Will blockchain be a solution for Value-based health care (VBHC)?
Have you heard about blockchain? Properly not, but for sure you have heard about bitcoin currency in a way or another!
Blockchain, it’s the emerging business language. It going to change the face of business technology forever. And other sectors, so on. blockchain is a fully decentralized digital system.
A well-known example is the bitcoin currency. The most strength feature in the blockchain is that central clearing authority is not required, making this technology transparent and cost-saving.
We will dive deeper into revolutionary technology. Do we think the health systems are on the track to establish and continue and the possibility to involve blockchains technology in health care?
We are in December, the time where governments unveil their budget for the new year. It coincided with the pandemic, resulting in higher expenditure on health care.
We should wonder if blockchain would support us in improving the quality of care and cost reduction and whether it is effective to implement value-based care. The enormous question is, what challenges it would overcome?
One of the greatest challenges in health care facilities is autonomy & patient privacy. If we look again at the core of blockchain, this technology is storing the data in a decentralized network concept compared with traditional databases which use a central server this explains how blockchain is worthwhile and unhackable.
Solving safety concerns like patient-sensitive data is highly promising in blockchain implementation. Top-secret information for the medical facility itself. Simply think about patent research or even new treatment protocol which may be exposed to internal parties or perhaps an external political enemy, so cyberwar and other factors raise the issue to find other ways.
Value-based health care (VBHC) is a Grown concept, focuses mainly on outcomes rather than input represented by the classic health system. Establishing value-based care leads to saving costs, using fewer resources, and utilization of them efficiently. furthermore, in value-based healthcare, we take into consideration higher patient satisfaction. Yes! saving cost and improving quality of care.
Lately, Covid-19 pandemic forced governments who aren’t yet considering the new health system model to start practicing the implementation of VBHC.
In conclusion, augmentation between the Value-based health care concept and blockchain technology would help to potentiate their advantages. We shouldn’t go without mentioning that: blockchain is a magical tool to implement VBHC!
And stay tuned with our IOTA Blockchain based cloud system.
Author : Jacky Ho & Yahya Laghbi
