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Opportunities for Use of Blockchain Technology in Medicine

Author

Listed:
  • Igor Radanović

    (University of Zagreb)

  • Robert Likić

    (University of Zagreb
    University Hospital Centre Zagreb)

Abstract

Blockchain technology is a decentralized database that stores a registry of assets and transactions across a peer-to-peer computer network, which is secured through cryptography, and over time, its history gets locked in blocks of data that are cryptographically linked together and secured. So far, there have been use cases of this technology for cryptocurrencies, digital contracts, financial and public records, and property ownership. It is expected that future uses will expand into medicine, science, education, intellectual property, and supply chain management. Likely applications in the field of medicine could include electronic health records, health insurance, biomedical research, drug supply and procurement processes, and medical education. Utilization of blockchain is not without its weaknesses and currently, this technology is extremely immature and lacks public or even expert knowledge, making it hard to have a clear strategic vision of its true future potential. Presently, there are issues with scalability, security of smart contracts, and user adoption. Nevertheless, with capital investments into blockchain technology projected to reach US$400 million in 2019, health professionals and decision makers should be aware of the transformative potential that blockchain technology offers for healthcare organizations and medical practice.

Suggested Citation

  • Igor Radanović & Robert Likić, 2018. "Opportunities for Use of Blockchain Technology in Medicine," Applied Health Economics and Health Policy, Springer, vol. 16(5), pages 583-590, October.
    • Handle: RePEc:spr:aphecp:v:16:y:2018:i:5:d:10.1007_s40258-018-0412-8
    DOI: 10.1007/s40258-018-0412-8
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    Citations

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    Cited by:

    1. Yevheniia Polishchuk & Alla Ivashchenko & Oleksandr Dyba, 2019. "SMART-Contracts via Blockchain as the Innovation Tool for SMEs Development," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 39-53.
    2. Robert Karaszewski & Paweł Modrzyński & Gözde Türkmen Müldür & Jacek Wójcik, 2021. "Blockchain Technology in Life Cycle Assessment—New Research Trends," Energies, MDPI, vol. 14(24), pages 1-13, December.
    3. Kordestani, Arash & Oghazi, Pejvak & Mostaghel, Rana, 2023. "Smart contract diffusion in the pharmaceutical blockchain: the battle of counterfeit drugs," Journal of Business Research, Elsevier, vol. 158(C).
    4. Areej Althabatah & Mohammed Yaqot & Brenno Menezes & Laoucine Kerbache, 2023. "Transformative Procurement Trends: Integrating Industry 4.0 Technologies for Enhanced Procurement Processes," Logistics, MDPI, vol. 7(3), pages 1-40, September.
    5. Balasubramanian, Sreejith & Shukla, Vinaya & Sethi, Jaspreet Singh & Islam, Nazrul & Saloum, Roy, 2021. "A readiness assessment framework for Blockchain adoption: A healthcare case study," Technological Forecasting and Social Change, Elsevier, vol. 165(C).
    6. Sreejith Balasubramanian & Jaspreet Singh Sethi & Shalini Ajayan & Cody Morris Paris, 2022. "An enabling Framework for Blockchain in Tourism," Information Technology & Tourism, Springer, vol. 24(2), pages 165-179, June.
    7. Min Xu & Xingtong Chen & Gang Kou, 2019. "A systematic review of blockchain," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 5(1), pages 1-14, December.
    8. Amit Sundas & Sumit Badotra & Salil Bharany & Ahmad Almogren & Elsayed M. Tag-ElDin & Ateeq Ur Rehman, 2022. "HealthGuard: An Intelligent Healthcare System Security Framework Based on Machine Learning," Sustainability, MDPI, vol. 14(19), pages 1-16, September.
    9. Walsh, Clara & O’Reilly, Philip & Gleasure, Rob & McAvoy, John & O’Leary, Kevin, 2021. "Understanding manager resistance to blockchain systems," European Management Journal, Elsevier, vol. 39(3), pages 353-365.
    10. Dutta, Pankaj & Choi, Tsan-Ming & Somani, Surabhi & Butala, Richa, 2020. "Blockchain technology in supply chain operations: Applications, challenges and research opportunities," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 142(C).
    11. Jörg Weking & Michael Mandalenakis & Andreas Hein & Sebastian Hermes & Markus Böhm & Helmut Krcmar, 2020. "The impact of blockchain technology on business models – a taxonomy and archetypal patterns," Electronic Markets, Springer;IIM University of St. Gallen, vol. 30(2), pages 285-305, June.
    12. Alnafrah, Ibrahim & Mouselli, Suliman, 2021. "Revitalizing blockchain technology potentials for smooth academic records management and verification in low-income countries," International Journal of Educational Development, Elsevier, vol. 85(C).

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