Healthcare Industry planning to implement Blockchain

Healthcare Industry planning to implement Blockchain

Blockchain technology has recently caught the attention of many people. Previously, a very small percentage of people had knowledge about this technol

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Blockchain technology has recently caught the attention of many people. Previously, a very small percentage of people had knowledge about this technology and its applications. It was mainly known for its application in the Bitcoin market. However, more and more companies have started to realize its potential and planning to implement it.

As per Deloitte, different kinds of industries in the US, like those in the manufacturing sector, financial sector or media sector are planning to implement this technology in 2017. However, as per surveys conducted by Deloitte, healthcare industry has serious plans to use this technology as fast as possible. Previously, blockchain technology wasn’t really popular among the healthcare industry. However, some of its features like data storage and advanced security options, makes it a very attractive option for them.

Deloitte conducted a survey among 308 senior executives of top US companies, with an annual revenue of more than 500 million dollars, to find out the popularity of this technology and how many of them were planning to implement it. Deloitte found out that around 39 % of the executives had very little knowledge about this technology, while the remaining 61% were either experts or at least had some knowledge about blockchain. Around 55 % of the executives believe that blockchain technology will make an impact in the future and their company will fall backwards if they didn’t implement it soon. However, 42% of the executives didn’t really approve of this new technology and believed that it can cause troubles to the industry.

The results also revealed the number of companies who have already invested in the technology or were planning to invest. Around 28% claimed, that the companies they work for have already invested more than 10 million dollars. While 10% of the surveyors claimed, that their companies had aggressive plans to move to this new technology and have already invested more than 10 million dollars. Another 25% claimed, that their companies had plans to invest more than 5 million dollars in 2017.

As per the MD of Deloitte, although many industries are planning to move towards this new technology, there are many companies who are confused or don’t have sufficient knowledge.

There are several reasons as to why some companies are willing to invest so much in this technology. Around 36% of the surveyors have claimed, that this technology will speed up their work process. Their operations will significantly improve and the cost will also be less. 37% claimed that they were impressed with the advanced security features which blockchain offers. Their data will become much more secure. 24% also claimed that blockchain will help them in earning revenue from additional sources.

There are several obstacles as well to the universal application of this technology. As per Deloitte, the main obstacle is the absence of technical standards. This technology is still at its birth stage and no such technical standards acts as a big deterrent. Regulatory uncertainties is another major deterrent.

However, it is clear that many industries are planning to adopt this technology soon, and the healthcare industry is the most aggressive one as of now.

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