Blockchain technology can unlock a lot of new potential use cases. It can also improve existing infrastructure and services. The healthcare industry appears to be favoring this technology at this time. PricewaterhouseCoopers (PwC) officials confirm that roughly half of the industry’s organizations are looking at blockchain in one way or another.
Healthcare and Blockchain Makes Sense
The number of real-world blockchain use cases remains relatively low. Building a new infrastructure is a daunting task. Despite the promise the technology holds, most sectors remain on the fence about its potential. Things are a bit different in the healthcare industry. Research by PwC seems to indicate this industry heavily favors distributed ledgers over other implementations.
The research confirms 49% of organizations are working with blockchain. The initiatives themselves are very different from one another. There are benefits and disadvantages associated with embracing this radical new technology. One glaring problem is the lack of interoperability between provider. Additionally, privacy concerns need to be taken into account, especially when it comes to patient data.
Most healthcare companies see this technology as a viable tool for data sharing and improving quality. The global healthcare companies are either developing solutions or piloting potential use cases. This indicates the implementation efforts are in an advanced stage already. Even so, this technology will not be beneficial to all service providers either.
Key Hurdles Remain in Place
While the PwC report seems promising, there are some notes to make. A lot of organizations are still not exploring blockchain. This is primarily due to a lack of expertise and regulatory uncertainty. Integrating this technology into existing infrastructure is often problematic as well. Legacy systems and distributed ledgers do not always mix well.
Although there is still work to be done, PwC also issues a warning to those who remain behind. Not innovating at this crucial stage can leave some companies left out in the cold. That is only normal, as PwC mainly sees the benefits of blockchain. Its potential to cut costs and increase efficiencies cannot be overlooked. unlocking that potential will only happen once the ecosystem keeps evolving.
It is not the first time healthcare ‘s and blockchain’s futures seem entwined. Similar findings have been recorded by the likes of Gartner and Deloitte. Blockchain is a viable form of technology which can unlock numerous advantages. Educating oneself about this technology and its potential influence is almost a must. Even if blockchain is not widely adopted, remaining in the dark about its potential is never an option.
Besides finance, what other industries do you think will be significantly impacted by blockchain technology? Let us know in the comments below.
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Author: JP Buntinx