A Marketplace for Health: Opportunities and Challenges for Biomedical Blockchains (Preprint)
UNSTRUCTURED Incentive alignment is a fundamental challenge to improving the financial and operational efficiency of the healthcare system in the United States. The current system incentivizes payers to reduce utilization and providers to perform procedures, while patients are caught between cost savings and utilization. Blockchain is an emerging technology that enables the construction of large-scale open digital networks with characteristics that can incentivize participants towards a common goal. There is an opportunity to use blockchain technology to reimagine how we cooperate to promote health and potentially improve efficiency of the healthcare system. In this perspective, we discuss the strengths and limitations of this new technology through the lens of healthcare. We explore how challenges in healthcare (e.g. costs, accessibility, and data ownership) can be addressed by blockchain technology and, equally important, how they cannot. Through the evaluation of existing projects, we find clear advantages and disadvantages of the technology and identify open areas of innovation for healthcare executives, academics, and entrepreneurs.