3 Benefits of Blockchain in Healthcare
Healthcare is witnessing a transformative change where a massive amount of health data of patients is organized for treatment and diagnosis. Data such as genetic information of patients, past ailment history, nutrition stats are collected and such huge volume of information required to be stored securely in an efficient system.
Using basic security measures such as intrusion detection software and firewall is just isn’t enough. Healthcare professional is trying to store their information in a tamper-proof and secure way.
Is there a solution?
Yes, Blockchain.
As per a report by Deloitte, 35% of healthcare companies & hospitals are thinking to use blockchain within this year. Blockchain in healthcare would solve the issues of interoperability challenges and enable secure data storage. Healthcare industry requires creating frameworks to establish blockchain consortia which will assist to encourage secure partnerships.
The blockchain is a robust and scalable technology that can be integrated into different facets of healthcare industry like precision medicine (providing individualized care to patients), Genomics research (Genetic identity of patients could be secured on blockchain), drug traceability and blockchain health records.
Some potential uses of Blockchain in healthcare could be :
1) Smooth Health Data Exchange and Interoperability:
When we hear about the term Blockchain in Healthcare, data exchange is the first topic pops up in the head. However, the blockchain-enabled Health IT systems can provide technological solutions to many challenges, including health data security, integrity, and interoperability.
Most importantly, Blockchain technology could enable the health data exchange systems that are irrevocable and cryptographically secured. This would ultimately allow seamless access to real-time patient health data and eliminate the cost and burden of data reconciliation.
Recently, Guardtime, the data-centric security company, has partnered with Estonian eHealth Foundation to secure the health data of over one million Estonian citizens using KSI (Keyless Signature Infrastructure). Now, this is a good example of the use of Blockchain in Healthcare sector.
2) Knowing fraudulent claims and bill management
As per a survey, United States suffered a huge loss of $30 million in 2016 due to medical scam. Blockchain in health care can keep a check on such negligences and reduce dependency on intermediaries along with reducing time.
Various blockchain based claim management solutions are being developed, the most recent one being mutually developed by Gem Health and Capital One.
3) Medicine supply chain integrity validation
Pharmaceutical industry experiences an annual loss of $200 billion globally due to counterfeit drugs. Blockchain pharma can resolve this dilemma by verifying proof of ownership using smart contracts and private keys. Chain of custody log can be verified by tracking of each step involved from production to storage. Recent advancement is the adaptation of ADLT (Advanced Digital Ledger Technology) to manage medicine supply chain integrity.
Conclusion:
Blockchain Technology is based on open-source software, commodity hardware, and open API. The Blockchain architecture has in-built fault tolerance, data encryption, and cryptography technologies which are broadly used and accepted as industry standards. Due to these capabilities, the health IT systems could become easy to work with and eliminate the need for developing complex point-to-point data integration systems.
Moreover, data from smartphones and wearables are growing rapidly. This information is shared with various servers at multiple locations, implying there is no single point of failure.
Due to this immense advantage, the healthcare professionals and startups are actively endeavoring for ideas and blockchain developers to build next-generation blockchain applications for the healthcare sector.
As Blockchain has the potential to place in the health IT systems, one should think re-basing their interoperability strategy on Blockchain to gain leadership in upcoming years for the healthcare sector.
