Blockchain isn't just a buzzword in the healthcare industry. Nearly half (49 percent) of executives are developing, piloting or implementing blockchain projects within their healthcare companies, according to a survey by the PwC Health Research Institute.
Blockchain, which was popularized during the rise of crypto currencies such as Bitcoin, is described as a decentralized ledger of all transactions in a network. It’s technology allows users in a specific network to confirm transactions without a trusted middleman. Within the healthcare space, blockchain offers an opportunity to “reinvent how healthcare companies access, collect, distribute, share, leverage, monitor and audit data,” according to PwC.
The survey––which focused on the rise of these technologies, how healthcare companies can benefit from them and ways to prepare to implement blockchain into organizations––included responses from 74 global healthcare companies.
Their responses revealed there’s still a lack of trust about using blockchain, despite many already implementing the technology.
The study identified six healthcare processes that could benefit from blockchain:
- supply and chain inventory management
- enrollment and provider data management
- back office functions and payments
- data collection, exchange and management
- risk and regulatory processes
- research and development
While the technology has a lot of potential, there are several barriers in the way––and companies need to adapt quickly as blockchain projects become more widespread.
“Companies should be prepared to identify where blockchain could improve their operations and interactions with trusted partners. Paradoxically, while use of blockchain may ultimately increase trust among industry partners and competitors alike, a lack of trust may prove to be one of blockchain’s biggest challenges,” the study said.
“Because blockchain projects are undergoing research and development, companies have just a few years before blockchain-based partnerships and programs begin to come into use. This means they have precious little time to plan, adjust and adapt.”
According to the survey, 47 percent of companies said lack of trust is a barrier to implementing blockchain, and 61 percent of healthcare companies said their blockchain projects were challenged by a lack of appropropriate blockchain skills.
Additionally, 34 percent of healthcare executives said they determined blockchain was sometimes or often the wrong technology for the project it was tested on, and 52 percent said they determined the effort to use the technology didn’t justify the results.
“The introduction of blockchain technology into the healthcare industry won’t occur overnight, nor will many of its benefits be immediately realizable. Rather, major transformations begin with small steps,” the study said. “Those steps offer healthcare companies an opportunity to consider the short- and long-term disruptive potential of blockchain before it disrupts them first.”
Danielle covers Clinical Innovation & Technology as a senior news writer for TriMed Media. Previously, she worked as a news reporter in northeast Missouri and earned a journalism degree from the University of Illinois at Urbana-Champaign. She's also a huge fan of the Chicago Cubs, Bears and Bulls.