Blockchain is being touted by technology experts as having the potential to transform a wide range of business transactions and processes. According to Forbes, private investment in blockchain companies exceeded $4.5 billion in 2017.
Blockchain technology securely records transactions between two parties and retains all transaction history. A blockchain constantly grows as new “blocks” or “nodes” of data are added. Once an event is recorded, it can never be altered or deleted, preserving data history and integrity.
Health care industry leaders are excited about blockchain’s potential, but experts caution that moving to concrete applications will take time. The first step is for the health care industry to establish blockchain consortia to create standards and foster partnerships for the technical infrastructure before moving on to large-scale projects.
Potential health care applications for blockchain include:
- Patient health data – Using blockchain for health data exchanges would ensure health data interoperability, integrity and security. It would give providers easy access to…