Web3 healthcare refers to the use of decentralized blockchain technology in the healthcare system to improve the way patients like me with chronic illnesses receive care.
Currently, I have to visit multiple healthcare providers, including specialists, and often repeat the same tests and procedures at each visit. This is not only a hassle, but it can also lead to mistakes and inconsistencies in my medical records.
With Web3-powered healthcare, all my medical information, including my medical history, test results, and treatment plans, would be stored on a decentralized platform. This platform would be accessible to all my healthcare providers. This means that my doctors could easily access my information, helping them make better decisions about my treatment.
What’s more, because this platform uses blockchain technology, my data would be encrypted and secure, making it nearly impossible for anyone to tamper with or access my information without authorization.
This is just one example of how Web3 technology can greatly improve the healthcare sector, making it more convenient, secure, and patient-centered.
How Can Improve Web3 Healthcare Technology?
Web3 technology has the potential to make significant improvements in the healthcare sector, which is currently facing challenges in data management. Here’s how it can benefit healthcare:
- Secure and Decentralized Health Data Storage: Web3 technology provides a secure and transparent network for storing health data. This means that your medical information can be stored in a way that is both safe from unauthorized access and easily accessible to you and your healthcare providers.
- Patient-Centric Care: With Web3, patients gain control over their health data. This allows them to actively participate in their healthcare decisions. Patients can share their health data with their healthcare providers, who can then use this information to offer personalized care tailored to the individual’s needs and preferences.
- Efficient Healthcare Operations: Web3 technology can automate and streamline various healthcare processes, such as billing, insurance claims, and managing patient records. This efficiency benefits both healthcare providers and organizations, potentially reducing costs and improving the accessibility of healthcare services.
- Improved Data Interoperability: Web3 technology makes it easier for different healthcare providers to share and exchange health data. This interoperability enhances healthcare outcomes by ensuring that critical information is readily available to those who need it, reducing errors, and enhancing patient safety.
- Research and Development: Researchers can harness Web3 technology to access extensive and diverse datasets. This access accelerates research and development efforts in healthcare. It enables the discovery of new medical products and services, ultimately leading to better treatment options and healthcare solutions.
Integrating Web3 technology into healthcare can result in improved patient outcomes, higher-quality care, and reduced healthcare costs. It empowers patients with control over their data, streamlines operations, enhances data sharing and drives innovation in the medical field.
Read More: How to Start a Web3 Company: Embracing the Future of the Decentralized Web
Potential Drawbacks of Web3 Healthcare
There are several potential downsides and challenges associated with using Web3 technology in healthcare, despite its promise. Let’s take a closer look at these issues in simpler terms:
- Security Concerns: Like any system that deals with sensitive information, there are worries about keeping patient data safe in Web3 healthcare. While blockchain can make it hard to tamper with data, it doesn’t guarantee protection against data breaches. If someone steals a user’s private key, they could access their medical records and other sensitive data.
- Limited Access: Not everyone around the world has equal access to the internet. This means that not everyone can benefit from Web3 healthcare, especially in areas with poor internet connectivity, like some parts of Asia and Africa. Without good internet access, patients can’t use Web3 healthcare services, and healthcare providers can’t use blockchain technology effectively.
- Resistance to Change: People often resist new technology, especially in healthcare. Patients and healthcare providers might be wary of something they’re not familiar with and prefer traditional healthcare methods. Concerns might include losing control over patient data or doubts about data security. To overcome this resistance, education about the technology’s benefits is crucial.
- Technical Complexities: Implementing Web3 healthcare is technically challenging. It requires expertise and collaboration among various groups, including healthcare professionals, IT experts, and developers. Integrating blockchain with existing healthcare systems and data sources is difficult. It takes a lot of coordination and technical know-how.
- Cost: Building Web3 healthcare systems can be expensive. Creating the necessary infrastructure, like blockchain technology and secure data-sharing networks, requires a significant investment. While it might lead to long-term cost savings through more efficient patient care, the initial costs can be high. Maintaining Web3 applications also demands skilled personnel, which adds to the expenses.
Read More: How Does Web3 Companies Make Money?
While Web3 technology offers exciting possibilities for healthcare, there are valid concerns about security, access, resistance to change, technical challenges, and costs that need to be carefully addressed as it is implemented in the healthcare industry.
Web3 Healthcare Applications
Here are some Web3 healthcare applications simplified for easier understanding:
Patientory:
Patientory is a platform where patients can securely store and manage their health data. Healthcare providers can access and use this data safely and efficiently. They even have their own digital currency, PTOY, which you can use to pay for healthcare services on their platform.
MedBlocks:
MedBlocks is a system that uses blockchain to help patients keep and share their medical information with healthcare providers. It’s open-source, which means it’s freely available for developers to create healthcare apps on the blockchain. Think of it like a toolbox for building healthcare-related apps using blockchain.
Robomed:
Robomed is a Web3 healthcare platform that uses blockchain to make interactions between patients, healthcare providers, and insurance companies more efficient and transparent. It’s like a secure network that allows these parties to communicate and offers various services like online doctor consultations, appointment scheduling, and payments.
Healthureum:
Healthureum is a platform that links patients, healthcare providers, and insurance companies to make healthcare services smooth, efficient, and secure. It’s like a secure network where everyone involved in healthcare can communicate transparently.
In essence, these applications use blockchain technology to improve how healthcare data is stored, shared, and managed, making healthcare more efficient and secure for patients and providers alike.
Coral Health:
Coral Health is a Web3 healthcare platform that uses blockchain to securely store and share patient data. It also encourages patients to take charge of their health. Imagine it as a safe and private place for your health information, and it rewards you for managing your health.
Read More: What is Web3 CRM? The Best Web3 CRM in 2023
Final-Wrap Web3 Healthcare
Web3, which represents the future of the internet, has exciting possibilities in the realm of industrial healthcare. It can make it easier for workers, employers, and healthcare providers to share health information, ultimately benefiting patient care, data organization, and research efforts.
Moreover, Web3 has the potential to advance medical research and result in better and more efficient healthcare for workers across different industries.
Frequently Asked Questions (FAQs) Web3 Healthcare
Which blockchain is best for healthcare?
BurstIQ’s blockchain platform excels in healthcare, offering secure data management for startups. It ensures HIPAA compliance, enhancing data sharing and utilization in the medical field.
Which country uses blockchain in healthcare?
Few nations have adopted blockchain in healthcare at a national level. Estonia and Malta serve as notable examples, employing blockchain for data security and patient consent management.
Is blockchain the future of healthcare?
In healthcare, Blockchain holds immense promise, promising enhanced performance, transparent patient data, accountability, and cost reduction for the industry (Dagher et al., 2018).
