Over the past decade, blockchain has surpassed the hype and evolved into a truly revolutionary solution for the industry. Many companies are investing billions of dollars in the network. LinkedIn topped the list of in-demand professional skills in 2020, and potential articles are now littered with all finance blogs. Ask those who have lived through the early days of their online existence and are likely to have a lot to say about the déjà vu experience that has pervaded the tech space.
In ordinary extreme circles, blockchain is described as a magic wand for many industries – perhaps healthcare most needs it. A Forbes report found that up to 112 million health records were stolen, lost, or hacked in 2015. While there is no indication of how much debris this caused, the health data is accurate and every decision needs to be scrutinized. …
Of course, the potential of blockchain can open up another side of medicine and offer solutions to age-related problems in the profession. On the other hand, a lack of proper understanding of the risks can severely undermine the potential of this partnership. Let’s highlight four important disadvantages of blockchain implementation in healthcare.
Data storage and transmission
Healthcare stakeholders – patients, taxpayers, caregivers, and researchers – create thousands of data every second, from raw patient data to test results, images, medications, and a host of other data that need constant updating. At the pinnacle of medicine, all health data must be closely monitored.
Digitizing health data is one thing, however, and moving large amounts of data into a publicly accessible encrypted database is another. Ironically, working with a variety of employees and real blockchain experts to transfer and update health data leaves room for serious data leaks or inappropriate documentation of health data. In addition, the time required to systematically organize and update large amounts of health data will be very worrying.
Ethereum co-founder Vitalik Buterin coined the term “blockchain trilemma” – a term that describes the futility of having the three desirable properties of any blockchain-based use – decentralization, security, and scalability. Simply put, it is not possible to combine all three components in one project. One must be sacrificed for the other two. Given that blockchain is (mostly) dependent on decentralization and security, it’s pretty clear what the burden on the victim is.
The degree of scalability determines the throughput of any network and must be addressed before implementation. In an effort to protect the blockchain network, developers have limited the amount of processed data per second. For blockchains that are growing exponentially, this poses a scalability problem as more people flock to the network. The poor scalability of the blockchain means that healthcare stakeholders will be very limited in real-time data processing. In addition to being unsuitable for emergency medical care, this means that healthcare providers must do more with fewer resources.
Ultimately, blockchain will save a lot of money for both patients and healthcare professionals. In terms of supply chains for drugs, medical records and health insurance, healthcare spending will ultimately improve. BIS research shows blockchain will save up to $ 100 billion over eight years.
However, the early adoption of blockchain in healthcare will definitely not be easy in terms of costs. The costs of building applications, redirecting stakeholders to the new system, security and maintenance are enormous. The blockchain network that spans the entire US healthcare system will be worth hundreds of billions and will require patient investors and government assistance. However, over time, there may be optimized systems on the blockchain network that will bring down this potentially huge fee.
Guidelines and rules
Health data is highly confidential, so there are strict rules that healthcare professionals must follow when doing their job. Since the introduction of electronic health records, these regulations have continued to grow as healthcare professionals seek to insulate themselves from medical malpractice.
Blockchain implementation will be a completely new and cumbersome way to process health data; It will surely go through several rounds of political evaluations around the world. Plus, healthcare professionals can face thousands of lawsuits and won’t tolerate this technology.