Sunday, 23 September 2018

Evolving Viability Of Blockchain Technology In Healthcare, Academic Industry

Healthcare And Academic Industry Recognize Blockchain Technology's Potential

Blockchain technology is now being used in almost all the high-profile industries including healthcare, travel and tourism, hospitality and academic industry. The Black Book Market Research of 2017 says that around 20 percent of hospital leaders and 76 percent executives from health insurance sector have either started using blockchain technology or are planning to do so. The latest IDC Health Insights also indicate that by 2020 at least five major healthcare organizations will be adopting blockchain.

Initially known for forming the foundation of Bitcoin (BTC), blockchain’s usage has now spread across vast and major verticals. The technology is inspiring major brains in the sector of healthcare with everyone including digital developers, payers, and providers from the field lauding the potential of the blockchain. They have found blockchain’s potential for privately, securely, and comprehensively tracking and storing and sharing the medical data of patients immensely impressive.

Even the latest study by Frost & Sullivan says that by 2025 blockchain technology will save around $100-150 billion annually for the healthcare industry. Prototypes like MedRec trying out decentralized management of medical records to handle Electronic Medical Records (EMRs) is just an indication of the changes this technology might bring in the days to come to the healthcare and wellness industry.

Even though there is a lot of buzz about this decentralized platform, there are a few people from the field including Renown Health in Reno’s CIO, Ron Fuschillo who believe that organizations are moving faster in the direction of adopting blockchain, however, he thinks that the time has not come yet, says Northern Nevada Business News.

Another industry that is planning to put the use of this technology at the forefront is the academic field. Calicut University from India is planning to use the decentralized platform for validation of academic certificates, mark lists and for their digitalization. It will also establish the authenticity of the degree as the digital copies will be available on the blockchain network, says The Hans India. According to officials, it will be the easiest way of tracking down the issuance of fake certificates helping the third parties to validate the authenticity of the academic records.

The state of Kerala in India has already started initiatives to use blockchain technology for building new projects and has also come up with a Blockchain Academy.

The post Evolving Viability Of Blockchain Technology In Healthcare, Academic Industry appeared first on OWLT Market.



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