there, the superior ways of collecting, storing, and analyzing big data will deliver numerous improvements for healthcare industry.
Interaction between healthcare providers and patients’ interaction with health data
Healthcare providers will be able to access the necessary health data, which will speed up the process of patient care. Patients on the other hand will be able to get their hands on reliable data in an effort to get the right medical care. Integration with the blockchain technology and easy access to storage means that will provide both patients and providers with easy access to data, regardless of where they are.
Patient privacy concerns: what does intergration bring to the table?
The distributed ledger works is in such a way that no one can tamper with the data that has already been recorded in the ledger, of the same blockchain network. This means that users can choose who should access that data by setting up controls and permissions. It, therefore, promises patient privacy, as any attempt to tamper with the data will alert all the users, who are on the same block. In short, the integration of SAP and Hyperledger provides transparency and no margin of interfering with the privacy of the patients’ data.
Data accuracy and consistency
Inconsistent data in the healthcare industry has made it very difficult to provide quality healthcare by providers. For example, data on clinical trials could be different or inaccurate from one research organization to the next. This will necessitate more trials for the same drug, to be conducted, which would not have been necessary if the data was consistent. Integration of SAP will help make such data readily accessible by providers and tamperproof when recorded in the distributed ledger.
When it comes to seeking quality healthcare, it can prove to be expensive. However, in an environment that offers the reliability of health data, such costs can be avoided. The blockchain technology, through the integration with SAP promises reduced overhead costs and consultation fees. This can be achieved through personalized medicine, which precisely predicts, through predictive analysis of health data, the best prescription for a specific illness.
The opportunities of integrating blockchain technologies into the healthcare industry are immense, and integration of SAP into the Hyperledger is a step forward towards an open source collaborative effort of cross-industry for the distributed ledger.