Blockchain technology can help healthcare institutions manage supply chains, protect patient records, and preserve patient identities. At no better time could this legislation come. By 2021, the US is set to spend almost 20 percent of its GDP - rising due to high hospital costs, ineffective procedures, and persistent data breaches plaguing this industry and prompting calls for greater efficiency and innovation from within.
What Is Blockchain, And Why Could It Offer Opportunities In Health Care?
Blockchain-enabled health information exchanges could unlock the true power of interoperability. Such systems could reduce friction while eliminating costs for existing intermediaries.
Blockchain's benefits to healthcare ecosystem stakeholders extend far and wide, from linking disparate health systems together to generating insights and evaluating value more precisely than before. An entire network of electronic medical records could facilitate enhanced efficiency while helping patients attain improved results over time.
What Are Blockchain Applications Used For?
One of the critical challenges associated with public Blockchain applications lies in differentiating between hype and actual applications of this new technology. Due to limited large-scale implementations made so far, identifying real use cases of this innovation may prove challenging.
Blockchain is an innovative technology that uses advanced cryptography combined with incentives such as Bitcoin or other crypto tokens (for instance) to remove central control, dispersing power among participants of an ecosystem without central authority or third parties facilitating record of transactions securely between entities that don't trust each other directly or know each other well enough for trusted transactions to take place securely without third party intervention - an approach proven effective within Bitcoin ecosystem and yet to be established in traditional business environments.
Decentralized systems offer users, both consumers and enterprises, greater transparency, control, and accountability over how their data is being used. One goal for disruptive public blockchain-enabled companies in the future should be decentralizing data economies to take control back from Google, Facebook, Amazon, or any other monopolies that utilize centralized data sets as competitive advantages.
Blockchain's built-in payment mechanisms make it possible for users to exchange data for cryptocurrency tokens. AI applications may then help match buyers and sellers and curate valuable data (for an example of such an AI system, see Fetch.ai as one such startup working towards creating such a solution.)
As it could take up to 10 years before this idea becomes a reality, private blockchain technology is currently grappling with its growing pains - which include poor user experiences and scaling issues, as well as privacy-protection requirements in order to safeguard intellectual property (IP).
What Makes Blockchain Effective?
- Data Transfer/ Access: Facilitating information between parties to create an authoritative "truth source."
- Identity/Authentication: Manage identity permissions and verify identity attributes.
- Settlement: Recording assets/services/revenue movements as they change hands or recording revenue settlements.
- Transactions: to enable (real-time) payments and financial transactions.
- Token Exchange: virtual currencies/tokens that possess intrinsic value can be traded among multiple parties in an auction process. Each currency/token can also be linked directly with fiat currency and its equivalent held in escrow until released from escrow.
Which Benefits Will These Technologies Bring To My Company?
- Security: Because private blockchain records are distributed among multiple nodes and verified through a consensus-based system, hackers or any tamperers with them would find it highly challenging.
- It increased cost efficiency: Intermediaries can be eliminated through transparency and consensus building that builds trust.
- Traceability: Maintaining an audit trail helps mitigate fraud and protect you against liability issues. Intelligent contracts streamline business processes by automating them without manual intervention, speeding up transaction time while decreasing transaction times significantly.
- Digital Token Value: Digital assets may possess both real and virtual values, for instance, virtual tokens used in point programs.
- Confidentiality: Collaboration can take place among organizations without disclosing sensitive data, such as the medical records of individual members. Individual healthcare records.
Permissioned Blockchains are neutral systems with equal ownership across no individual or company, which fosters trustworthiness. If any original parties left, their contributions wouldn't disrupt its functioning; indeed, even after one side had left, the system would continue as usual.
Blockchain technology has emerged as an innovative means for improving healthcare processes, from digitizing medical records and dispersing them electronically to tracking medical products or prescription drugs in supply chains or delivery operations.
Adopting a wide range of blockchain solutions for healthcare no longer necessitates extensive prior knowledge since most blockchain-based offerings are now made available like other forms of software as a service (SaaS).
How Can Blockchain Technology Be Utilized In Healthcare Settings?
Blockchain's distributed digital ledger provides safe transfers of medical records between patients, improves data security, manages medicine supply chains, and assists researchers in unlocking genetic code.
Blockchain platform may offer healthcare an alleviating solution. It could reduce expenses while improving patient experiences and safeguarding data security - this technology has even been utilized for managing disease outbreaks.
Blockchain For Healthcare Data Protection
Blockchain has quickly become one of the premier security measures used in healthcare to protect patient records. Healthcare organizations face numerous security concerns that demand transparent, incorruptible logs to track sensitive medical data securely - this technology serves both these requirements perfectly while remaining transparently private via complex codes that hide the identities of individuals while protecting sensitive medical records. Using decentralized technology enables healthcare providers to share information securely.
Healthcare Has 17 Examples Of Blockchain Usage
AKIRI
Location in Foster City, California.
