The Benefits and Threats of Blockchain Technology in Healthcare

Introduction

Satoshi Nakamoto was the first person who introduced blockchain as a bitcoin technology (Hariguna et al., 2021). It has not been adopted widely since its launch. For instance, it is used in business, finance and healthcare industries. In the healthcare industry, blockchain technology is reliable in protecting patients’ data. This article will discuss the benefits and threats of blockchain technology in the healthcare industry.

The Overview of The Article

The authors state that blockchain technology contains various features that make it the best to protect patients’ information. Some of the features are immutability, transparency, traceability and decentralization. Blockchain technology is considered a promising technological advancement because of its ability to better secure financial transactions. Blockchain can create permanent records that are valid and unalterable. This technology can revolutionize many aspects of the healthcare industry and significantly change its nature. However, it is important to consider some disadvantages that may arise due to blockchain technology, including privacy concerns and their inability to prevent cyberattacks. Future studies that examine whether or not these limitations pose any threat to blockchain in healthcare will be helpful for practitioners who want to implement new technologies in this area.

Blockchain technology can reduce costs, increase access and transparency in healthcare, and make data more secure (Abu-Elezz et al., 2020). However, its adoption may also negatively affect patient privacy, staff efficiency, and quality of care. This study aims to provide evidence on the benefits and threats of blockchain technology in healthcare by reviewing studies that evaluate its potential use in healthcare. The review found that although most studies were related to using blockchain technology as part of a specific process or paradigm, there is a lack of evidence on whether this technology can enhance how systems work together or improve personal health outcomes in primary care settings.

Blockchain is the technology that underpins cryptocurrencies, such as bitcoin, and it has a huge potential to disrupt the financial sector (Abu-Elezz et al., 2020). However, blockchain could also be used within healthcare to improve privacy, access and security for patients, for example, when accessing medical records or medical care, especially in improving trust between all parties. One of the reasons why it is so disruptive to existing practices and businesses is that it creates a new level of trust between businesses and customers. This is especially true in a healthcare setting, where individuals have looked for reliable information about their disease and treatment options for many years. Although blockchain provides a solid solution to these issues, it also has its drawbacks in this area.

Blockchain technology is a core feature of many cryptocurrencies, bringing a new level of trust, transparency and the ability to trace transactions (Abu-Elezz et al., 2020). However, the intriguing features of blockchain technology extend beyond cryptocurrency. For example, blockchain can be used in healthcare to help improve patient identification through secure distributed databases that share information with external providers such as hospitals or insurance companies. These organizations will have a record of patients’ records and transactions, and UIs based on artificial intelligence can ensure that they are up to date.

Conclusion

The authors conclude that blockchain technology’s benefits and threats in healthcare strongly depend on the specific application areas. Although the technology is widely used for supply chain management, it does not represent a simple solution to all problems in health care.

In summary, blockchain is expected to positively impact the quality of healthcare data, help prevent crime and fraud, improve healthcare delivery and reduce the burden on health professionals. However, it carries with it some threats that could affect both patient health and professional credibility, to name a few.

References

Abu-Elezz, I., Hassan, A., Nazeemudeen, A., Househ, M., & Abd-Alrazaq, A. (2020). The benefits and threats of blockchain technology in healthcare: A scoping review. International Journal of Medical Informatics, 142, 104246.

Hariguna, T., Durachman, Y., Yusup, M., & Millah, S. (2021). Blockchain technology transformation in advancing future change. Blockchain Frontier Technology, 1(01), 13-20.