What is a potential use case for blockchain technology outside of Bitcoin? Listen to ARK’s Blockchain Products Lead, Chris Burniske, explain.
One promising use case for blockchain technology outside of Bitcoin is in healthcare. Right now in the U.S. we spend $3 trillion dollars annually on healthcare; that’s almost 20% of our gross domestic product. What that means is for every five dollars we make, we spend nearly one dollar on healthcare. Part of the reason for this high cost of healthcare is inefficient data systems. For example, when you go to the doctor’s office you may have to fill out paperwork once, and then when you go to a different doctor’s office six months later you may have to fill out the exact same paperwork. Part of the reason for this is the data systems of these healthcare providers are siloed.
The way in which blockchain technology could be used is it could record pointers to all of this information in different databases that doctors could only access if they have the right permissions. Because of how a blockchain is structured, that data would remain secure, private, and impractical to tamper with, which would make doctors, patients, and insurance payers happy.
Originally published on ark-invest.com