The world of technology can not stop talking about the Blockchain, and nowhere else is more obvious than in the health sector. At a recent conference on health care information systems in Las Vegas, "it was impossible to ignore the growing buzz around the Blockchain," said one HealthTech contributor.
But behind the buzz and hype, what are the substantial ways in which the Blockchain will change health care, and where will we see these developments first?
Before answering this question, let's review the importance of Blockchain and data in health care.
We have all heard about Blockchain, which underpins the world's most popular and popular cryptocurrency, Bitcoin. The Blockchain, a shared and decentralized public registry, stores data and transactions in a distributed (and thus transparent) way. Gartner estimates that the value of Blockchain technologies and solutions will reach $ 176 billion by 2025 and more than $ 3.1 trillion by 2030. Deutsche Bank predicts that Blockchain-based systems will account for 10 billion transactions. % of global GDP by 2027.
So, why are health care particularly ripe for disruption by the latter? Everything is in the data.
An analyst at Zacks puts it this way: "Given the growing need to integrate data into plans and vendors, the health care sector should make the most of Blockchain's distributed registry technology."
But by providing physicians with real-time patient data, Blockchain "has the power to revive the health care industry by reorganizing operations, generating new business models, and integrating patients' medical records."
Storage of patient records and pricing models are the two most likely ways to change health care in the short term.
Electronic Health Records (EMRs) have been used as a system for recording underlying medical data since 1999. Patented EMR systems, powered by companies such as Epic, Cerner, Athenahealth and others, now store significant amounts of critical data on the health of patients. But they have not merged to become a national backbone of health information, but rather, "we have a bunch of closed soviets, hoarding information that is not good," as the saying goes. the CEO of Athenahealth. "So it has to be encompassed by a new model. "
By 2018, we could see this new model take shape.
The Blockchain is a distributed and validated data ledger, not a database. Thus, while it will not replace EHRs, it can now support a safer, universally accessible and comprehensive records system.
"At present, a patient's medical history is a puzzle that is scattered across multiple vendors and organizations," writes Robert Lord, Forbes collaborator and president of Protenus. "The Blockchain could help us assemble all these parts in real time and see the whole health of a patient, with the certainty of knowing that it is both complete and up-to-date. "
This globally secure and highly distributed access to patient health data is revolutionary, providing authenticated universal access to patient health records around the world.
The Blockchain will also change the way health care and medical services are priced and paid for. These changes are due to improved identity management, intelligent contracts, and machine-to-machine instant communication enabled by the contract.
For example, PokitDok, a VC-funded healthcare programming interface (API) company, has partnered with Intel to offer Dokchain, a standard now used by dozens of companies, including Ascension, Amazon and Guardian. . The solution can process requests in seconds instead of weeks or months. Notably, the solution can also "validate the supply chain," writes Ron Miller in TechCrunch. "For example, when a doctor writes a prescription, he is connected to the chain with transparent prices to the consumer [with] broad implications for inventory management and orders for medical and pharmaceutical supplies. "
WELL, a medical services network operating with Blockchain, is another innovative company that is improving key aspects of the health service.
The company allows patients to contract with healthcare professionals worldwide, including specialist doctors, therapists and psychologists, while facilitating real-time verification and reimbursement through cryptocurrency, WELL.
Instead of taking days to settle traditional payments, WELL tokens immediately transfer funds - via smart contracts - at the end of certain milestones (visits, bill approvals). It can also make cross-border payments.
As illustrated by both WELL and PokitDok, Blockchain technologies and asset tokenization will be used to address fundamental health issues, including changing traditional payment and pricing models. In fact, they already are.