Blockchain for Healthcare in India: Without an ounce of doubt, blockchain technology had taken many industries by storm. This is especially true post rollout of Union Budget 2018. Union Finance Minister Arun Jaitley, while announcing various reforms in several sectors during his speech, stated that the Indian government aims to streamline different sectors using blockchain technology.
Since this announcement, many industry players are keen on exploiting blockchain for healthcare in India. The government of India is taking initiatives to invest considerable investments to make healthcare accessible to everyone, and it is to be noted that blockchain in healthcare plays an important role.
The healthcare industry in India still lacks a conclusive mechanism, which is predominant in controlling extensive data. Thus, blockchain for healthcare in India will be an added advantage since it can streamline all the information related to healthcare, thereby providing easy availability amongst healthcare providers, which in turn leads to faster and better treatment.
Quite recently, Estonia-based healthcare startup company ‘Healthureum’ raised $15 Million in its Pre-ICO campaign. The company claims that it would use blockchain in healthcare extensively. Furthermore, the company is also employing smart contracts to create an active environment for all the stakeholders who are involved in the healthcare processes by clearing the way for rewards and payments within the system with the help of a token called HHEM.
Research says that over 500 lives are lost each day due to accidents and errors in the hospitals. These can be prevented by existing mechanisms, which are archaic. Healthureum aims to provide an efficient support in diagnostics, referrals, doctor consultations, philanthropic activities, medical infrastructure, research programs, and referrals. This latest blockchain technology in healthcare industry helps cost cutting, innovation, regulatory practices, and overall population health management.
Ritu Tyagi, Marketing Director of the company, said that blockchain for healthcare in India is crucial nowadays. “We are positive that the establishment of a decentralized framework will induce a chain reaction to rejuvenate the operational and administrative procedures in both institutions and the bureaucracy not only in the west but across countries.”
The government is undoubtedly moving towards introducing blockchain for healthcare in India by leaps and bounds. Blockchain in healthcare is garnering more attention by the day. Blockchain-based initiatives are attracting more attention as experts in technology and finance sectors are looking forward to more promising opportunities.