The use of blockchain in healthcare holds immense potential and will be beneficial to both patients and healthcare services providers in the upcoming years.
‘If-then-else’ programs will form the basis of this concept to trigger an automatic transaction and provide payment to the manufacturer, if a patient orders a particular drug from the formulary built by this technology.
For instance, five leading healthcare companies including Quest Diagnostics, Humana, and others are launching a blockchain powered program that could succeed in reducing administrative costs.
This helps to generate a more accurate financial forecast for healthcare providers, and for accentuating better services to customers.
This can be impeded by improvement of blockchain infrastructure that will consume lesser space in computing systems, thereby noticeably reducing the amount of electricity used by computer systems, whilst making data storage more transparent and secure.• Emergence of 5G Networks will Contribute to Blockchain in HealthcareFifth generation networks have already disrupted the internet market and will make a noticeable impact on data storage across all platforms.
Citing an incredibly fast network as its leading feature, 5G network will make database maintenance extremely seamless and easy with blockchain technology that will maintain a digital ledger storing patient records that can be accessed by hospital services providers.