Distributed ledger technology or DLT is an emerging type of decentralised ledger network that’s used for record-keeping. It ensures transparency and security of data with the help of blockchain technology. DLT effectively records transactions between parties in different places simultaneously by storing data on multiple nodes. This tech is increasingly being employed by many sectors for streamlining work around the globe. One such booming sector that has adopted DLT in recent times is the healthcare industry. Read on to the know the pros and cons that DLT has bestowed upon the healthcare sector.
Efficiency
DLT’s role in healthcare cannot be forgotten in recent times. The consumerisation of caregiving to patients has undergone a revolution in the era of DLT. This new tech has changed the game and brought the power back to the hands of patients in many ways from new registration to getting insurance. It’s cutting down other costs and saving time in many places.
Health of citizens
When hospitals invest in DLT tech, they are able to overcome problems that rise out of traditional record-keeping systems. They can utilize their resources better and hyperfocus on their main goal which is ensuring they provide citizens with the best healthcare possible.
Overcoming competitive market
In a time when medicine is being delivered by drones and robots are performing surgeries, it is the need of the hour for hospitals to stay updated with latest healthcare trends. If they have plans to ensure longevity of operations, making use of all of DLT’s advantages is the right way to go.
Updated delivery and payment models
Wearable payment solutions and novel delivery methods are on the rise. The effective combination of IoT, A.I. and DLT will pave the future of the healthcare industry. It is hence crucial for healthcare institutions to make the switch to distributed ledger tech so they can apply the best practices to care for their patients.
Cons of mainstream adoption of DLT tech
Lack of tech resources
As with most new forms of technology, DLT might face some setbacks in breaking into countries that are yet to fully embrace blockchain tech. Lack of technological infrastructure and low tech-savviness will hinder use of DLT in remote locations, suburban areas and villages.
User wariness
Many users around the world also exhibit a general wariness to DLT due to its close association with blockchain technology. As it is a rising form of tech, people are hesitant to fully embrace it. However, despite all of these obstacles, the growing healthcare industry shows a positive outlook for using DLT more popularly in the next 10 years.
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