Younger patients will bring blockchain payments to health care

Register now

Health care is one of the most crucial sectors that need blockchain technology, because of the enormous presence of intermediaries in almost all healthcare systems around the world.

Blockchain projects aim to place the patient at the center of the system, which is highly compatible with the requirements of Generation Z.

As such individuals have a tendency to distrust centralized institutions and systems, the decentralized nature of blockchain-based healthcare would gradually appeal more to the newer generation. Unified health care platforms can be thus shared among participants, with significant cost reduction, secure interactions, cheaper and faster transactions.
Blockchain technology has the potential to change the healthcare industry, placing the patient, at the center of the system by providing added security, privacy and interoperability to health data and payments.

This new model of health care aims to touch on the following three crucial aspects: Consistent representation of authorization for electronic health information access; ubiquitous network infrastructure with added security; and verifiable identity and authentication of all participants involved.

Although at present there are no existing systems that address all of the above criteria entirely, that is expected to change in the near future. Popular advanced efforts ensure more efficient and secure exchange of data and value, as well as benefits for all network participants in the form of rewards.

As the growth of blockchain adaptability increases, health care is thought to be one of the first sectors which will be benefited in the long run.

Even though blockchain is increasingly being integrated into several industries of the world, the decentralised approach of blockchain technology will be crucial for the future of health care.

Blockchain will create transparency, which in turn, will help removing data silos, speed up processing, and provide security and a high level of interoperability to deliver a seamless patient experience.

For reprint and licensing requests for this article, click here.
Blockchain Digital payments Cryptocurrencies Healthcare industry Retailers ISO and agent