Emerging Blockchain Technology Solutions for Modern Healthcare Infrastructure

Abstract

With a growing trend in medicine towards individualized, patient-centric care, traditional health information technology limits progress. With high administrative costs and the lack of universal data access, contemporary electronic medical records serve more the institution rather than the patient. Blockchain technology, as presently described, was initially developed for use in financial markets, serving as a decentralized, distributed ledger of transactions. However, certain inherent characteristics of this technology suit it for use in the healthcare sector. Potential applications of the blockchain in medicine include interoperable health data access, data storage and security, value-based payment mechanisms, medical supply chain efficiency, amongst others. While the technology remains in nascent stages, it is essential that members of the healthcare community understand the fundamental concepts behind blockchain, and recognize its potential impact on the future of medical care.