Blockchain in healthcare

Blockchain momentum rallies healthcare

Share this post:

In 2016, we saw a wave of interest and investment targeted at blockchain applications for the financial services industry. As the year comes to a close, that same momentum is carrying blockchain beyond the boundaries of financial services to drive forward another industry; healthcare.

In recent study, the IBM Institute for Business Values indicated that 16 percent of healthcare institutions are expect to have a commercial blockchain solution at scale in 2017. This is a huge number, and represented in the graphic below in yellow. This finding is the result of a study across 16 countries and 200 healthcare executives.

blockchain-blog

Learn why IBM is the top-ranked blockchain for business services provider

We are witnessing in real time, healthcare organizations both on the payer and the provider side, diving in to explore blockchain in all of its forms.  Specifically, executives recognize both the potential for reduced friction improvements to current operations as well as new revenue streams and business models as a direct result of blockchain technology.

From the study, 70 percent of the Trailblazers identify three areas as the greatest potential to realize benefit from blockchain technology:

  1. Clinical trials data
  2. Regulatory compliance
  3. Medical and healthcare records

Blockchain uniquely benefit clinical trials as transparently recording data can increase trust for patients and doctors. This can dissuade those who selectively report outcomes from clinical trials.

Interestingly, providers and payers are using blockchain distinctively — providers look to reduce information frictions, while payers tackle invisible threats. Providers also expect benefits in medical health records and payers focus on easing regulatory burden. Organizations moving first with blockchain solutions are identifying the area most important to them.

Despite these benefits, it is important to recognize the challenges organizations may face. The healthcare industry is often blamed for being overly risk adverse and executives will point to the immaturity of the technology and insufficient skills of companies offering blockchain technology as main barriers to successful adoption. I am personally impressed with IBM offerings, and am excited every time we have the opportunity to work with partners on roll-outs.

Ultimately, it will be those organizations that move fast by identifying key use-cases, supporting the adoption of standards and leveraging consortium efforts who will benefit most greatly from blockchain technology.

See the full study, including areas of investment and a full set of recommendations.

Also, be sure continue exploring what IBM Blockchain can do for your business.

Learn more about blockchain today

Blockchain Offering Leader, IBM Industry Platform

More Blockchain in healthcare stories

Why Digital Health Passes are the smart and responsible way forward

Having two daughters as nurses during the early stages and height of the pandemic made for tough weeks and months for myself and my family. The uncertainty of the virus and the inability to secure PPE for my daughters was a time I hope to never relive. The past year of course has brought unforeseen […]

Continue reading

Bringing the benefits of blockchain to the enterprise database

Many businesses want to enjoy the benefits of blockchain regarding the visibility and provenance of the data. However, they don’t necessarily want or need the complexity that comes with its decentralization feature. Our research focuses on simplifying the usability and reducing the management overhead for use cases where a trusted cloud provider operates the solution. […]

Continue reading

Blockchain tokenization in enterprises and beyond

Blockchain tokens are the digital representation of complete or shared ownership in anything of value. Blockchain tokens are commonly leveraged in payments and settlements between participants. The tokens also enable representation of multi-party ownership of an indivisible asset, such as a work of art, and ease the exchange of such ownership between parties in a […]

Continue reading