Over an extended period, health care in developing parts of the world remained below standard. Maybe, some of the reasons for this are probably related to system weaknesses, regarding leadership, as well as governance, workforce, technology, and finance among others.

Traditional implementations, which had the purpose to achieve lasting solutions to such problems, left the people going round in circles, with most of the nations depending on international aides. Maybe the lack of motivation by healthcare beneficiaries, which usually go through rigorous processes, also plays a significant role in the real setbacks experienced.

Blockchain in the healthcare industry, a growing trend from recent times

The implementation of Blockchain in the healthcare industry is becoming a widespread practice. The reasons for its adoption were a few different purposes which include enhancing supply chain management, especially in the pharmaceutical sector. With the use of blockchain technology, some of the things improved are data and process management, as well as security and information confidentiality, public health surveillance among others.

One of the most dynamic aspects of the technology of Blockchain seems to be tokenization, which is enabling the extended flexibility that was ever present in its implementation. The existence of underlying tokens also allowed trustless, as well as transparent transactions and it works on reducing the human influence which has been blamed for most of the bottlenecks that exist within organizational settings. With the use of smart contracts, payments, as well as rewards and incentivization processes were also sanitized, in that way re-establishing trust and building motivation for participants in the Blockchain settings.

With such achievements made until now, it is no surprise that Blockchain technology presents an immense opportunity for the healthcare industry on a global level. Kenneth Colon, Digital Health expert and CEO of Izzy Care, told CCN that one of the most significant promises of Blockchain technology is that it enables patients to monetize their health data, if they choose so, permitting them personally to benefit financially from their data, and not the corporation that traditionally maintains control of this data.

Rewards for the regimen

Colon also elaborates that the technology of Blockchain can be further used to tokenize the health and wellness of a patient. For instance, token rewards can be issued, in a trustless fashion with smart contracts to patients for following their prescribed treatment regimen, as well as for making progress towards their personal health and their wellness goals.

That kind of development is expected to give the ability of patients all over the world to reduce the cost of their medical care, as well as benefit financially from achieving their personal health goals.

With the proper structure, token economies could also give the ability of the subsidizing of care for each person, as well as for families with little-to-no annual income, who otherwise may not have the ability to afford access to the high-quality care they deserve as is obtainable in most developing nations.

Blockchain alone is not enough

However, no matter how promising the Blockchain technology is, it is also important to remember that the Blockchain alone is not enough to solve healthcare on a global scale.

One of the critical areas which must be addressed is what kind of care is delivered. The type of one-off, the transactional model which we currently see in healthcare like local, as well as international aides as mentioned previously seems to be counterproductive. Such methods also have some way of discouraging patients from seeking help in the first place, considering the stress, as well as the rampant mismanagement that exists in such circles. The siloed nature of this care is equally counterproductive, however. If you do not take proper care of a patient, you cannot expect he/she to thrive, taking into account their general medical needs, as well as mental health, nutrition and so on.

The focus needs to be on some robust, as well as all-inclusive payment models to deliver highly personalized, integrated care. It means that patients should be treated as individuals, instead of a one-size-fits-all approach, as well as taking into account not only their physical health but also their mental health and access to proper nutrition.

But, another thing which is also necessary is to address provider shortages by embracing other technologies, as well as using them in conjunction with Blockchain. For instance, the use of artificial intelligence or AI to automate clinician workflows further on, enabling healthcare providers to focus on some higher-yield tasks like seeing more patients, as well as forming stronger patient-doctor relationships. Another thing could be using telemedicine (encrypted messaging, live video) to bring provider gaps, connecting patients, as well as providers around the world.

Some solutions give the patients the ability to monetize their data. They also provide the reward to the patients for engaging in their care and drive down costs, make some treatment accessible to all of them, support the evolution of delivery models to support precision medicine and integrated care. They embrace technologies to automate workflows, as well as help physicians to have higher-quality interactions with more patients, are some of the crucial things for the advancement of healthcare around the globe.

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