Blockchain technology transforms health care systems by placing the patient at the center of the health ecosystem, increasing safety, privacy, and facilitating the transfer of clinical data. The cryptographic tools of this technology allow each member of a healthcare network to participate and interact (for example, store, exchange and view information), without having to know or gain the prior trust of the other members.
The implementation of blockchain technology in the health sector is strong in two major areas:
The use of the blockchain presents two great opportunities to the pharmaceutical sector: the fight against counterfeiting and optimization of the supply chain. Manufacturers, wholesalers and pharmacies are compelled to show the same transparency in the audit and follow-up of the inventory, since each one depend on the others to guarantee that the patients get real medicines in the safest and fastest possible way.
The benefits from the use of blockchain technology in this industry include:
Blockchain technology contributes to face effectively the challenges of the industry: poor customer engagement, limited growth in mature markets, and the trends of digitization. Not only does blockchain offer the promise of cost reduction and efficiency, but it could also enable revenue growth, as insurers attract new business, improve relationships with stakeholders, and even reduce capital requirements.
These are the main areas of blockchain application in this industry:
Financial institutions can innovate by applying the blockchain technology. The initiatives observed in the sector are coming from two different directions. On one hand, new companies and new technological products and services are entering the market. On the other hand, institutions begin to study the market and generate examples of new applications and areas of interest. Banks should not only see this technology as a a cost savings lever but to find new opportunities that can grow their top line.
The evolution of blockchain in financial institutions will be evident in a segmented and progressive way in these major application areas:
Governments and public administrative bodies are ripe for blockchain technology. Jurisdictions in national, state, provincial, county, and municipality settings will see it as an evolution from the current e-services being offered. They will undoubtedly start by analyzing the full impact and ramifications of such projects, then evaluate the scalability requirements. Blockchain can improve client service, increase efficiency, and improve outcomes while enabling both integrity and transparency of government.
Among the services that can benefit from applications developed with blockchain technology, the following may be found:
Traceability and transparency are some of the most important foundations of logistics. Blockchain optimizes business transactions and trading relationships with robustly secure business networks, updated and validated in real time with each participant. Tracking the provenance of goods reduces risk and improves quality in production and distribution. It also securely store and exchange contract details, financial terms, and coordinate trade logistics and payments on an integrated real-time network. Greater visibility and efficiency will deliver higher value to customers and trading relationships.
Benefits on the Supply Chain associated with the use of blockchain technology: