Changing healthcare delivery through data and decision making: Why blockchain has the power to revolutionise healthcare careers

Traditional practices in the healthcare sector no longer serve or support healthcare professionals, the very people who hold up the pillars of the industry and society. 

The sector is facing severe staff shortages, demands for fair pay and work-life balance. In addition, according to a recent healthcare industry report, the third most common reason for healthcare workers quitting their jobs is too much work pressure with stress and poor mental health being factors. Burnout among UK doctors and nurses is a staggering 40%. We are losing valuable, experienced healthcare workers, faster than we can train them.

The mental wellbeing of our healthcare professionals, the backbone of our healthcare systems, should be a number one priority to address the shortages we face globally. For me the answer lies in a healthcare system that leverages the newest cutting edge of technology. The utilisation and potential of Blockchain and Web3 are key to enabling healthcare workers to become masters of their own career. The democratisation of data through the use of blockchain will give healthcare professionals the tools to manage their own career path and to have access to flexible working that allows for a balanced lifestyle whilst achieving career progression.

Pandemic has spurred on blockchain acceptance

According to a recent report by Global Management Insights the coronavirus outbreak propelled the acceptance of innovative technologies comprising blockchain technology in healthcare as  several countries implemented blockchain technology in their facilities to aid in effective planning operations and resource deployments during the pandemic.

The Lancet Digital Health Journal shared that blockchain applications were used for pandemic control and surveillance, immunity or vaccine passport monitoring, and contact tracing. The top three non-COVID-19-related applications were management of electronic medical records, internet of things (eg, remote monitoring or mobile health), and supply chain monitoring.

Global Management Insights believes that the increasing risk of counterfeit drugs, the growing incidence of medical data breaches, the increasing application of Internet of Things (IoT) in healthcare and the rising need to store and secure medical data, will be the growth drivers for the use of blockchain in healthcare going forward.

Further reports shows that the blockchain market in healthcare is expected to reach USD 3.49 billion by 2026. Allied Market Research projects that the market will reach a further USD 16.30 billion by 2031, growing at a compound annual growth rate of 40.8% from 2022 to 2031.

Recently, BIS Research revealed estimated reports that the immediate application and integration of blockchain in healthcare could save more than 100 million USD per year in costs related to IT, operations, support functions, personnel and health data breaches by 2025.

DataArt highlights other potential uses for blockchain in healthcare. These include electronic health record interoperability. They say according to one study, full interoperability could save the US healthcare system $77.8 billion per year. Supply Chain Integrity and Drug Development, as development would be easier if patient results are more widely accessible. And lastly smart contracts -  rule-based protocols where contracts are executed when conditions are met. For example, a patient with health insurance has policy details linked to their profile that are triggered when they seek medical care, ensuring correct payment to providers.

There is no doubt that the contributions which new technologies such as blockchain, Web3 and NFTs can make to improving healthcare are significant and can shift the industry as a whole. There is a massive amount of business opportunity in healthcare at the moment that we are taking seriously.

Borderless movement with decentralised data

An area of particular interest to me is the capability of these technologies to create a digital healthcare passport, for example.

Blockchain can allow for a universal, trusted vetting process that can be utilised by hospitals worldwide. The result would be a passport,  a record of data that is fully vetted and compliant. This would, for the first time, create an opportunity for borderless movement of healthcare workers. This is significant considering the shortages of healthcare workers being experienced in places like the UK and Europe. As well as the increasing requirement for specialist nurses responding to unique events, such as was the case with the coronavirus pandemic.

An award-winning White Paper by Deloitte Consulting LLP shared that with blockchain’s inherent properties of cryptographic public/private key access, proof of work, and distributed data, a new level of integrity for healthcare information will be created and that this would strengthen data integrity and help bring down the incidences of data breaches, whether as a result of hacking or IT problems.

I would also like to see blockchain and technology being used to introduce an educational and social academy that addresses continued education for all - this will give medical professionals the opportunity to manage and design their career according to their individual requirements. Another area that can be addressed with regards to career and education is the reduction of the dropout rate of university students in healthcare pathways.

The possibilities are seemingly endless. Before we get there though the industry will need to address the challenges to adoption that lie ahead. Global Management Insights cites lack of technical infrastructure in developing countries, lack of skilled professionals, absence of necessary regulatory norms and lack of awareness and trust as hurdles to overcome going forward. Enferm is engaging with various providers in this space to help shape the future responses to these challenges.

A system that improves the lives of doctors and nurses

Blockchain has the power and potential to completely transform staffing of the industry in so many ways. These include anti-profiteering and cost reduction across healthcare, increasing the speed of temporary staff deployment and onboarding, increasing quality of compliance for temporary staff, and ensuring privacy, consent and ownership of data. Important for me is that it puts power into the hands of the nurses and doctors themselves. It will allow for total people empowerment and will create change in an industry for the better of an economy. We will see more equality, diversity, inclusion, sustainability and scalability. 

With all the possibilities out there, I am excited to see and be part of an entire ecosystem being created for the industry, the first true end to end solution of its kind that will allow for a healthy workforce.