A comprehensive study of the trends and analysis of distributed ledger technology (DLT) and blockchain technology in the healthcare industry

A Comprehensive Study of the Trends and Analysis of Distributed Ledger Technology and Blockchain Technology in the Healthcare Industry

This scientific article is part of a research study consisting of 4 other articles available here.

In this study, research scientist Anusha Thakur examines the problem of counterfeit medicines destined for developing regions. Due to inconsistencies in supply chain processes, approximately 10% of pharmaceuticals or medicines are counterfeit. In addition to an estimated financial loss of approximately 200 billion US dollars to companies, there is also a significant human cost associated with the use of counterfeit medicines or products.

The study highlights the solutions offered by blockchain and distributed ledger technology (DLT). The incorporation of blockchain and DLT will improve the traceability and security of all supply chain processes. Beyond supply chain processes, blockchain and DLT will also help secure the patient database (personal and medical data).

Despite the benefits of blockchain technology, it is hindered by 3 factors: Technology, Organization and Legislation. On the technological level, blockchain and DLT are immature technologies.

At the organizational level, replacing current processes with these new technologies is time-consuming and costly, and there is a lack of interoperability between different systems. And at the regulatory level, the lack of legislation and standardization limits the large-scale adoption of these technologies.