Document Type

Student Paper

Publication Date

5-30-2020

Abstract

The healthcare industry is one of the world’s largest industries, accounting for 17.7% of the United States Gross Domestic Product (GDP). Unsurprisingly, the health spending share is projected to rise from 17.7 percent, as reported in 2018, to 19.7 percent by 2028. The U.S. spends more on healthcare than any other country in the world. Being that we spend the most on healthcare, one would assume that we are the healthiest nation in the world. Unfortunately, despite the highest spending, “Americans experience worse health outcomes than [our] international peers.”

It is time for the United States to take appropriate measures to reduce healthcare spending and improve the overall healthcare experience. Without an initiative for greater efficiency and innovation, the cost of the U.S. healthcare system will continue to rise. While there are several flaws within our current healthcare system, this paper will discuss how blockchain technology has the capability to revolutionize the healthcare industry. Accordingly, part II of this paper will provide an overview of blockchain; Part III will explain blockchain’s popularity; Part IV will discuss three critical areas plaguing our current healthcare system; Part V will analyze current healthcare services; Part VI will explain how healthcare will benefit from blockchain; and Part VII will analyze legal implications that may arise.

Comments

This paper was submitted for the Blockchain Law class taught by Professor Michelle Benedetto Neitz.

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