Block chain is an electronic ledger technology scattered over
different computing nodes and entries. Block chain is a distributed
database that maintains a list of records, chained together against
amendment and interfering. Within the block chain, all changes in the
ledger should be confirmed by everyone on the chain. Distributed
consensus is an agreement between different computed-nodes over what
is true or false record. As every client has a copy of block chain,
it is impossible to manipulate information and cover up the tracks.
The integrity and origin of information systems can be mathematically
proven. Nodes can confirm and then improve information to their copy
of block chain database which then informs other nodes with the
amended information.
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Block chain for health care is a lucrative market due to its
potential to resolve some long-standing difficulties of health IT,
such as interoperability and security of health data. Block chain in
health care provides benefits such as security and health data
interoperability. Block chain is a system that assures the integrity
of data and prevents tampering. Block chain technology has the
potential to transform health care, with increasing privacy,
security, and interoperability of health data. Block chain technology
provides innovative way for health information exchanges (HIE) as it
makes electronic medical records more secure, efficient, and
disintermediated. This technology is rapidly evolving as it provides
abundant ground for experimentation and investment. Block chain
technology creates chances to reduce complexity, secure information,
allow trustless collaboration, and create immutable information.
Risk of adverse events associated with the health care industry and
disbelief in immaturity of the technology and inadequate services of
companies offering block chain technology are considered to be
primary barriers for adoption of block chain technology in the health
care sector. Data stored in the health care domain are quite
sensitive. The manner in which a patient’s information is stored
before it is thoroughly vetted is under stringent regulation which
does not allow major disruption in information. Slow approval of
technology around block chain adoption, and patient’s concern
regarding block chain technology are the major pitfalls of adoption
of block chain technology in health care domain. Requirement of
significant processing power and advanced hardware and software
systems needed can hinder block chain adoption in health care.
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The global health care block chain market can be segmented into
application, end-user, and region. In terms of application, the
market can be segmented into clinical trial data, regulatory
compliance data, medical and health care records data, and others.
Clinical trial data includes genetic studies information, adverse
events, directives, pathology reports, imaging studies, and problem
lists. Adoption of block chain technology in clinical trials provides
benefits because transparency of recorded data will increase the
trust among patients and doctors. Medical and health care records
include public health data, administrative, and financial
information. Public health data includes information aggregated on
report of particular diseases from government bodies. Administrative
and financial information includes financial details such as
insurance eligibility and claim procedures in health care system. In
terms of end-user, the market can be segmented into hospitals,
accountable care organizations, managed care systems, and others.
Geographically, the health care block chain market is distributed
over North America, Europe, Asia Pacific, Latin America, and Middle
East & Africa. North America is projected to hold a significant
share of the global health care block chain market due to early
adoption of technology among developed countries and wide source of
data availability owing to extensive ongoing research.
Major players operating in the health care block chain market are
Philips AG, IBM Corporation, and Deloitte. Other emerging players in
the market are Microsoft Corporation, Block chain Tech Ltd., and
Digital CC Ltd., and others.
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