As the financial industry continues to develop and use blockchain solutions, healthcare organizations can adopt their own blockchain solutions. It's important for healthcare providers to learn from the financial industry, as not all solutions for banks will make sense for hospitals.
During a session at Becker's 5th Annual Health IT + Revenue Cycle Conference, panelists gathered to discuss how blockchain is being leveraged within the healthcare industry. The panel featured:
- Kristen Johns, partner at Waller Lansden Dortch & Davis.
- Beth Breeden, associate professor and chair of healthcare informatics at Nashville, Tenn.-based Lipscomb University College of Pharmacy and Health Sciences.
Here are four takeaways from the session:
1. Companies are using blockchain solutions to track foodborne illnesses. For example, when romaine lettuce went bad last year, stores wouldn't have had to throw away all of the product if they were using blockchain technology. Blockchain tracks each product on a blockchain. If an exposure from food were to happen, companies would just need to scan a barcode on the food product to determine where it came from and if it needs to be disposed.
2. IBM is one of the biggest companies investing in blockchain. Tech giants like IBM are controlling the blockchain market while smaller and medium sized companies are slowly dipping their toes in the decentralized ledger. Soon we will see if the investments in blockchain have paid off.
3. Blockchain can become a bit overused. It's important to think about it in its basic form. For organizations that are new to blockchain, think of it as a database. Organizations are the architect of the database. There are four phases of blockchain, and many blockchain-based solutions are at the beginning phases.
4. The pharmacy industry is among the healthcare sectors that can benefit from blockchain. Blockchain can track the supply and movement of prescription drugs. This will help stop the spread of counterfeit medications, which accounts for up to $200 billion dollars a year.
Don't miss the Becker's 3rd Annual Health IT + Clinical Leadership + Pharmacy event in Chicago, May 19-21, 2020. Click here to learn more and register.