Akiri is an enterprise network, a decentralized network as a service designed for use within healthcare, explicitly designed to protect patient data. Akiri does not store any patient information and allows administrators to configure layers of data with policies while verifying its source and destination instantly in real time.
Akiri ensures healthcare data remains protected at all times; only authorized parties have access to it at any given moment.
BURSTIQ
Location in Denver: Colorado
BurstIQ assists healthcare organizations with safely and securely handling large volumes of patient data. Their blockchain-based platform enables the safe storage, transfer, and licensing of patient records while still complying with HIPAA rules.
BurstIQ provides comprehensive patient healthcare data that could help address prescription opioid and drug misuse. This could potentially serve to curtail their abuse.
MedicalChain
Locations in London
The Medicalchain blockchain guarantees accurate health records by creating one single source of truth for medical information about each patient that's protected against external influences with an origin record and can be requested from doctors, hospitals, or labs.
GUARDTIME
Location in Lausanne, Switzerland
guard time assists healthcare companies, governments, and other organizations in implementing blockchain into their security systems. Their assistance was vital in Estonia incorporating this blockchain solution into its healthcare systems; additionally, Guard Time signed a contract with one United Arab Emirates private healthcare provider to implement it into their privacy data systems.
AVANEER HEALTH
Location in Chicago, Illinois
Avaneer, with backing from Aetna and Anthem as well as Cleveland Clinic, aims to enhance healthcare efficiency through Blockchain technology. Avaneer uses public ledgers for enhanced claim processing, secure healthcare data exchange, and maintain provider directories.
PROCEEDS
Location in Tampa (Florida)
PROCREDEX is a distributed ledger designed to store healthcare credential data. As its immutability allows easier management, PROCREDEX data can also be tailored specifically for an organization and shared among partners.
The platform's unique validation engine only permits organizations that have been approved to join, making it faster for health systems to quickly verify credentials, enhance patient care, and safeguard patient safety.
CORAL HEALTH
Location in New York City, New York
Coral Health uses blockchain technology to optimize health outcomes, accelerate care processes, and automate administrative procedures. Their distributed ledger connects doctors, researchers, laboratory technicians, and health officials faster than ever. Furthermore, smart contracts ensure accurate treatment information.
PATIENTORY
Location in Atlanta
Patients use end-to-end encrypted communication technology for secure data sharing between patients, clinicians, and healthcare providers. Their platform enables these three groups to store, access, and share all pertinent patient data securely using blockchain. Patientory makes healthcare sector operations more effective by centralizing all necessary patient records under one umbrella.
Also Read: Revolutionizing Healthcare: The Benefits of Blockchain Technology in the Industry
CHRONICLED
Location in San Francisco, California.
Chronicled uses public blockchain networks to demonstrate the chain of custody. Pharma companies rely on Chronicled blockchain networks to ensure fast drug deliveries. At the same time, law enforcement authorities monitor any illegal drug trafficking activities that might arise from this practice. Chronicled has also created a Mediledger project dedicated to safety, privacy, and efficiency in medical supply chains.
EMBLEEMA
Location in New York City, New York
Embleema provides an analytics and regulatory platform to accelerate drug development, using digital consenting technology to collect medical information that remains safe and unaltered - store it safely on their hybrid blockchain, then analyze it.
Embleema's Virtual Studies Suite allows its patients to collaborate in improving safety and accelerating treatment availability.
BLOCKPHARMA
Location in Paris, France
Based in Paris, France, BLOCKPHARMA provides an innovative solution to drug counterfeiting and traceability: their app scans the supply chain to verify all shipping points before notifying users if their medicines may contain counterfeit ingredients or be falsified.
TIERION
LOCATION in San Francisco, California
Tierion blockchain keeps track of documents, records, and medications to provide proof of ownership throughout their medical supply chains. Timestamps are utilized by Tierion as evidence of ownership throughout this chain.
SOLULAB
Location in Los Angeles, California
SoluLab provides services that aid companies in creating blockchain applications. Their solutions in healthcare settings, for example, allow providers and patients to verify authenticity by tracking medical records or drug sources while simultaneously encrypting and protecting this data.
FARMATRUST
Location in London
FarmaTrust's blockchain solutions can be used to track pharmaceuticals, authenticate medical equipment, and maintain data security during vaccination and diagnostic test appointments for its patients. FarmaTrust's solutions also prevent counterfeit drugs from entering supply chains. At the same time, its app allows customers to check whether medicine is authentic.
Sharecare
Location in Atlanta, Georgia
Sharecare leveraged its engineering expertise by purchasing Doc.ai by 2021 in order to develop a decentralized research platform called Smart Omix Platform, which facilitates easy prototyping, editing, and launching mobile research studies using smart Omix. Researchers can quickly prototype, edit, and launch mobile research studies via this decentralized platform that not only houses patient records but also allows researchers to collect wearable device data with features such as electronic consent for a faster research process.
