Introduction: The review of the Healthcare business has led to an increasing need for reforms which would improve the rate of treatment, the cost of availing treatment, the accessibility to a medical professional, the collection of health based data and the integration of analytics and data in healthcare actually showing an improvement in the life and well being of individuals. The most recent reform which has been primarily used in the implementation of a worldwide system for crypto currency has become the new frontier for the tracking and implementation of healthcare based data. Industrial research expects the global market for Block Chain technology to be worth over USD 7 Billion by 2024. This would mean the market for block chain technology is growing with a CAGR of over 37% based on Healthcare Market Research Reports which would make it one of the fastest emerging markets in the world. The implementation of Block Chain technology in healthcare could have massive application in cost reduction as well as in the improvement of treatment for patients but most importantly could lead to a sophisticated method of security for patient medical data.
Block Chain: A block chain is a virtual ledger consisting of all the transactions involved in bit coin. The ledger is virtually a record of all crypto currency transactions which exist on multiple computers, each being a node of the network. These computers handle two parts- validation and updating. The participants in this role are called “Miners” who take transactions and update them in the block chain. The technology works by initial transaction verification using a private and public key. The two keys are used to authenticate any transaction. The authenticated transactions are to be added on the block chain which the miners take care of by solving extremely difficult puzzles which are called hash functions. Solving these functions requires a large amount of computational power and time. The process results in forming an alphanumeric code which is the equivalent of the transaction but encrypts the transaction. Once the transaction is encrypted it is capable of being added to the block chain which then makes the information of the transaction uneditable.
Health Care Application: The implementation of Block Chain in healthcare is expected to be one of the major turning points in the timeline of modern medicine. By 2025, the global block chain health care market is expected to be worth About USD 5.6 Billion. This is from a CAGR of roughly 65.7%. The impact the growth of this market has on the everyday consumers and on industries at large is major owing to a new system of transparency for medical providers and healthcare professionals. Data recording from the industry is securely stored on a network that is virtually impossible to infiltrate but at the same time puts the data in the hands of the right individual, the consumers themselves. The implementation of block chain leads to a new kind of data recording where automation and analytics can be better implemented in a secure and solid manner. Block chain also has easier scalability owing to the ease of addition of nodes in the network. The financial benefit availed is highly profitable in the long term.
Conclusion: The adoption of block chain can save the healthcare industry up to USD 100 billion per year by 2025. One of the biggest beneficiaries of the technology would be pharmaceuticals that lose up to USD 200 billion to counterfeit drugs each year. By enabling complete visibility and transparency throughout the drug supply chain, block chain will help eliminate falsified medication. Health insurance which has been subject to growing number of frauds, especially those conducted by the providers, is also expected to witness up to USD 10 billion reduction in costs annually. The use of block chain for healthcare data exchange will contribute the largest market share throughout the forecast period, reaching a value of USD 1.89 billion by 2025. The disparate need for implementing block chain in healthcare could not be more obvious considering the primary functionality of block chain is that it is a ledger that is incapable of being hacked. The implementation is perfect for any field that requires secure data. A majority of healthcare institutions are already looking into implementing their own block chain network for the storage and protection of their data and the trend is evident to be followed in the industry.
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Ankur Gupta, Head Marketing & Communications