As an emerging technology, blockchain is growing significantly in terms of awareness and public participation. Most of the involvements in the blockchain ecosystem are perceived to be motivated by curiosity and the opportunity to earn value. However, the actual reasons behind this increasing growth is practically due to increased implementation of the technology across different works of life.
An industry where blockchain technology is beginning to gain traction and significance is the healthcare industry. Healthcare is one of the most essential aspects of human existence and an area of life that is given significant attention, especially in developed nations. As a matter of fact, in most cases, the level of development of a people is determined by the healthcare index within their society.
Developing nations are receiving a lot of attention as well in the healthcare industry. This is evident in the amount of aids and support that flow in their direction from the more developed nations and other global institutions. Apart from the humanitarian services rendered, the developmental factors of a healthy society justifies the processes involved in supporting the healthcare industry in developing nations.
There are lots of interconnected processes in the global healthcare solutions industry. The way and manner by which these processes are implemented go a long way to determine the results achieved. Unfortunately, contrary to expectations, there is a huge imbalance in the accessibility levels of these services.
Accessing modern healthcare services and being able to participate in the investment towards research and development within this sector has remained an exclusive privilege of a limited group of individuals. For instance, it is very common to find wealthy Africans travel to Europe and America for healthcare processes as trivial as routine medical check-ups and childbirth. Also, information about health fund arrangements in existence does not even make it to the hearing of most global citizens who are more concerned about surviving till the next day.
Few companies are already taking advantage of blockchain technology to decentralize the healthcare industry and providing a level playing ground for the global audience. A typical example of this development is the services provided by Trustedhealth. The platform provides patients, medical practitioners and other service providers within the industry and opportunity to connect directly with one another.
The already existing Trustedoctor platform connects patients directly with specialists across the globe without the extra travel cost and other logistics. This, therefore, eliminates the existing geographical barriers that sideline majority of the public from first-class medical services.
In terms of health funds and the associated benefits, localization and lack of spread of information is keeping this sector within a closed circle. Several research and developments are ongoing within the healthcare industry, especially in the area of biotechnology. These research and developments are focused on finding more effective solutions especially to the critical health issues that currently exist.
Funding for these projects usually come from humanitarian sources and private investments. The investments are associated with benefits that extend to as much as preferential medicare solutions. As mentioned above, due to the current setup of these systems, a lot of people are cut off from participating.
Health funds investment platform VanHealthing and other related projects, are implementing the decentralized blockchain technology to break the existing monopoly within the industry. The project claims to work towards reforming the biotech industry by opening up access to critical products and solutions and making investment more transparent. On the blockchain, information is available for all to see and anyone from anywhere can contribute to health funds and enjoy the associated benefits.
Other areas where blockchain technology is finding significant implementation in the healthcare industry includes the pharmaceutical sector where blockchain can be used to track and monitor the supply chain of medical products. Immutable record keeping also guarantees the consistency of the medical records of patients across the globe.
Blockchain is seen as a technology for the masses and a universal leveler. Its decentralization property enables unrestricted access and participation to information, products and services. Therefore, as access to adequate healthcare is recognized as a fundamental right and necessity in most climes, blockchain is taking this idea beyond the bounds of paper legislation to the reality of existence.
With the above-mentioned developments and several others in the industry, we are bound to experience an improved global healthcare ecosystem. The gap between the haves and the have-nots is being narrowed as essential healthcare services are made accessible to all.
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Last modified: June 11, 2020 10:08 AM UTC