Blockchain technology can revolutionise Indian healthcare sector, here’s how

By: |
New Delhi | February 25, 2018 10:41 PM

Blockchain technology has undoubtedly taken a lot of industries by storm, especially after the rollout of Union Budget 2018 earlier this month.

Blockchain technology, healthcare, healthcare sector, Indian healthcare sector, Union Budget 2018, Arun Jaitley, healthcare ecosystem, HealthureumGovernment is announcing massive investments in making healthcare available to everyone this time.

Blockchain technology has undoubtedly taken a lot of industries by storm, especially after the rollout of Union Budget 2018 earlier this month. While announcing reforms in various sectors during his budget speech, Union Finance Minister Arun Jaitley stated that the government aims to organise and streamline various sectors using blockchain technology. With government announcing massive investments in making healthcare available to everyone this time, various players in the industry are now keen on exploiting blockchain technology to the fullest. As the healthcare ecosystem of the country still lacks a definitive mechanism that is predominant in handling extensive data, this technology will be surely be an add-on as it can streamline healthcare related information and provide easy accessibility amongst healthcare providers leading to a better and faster treatment.

Recently an Estonia-based healthcare startup ‘Healthureum’ announced raising of $15 million in the bounty program of its Pre-ICO campaign. The new company claims to bring the first blockchain based healthcare system. The company is employing smart contracts to create a dynamic environment for stakeholders involved in the overall healthcare procedures by facilitating payments and rewards within the system with the use of an exclusive token called HHEM.

With over 500 lives lost each day due to errors and accidents in the hospitals that can be prevented by replacing the existing mechanisms, Healthureum seeks to provide an efficient support in doctor consultation, referrals and diagnostics, medical infrastructure, philanthropic activities, data systematisation and research programs. The technology also enables cost cutting, population health management, innovation and regulatory practices by adopting cooperative delivery models and transitioning to digitised operations. Speaking about the same, Ritu Tyagi, Marketing Director of the company said, “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.”

As the government is moving towards digitisation and technological innovations in full throttle, such blockchain-based initiatives are garnering attentions as experts and enthusiasts in finance and technology sectors look for promising opportunities.

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