A Regulatory Readiness Assessment Framework for Blockchain Adoption in Healthcare

Abstract

Blockchain is now utilized by a diverse spectrum of applications and is proclaimed as a technological innovation that transforms the way that data are stored. This technology has the potential to transform the healthcare sector, especially the prevalent issues of patient’s data-privacy and fragmented healthcare data. However, there is no evidence-based effort to develop a readiness assessment framework for blockchain that combines all the different social and economic factors and involves all stakeholders. Based on a systematic literature review, the proposed framework is applied to Portugal’s healthcare sector and its applicability is outlined. The findings in this paper show the unique importance of regulators and the government in achieving a globally acceptable regulatory framework for the adoption of blockchain technology in healthcare and other sectors. The business entities and solution providers are ready to leverage the opportunities of blockchain, but the absence of a widely acceptable regulatory framework that protect stakeholders’ interests is slowing down the adoption of blockchain. There are several misconceptions regarding blockchain laws and regulations, which has slowed stakeholder readiness. This paper will be useful as a guideline and knowledge base to reinforce blockchain adoption.