Effectiveness of blockchain to solve the interoperability challenges in healthcare

Abstract

This study aims to explore the potential of Blockchain to transformhealthcare, build the patient-driven healthcare ecosystem ratherthan the current institutional driven and enhance the privacy, security,and interoperability of healthcare data and check the counterfeitdrugs. Interview excerpts from Industry experts/developersin the field of IT and experience from the implementation of thetechnology in the financial world will help understand its viabilityin healthcare. Consulting with domain experts is a qualitative processthat involves comprehending the perception of the experts.The research paper will help the healthcare sector lay down futurebusiness strategies to redefine its businesses by overcoming theincreasing threat on patients’ private data and resolving complexsupply chain issues. A decentralized ledger can prevent massiverevenue loss due to counterfeit drugs to track and verify eachdrug’s movement on the unchangeable record. The primary andsecondary research is original, adding its authenticity with interviewexcerpts of domain experts. The results of this research paperwill help identify the transparency, immutability, cost-saving, andstreamlining of business to be brought by Blockchain in healthcare. It would be the transformational journey from innovation tomarket the quality products to the end consumer.