As more sectors realize the advantages of the blockchain, the healthcare department has not been left out. The blockchain technology market has grown so rapidly over the last few years that now it is being compared to internet boom of the late 90s. Expert opinions have highlighted the critical sector as one of the many that will benefit from mass adoption of blockchain technology worldwide.

Healthcare in third-world countries is worrying as experts acknowledge several areas that need improvements. Weak systems in leadership, governance, workforce, technology and finance are listed as primary causes of deteriorating healthcare in developing nations.

Blockchain has been cited as a possible solution to some of those problems. But even as analysts foresee a possible improvement towards implementation of healthcare, by itself, blockchain is not sufficient.

While adoption of this trend may sound new today, it’s actually a concept that has already hit the headlines several times. A recent piece contributed by Coin Central discussed in depth how blockchain could revolutionize banking while we have also featured pieces talking about blockchain in the coworking market and several other stories. Healthcare too isn’t a new concept, the idea has been mooted severally over the last few quarters.

Some developed countries are already in the process of adopting blockchain in the health sector and are already using it in a number of ways such as data and process management, security, information confidentiality and public health surveillance.

The medical field has already started benefiting from tokenization – which stands as one of the most useful adoptions of blockchain in a global perspective so far.

As human errors are said to contribute to massive failures of department systems, tokens are, on the other hand, said to alleviate some of those problems. They can be used to promote trustless and transparent transactions thus reducing human interaction with data and other processing systems.

It is evident that blockchain technology presents undeniable opportunities towards the improvement of the global healthcare sector.

According to Kenneth Colon, the CEO and Digital Health expert for Izzy Care, blockchain technology is already allowing patients to monetize their health data, which helps them benefit financially from the same data – unlike traditionally where they had to rely on corporations to safeguard and monitor their data.

Colon has clarified a few areas where blockchain technology has come in handy. The technology, he said, can be used to tokenise a patient’s health and wellness such as token rewards, which can be issued in a trustworthy fashion with smart contracts to patients.

Adoption of blockchain technology will subsequently help patients lower their medical bills while at the same time benefiting financially as they endeavor to achieve their personal health objectives.

So far, blockchain stands as an instrumental aspect in the healthcare sector, but it is not enough to help solve growing concerns as discussed in this opinion piece.

In order to see positive results, blockchain needs assistance such as improved provider technology. For example, artificial intelligence (AI) can allow clinical officers to attend to double or triple the numbers compared to a regular traditional healthcare clinic. Colon adds that AI would also contribute towards an improved patient-doctor relationship.

Blockchain technology’s input in the medical arena will play a vital role by allowing patients to monetize their own data, reward them after every medical checkup as well as immensely lower their medical bills. Developing countries are noted to benefit a lot more if and when they start embracing this technology.