Blockchain technology, with its key feature of offering a shared platform, would help decentralize healthcare interactions while presenting this industry with radical possibilities for value-based care and reimbursement models, Frost & Sullivan said in a new report.

Titled “Blockchain Technology in Global Healthcare, 2017–2025”, the report from Frost & Sullivan's Advanced Medical Technologies Growth Partnership Service program expects a blockchain ecosystem with healthcare-focused use cases involving health data exchanges, smart assets management, insurance and payment solutions, blockchain platform providers, and consortiums to emerge in the next 5 to 10 years. Moreover, the convergence of blockchain with emerging technologies such as artificial intelligence (AI), machine learning, mHealth and Internet of Medical Things (IoMT) will offer new opportunities to explore digital health economies.

“A blockchain-based system will enable unprecedented collaboration, bolstering innovation in medical research and the execution of larger healthcare concepts such as precision medicine and population health management. In IoMT, it can settle security, privacy and reliability concerns to allow integration of health data from Internet of Medical Things (IoT) or medical devices for remote and autonomous monitoring. In the pharmaceutical industry, the technology can potentially save $200 billion by inhibiting counterfeit and substandard drugs,” said Transformational Health Industry Analyst Kamaljit Behera.

The report studies blockchain potential to address the concerns around data interoperability, cyber security, insurance notarization and medical billing frauds, integrity around clinical trials, and drug supply chain provenance. It also looks at growth opportunities, implementation challenges, government and commercial initiatives, select collaborations and deals, and companies/consortia to watch. The report identifies key players in the healthcare blockchain market:

• Guardtime: Its proprietary Keyless Signature Infrastructure (KSI) platform ensures 100 percent accuracy in retrieved patient records. They collaborated with the Estonian eHealth Foundation in 2016 to secure the health records of one million Estonian citizens.
• PokitDok Inc: Provides a software development platform with a set of Application program interface (API) endpoints that facilitate eligibility checks, claims submissions, appointment scheduling, payment optimization, patient identity management, pharmacy benefits, and other business processes. It has collaborated with Intel and other digital health companies.
• Gem Health: Its enterprise platform GemOS, and partnerships with healthcare companies like Philips and Capital One, will accelerate blockchain solutions for IoMT and RCM use cases.
• Patientory: It has a blockchain-based distributed electronic medical record storage computing software-as-a-service platform and collaborates with Kaiser Permanente (US) to store patient data.
• iSolve, LLC: Its blockchain platform, ADLT™, supports life sciences organizations through the drug development lifecycle by creating a smart marketplace for entrepreneurs, tech transfer offices, investors, and service providers to post, track, bid and partner on opportunities.

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