For healthcare, blockchain can be used for payment processing, but it can also improve interoperability, track claims processing, or develop and maintain provider directories.
Blockchain — the same technology powering and other cryptocurrencies — is finding revolutionary new applications in the healthcare sector. Recently, Aetna, Anthem, and the Cleveland Clinic partnered to announce a new blockchain-based healthcare initiative, marking the latest indication of the potential impact blockchain could have on the healthcare sector as a whole.
Blockchain is best known for its security, distributed nature, and immutability. The technology is most often associated with ; it allows for a record of all transactions that cannot be altered or changed — necessary for any kind of currency that is not backed by reference to a national government or central bank. For healthcare, blockchain can be used for payment processing, but it can also improve interoperability, track claims processing, or develop and maintain provider directories.
A Growing Trend
In 2020, Gartner listed blockchain as one of its top 10 strategic trends, following the institution of blockchain as part of the nationwide healthcare system in Estonia in 2016. Such a system is far from reaching full implementation in the U.S., but strides are being made to generate innovation and creativity for the industry’s future.
Blockchain also helps to bring new thoughts to long-lasting questions of how to improve outdated technology in healthcare. Many medical offices continue to rely on pagers and fax machines. In contrast, many internet-connected medical imaging devices remain based on insecure operating systems that open them to potential attackers.
Blockchain could provide new solutions to augment the security and protection of personal health data, one of the most important aspects of building trust in the industry. Patient data is sometimes difficult to access because it is stored in one…
