The divination and oracles section of Frost and Sullivan has been shuffling its tarot cards and consulting the entrails and reached the conclusion that in the next five to 10 years, a blockchain ecosystem will emerge which will take control of the health industry.
A new report said that on-going digital democratization of care delivery models towards a much-anticipated personalized and outcome-based treatment will be the major impetus for blockchain adoption.
The convergence of blockchain with emerging technologies such as artificial intelligence (AI), machine learning, mHealth and Internet of Medical Things (IoMT) provides new opportunities to explore digital health economies. At its core, blockchain would offer the potential of a shared platform that decentralises healthcare interactions ensuring access control, authenticity, and integrity while presenting the industry with radical possibilities for value-based care and reimbursement models, the report said.
Frost and Sullivan Transformational Health Industry Analyst Kamaljit Behera, who penned the report said: “Burgeoning connected health devices and the need to protect against data breaches make blockchain, with its ubiquitous security infrastructure, the obvious foundation for emerging digital health workflows and advanced healthcare interoperability. It creates an additional trust layer through unique distributed network consensus that uses cryptography techniques to minimize cyber threats.
“Blockchain technology may not be the panacea for healthcare industry challenges needs but it holds the potential to save billions of dollars by optimizing current work-flows and dis-intermediating some high-cost gatekeepers”.