Blockchain Technology Can Revolutionize Healthcare

We all know how disruptive blockchain technology is – and how fragile healthcare is in many developing parts of the world. But what if this is the missing link we all need?

The truth is, blockchain can introduce a lot of new things into healthcare. It can improve system weaknesses in terms of leadership, workforce, technology, finance, and governance – but also improve healthcare from its roots.

Blockchain implementation in healthcare is not something new. It is a popular practice adopted for several purposes which vary from enhancing supply chain management to data and process management, confidential data and security, public health surveillance and others.
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Thanks to tokenization, blockchain technology can become more flexible – and the existence of underlying tokens will probably enable trustless and transparent transactions. As such, blockchain will reduce the human influence that has been blamed for most of the bottlenecks within administrative settings (in healthcare) and will also revolutionize payments, rewards and incentivization processes by establishing trust and building motivation for participants in blockchain settings.

According to many experts, blockchain can tokenize patient’s health and wellness – where token rewards can be issued in a trustless way, all thanks to the smart contracts technology. Token economies could therefore also enable the subsidizing of care for individuals and families who have little to no annual income – or ones who cannot afford the high-quality healthcare that they deserve.

To begin with, the focus should be put on some robust and all-inclusive payment models which will deliver highly personalized and integrated care.