Effectiveness of blockchain to solve the interoperability challenges in healthcare

This study aims to explore the potential of Blockchain to transform healthcare, build the patient-driven healthcare ecosystem rather than the current institutional driven and enhance the privacy, security, and interoperability of healthcare data and check the counterfeit drugs. Interview excerpts from Industry experts/developers in the field of IT and experience from the implementation of the technology in the financial world will help understand its viability in healthcare. Consulting with domain experts is a qualitative process that involves comprehending the perception of the experts. The research paper will help the healthcare sector lay down future business strategies to redefine its businesses by overcoming the increasing threat on patients’ private data and resolving complex supply chain issues. A decentralized ledger can prevent massive revenue loss due to counterfeit drugs to track and verify each drug’s movement on the unchangeable record. The primary and secondary research is original, adding its authenticity with interview excerpts of domain experts. The results of this research paper will help identify the transparency, immutability, cost-saving, and streamlining of business to be brought by Blockchain in health care. It would be the transformational journey from innovation to market the quality products to the end consumer.