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Blockchain is an innovative computer technology that is increasingly recognized because of its huge potential to accelerate, optimize and refine processes in almost every given area of modern industry.

Explained briefly, blockchain technology is a sophisticated way to store and transfer digital data. This data is divided into interconnected, cryptographically encoded "blocks" that cannot be copied or reproduced by third parties. This superior level of cybersecurity makes blockchain the basis for the creation of various cryptocurrencies, but it also opens up a virtually endless horizon for the use of this technology in a number of other sectors.

After we recently discussed Sweden's attempts to implement blockchain in the processes in its land registry, today we will focus our attention on the opportunities this technology opens to the healthcare industry. What are the ideas, perspectives and innovations that will be increasingly used in healthcare for the future?

• Electronic medical records (EMRs)

Electronic medical records are not distant future scenario, but a working practice in a large number of advanced medical facilities around the world. According to a recent KPMG survey, the introduction and optimization of ЕМRs is a top priority for about 38% of the world's most renowned healthcare facilities. The ultimate objective is a safe digital preservation of every patient's medical history, which could improve diagnostics, guarantee adequate medical care and timely treatment from anywhere on the globe.

• Advanced data exchange between specialists and institutions

Blockchain technologies provide an opportunity for designing digital solutions that guarantee faster, more secure and budget-friendly transfer of medical data. This includes the process of communication between patients and healthcare providers, between different hospitals, and between hospitals and the healthcare institutions of the state.

• Accelerated process of admission and treatment in hospitals

Hospital admission forms, patient informed consent papers, and other administration-related records can greatly prolong the organizational process in a healthcare institution. With blockchain, this documentation can not only be digitized but even remotely dealt with while the patient is traveling to the hospital.

• Smart contracts

Blockchain-based smart contracts are an opportunity for legal relations between hospitals and providers, as well as between hospitals and patients, to take on an entirely new digital dimension. They involve both optimization of time and resources, and automation of contract transactions without the intervention of intermediaries.

• Blockchain Marketplace

Although not very popular in some countries, the practice of buying medical data for statistics and science is quite widely available and patients are very well paid. Blockchain-based online marketplaces such as Embleema offer direct connection between patients and various international organizations who wish to purchase their medical records for statistical and scientific purposes.

The implementation of blockchain-based tailored software in healthcare includes dozens of other options, including in the pharmaceutical, insurance, and medical science industry.

Of course, all these brave innovations need an adequate legal framework to fit into. Toshev & Boteva Law Firm is part of the foundation of blockchain development in Bulgaria. We engage with local, national and international private companies and government agencies that provide educational opportunities and support innovations related to this technology.

Our team provides comprehensive legal and regulatory advice to individuals and businesses on various blockchain issues as well as the overall process of digitalization in the business industries.