NEBULA GENOMICS
Location in San Francisco, California
Nebula Genomics leverages distributed ledger technology to cut unnecessary costs and remove intermediaries from genetic study processes. Pharmaceutical and Biotech firms spend billions every year to gain genetic data; Nebula Genomics helps create an enormous genetic database and provides incentives to users willing to sell their genetic information for sale.
Encrypgen
Location in New York City, New York
EncrypGen Gen-Chain, powered by hybrid blockchain, facilitates searching, sharing, storing, and buying and selling genetic data securely among members. Only other members may purchase genetic information using safe tokens traceable by blockchain; member companies then utilize that genetic knowledge for advancement within their industries or further genetic knowledge development.
Breakthroughs In Genomics
Once only an idea, genomics' potential to aid human health has now become scientifically and financially realizable. Whole genome sequencing costs could range anywhere from $100 million to $1 billion back in 2001, by 2021, this figure had dropped below $1,000 per genome sequenced.
Billions of genetic data points may be safely stored on blockchain. People can even sell their genetic information to build more extensive databases; scientists now gain faster access to valuable information.
Three companies are using blockchain technology to gain a better understanding of people.
Blockchain For Medical Supply Chain Management
What information do we know about the medicine we consume? For instance, has any of it been tampered with, or does it come from a reliable supplier? Medical supply chains serve as links between labs and marketplaces.
Blockchain can bring enormous advantages to pharmaceutical supply chains. Due to its decentralized structure, its transparency ensures complete openness in this process; once created, the ledger will mark its point of origin as soon as it's made and track all data along its journey from manufacturer to end consumer, including tracking emissions from packaging wastes and so forth. This process provides complete waste monitoring.
Blockchain Medical Records
Up to 16 percent (of national healthcare expenditure) may be wasted through factors like failed care coordination and delivery systems.
Staff resources are being depleted, and patient care is delayed due to the time-consuming process involved with accessing someone's medical record. Still, blockchain-based medical record systems offer an efficient solution that addresses both of these concerns.
Decentralized technology facilitates an ecosystem for patient data that is easily accessible by hospitals, physicians, pharmacists, and others involved with treatment processes - such as pharmacists. Eliminating intermediary systems like paper documents from treatment processes using blockchain ledger technology will lead to more precise diagnoses and personalized treatment plans being generated through more accurate diagnostic tools and techniques for personal care plans.
Four companies have taken on the notion of Blockchain medical records to develop shared databases and individual health plans.
Blockchain As A Tool Of Interoperability In Nations
ONCHT released a roadmap for interoperability that details critical technical and policy components required for interoperability at an international scale, such as:
- Utilization of secure network infrastructure.
- All participants must be able to verify their identities prior to participating.
- Other requirements may include providing an accurate representation of permission to access electronic medical information.
Current technologies need to meet these needs due to limitations related to security, privacy, and ecosystem interoperability.
Considerations And Challenges Related To Implementation
Blockchain technology presents numerous possibilities in health care but is still relatively young as an implementation solution. Before widespread implementation can take place, several technical, organizational, and behavioral hurdles must first be cleared away before widespread acceptance will follow suit.
The Future Of Blockchain Technology
HHS should monitor this rapidly developing field to spot emerging trends and assess any areas that need government help for blockchain tech to realize its full potential. HHS can assist the industry by mapping out and convening ecosystems of blockchain usage, providing early adopter groups a forum in which to collaborate, as well as supporting an open consortium.
Blockchain stands out for its modularity and growth capabilities, one of its primary draws. Although initially, its implementation can pose similar difficulties as current technology solutions, its open nature will facilitate industry progress for years.
Research estimates that by 2025, blockchain technology can save healthcare facilities $100 billion each year in IT costs, operational and support functions, as well as personnel costs related to data breaches or any related expenses related to healthcare IT implementation and use.
Pioneering companies all over the globe are developing groundbreaking blockchain solutions, but that is just the start. Join us now and help advance medical technology while setting in motion an era of data-driven medicine that will lead to unprecedented medical breakthroughs.
Blockchain In Healthcare Provision
Blockchain is an open and secure technology, meaning it can be utilized within healthcare to reduce costs while opening new avenues of care for patients. Future Proofing technology can also be used to promote growth and innovation by merging data with creativity.
Pioneering companies have already laid the groundwork for blockchain's revolutionary potential to transform healthcare industries worldwide. Here is how a few have accomplished just this goal.
Chronicled
Within the medical field, an inability to securely share or access patient data has caused considerable harm. With blockchain's flexible openness options and strict security standards that guarantee true interoperability, healthcare information systems within organizations will collaborate more efficiently across organizational borders in providing adequate healthcare to both individuals and communities.
Chronicled utilizes blockchain technology to connect trading partners and medical institutions in its MediLedger Network. Fears surrounding communication and organization mishaps have created space for more incredible innovation; blockchain enables new levels of collaboration and trust between participants by automating previously chaotic processes to create greater accountability from all participants involved in each trade transaction.
Curisium
Acquired by HealthVerity in 2020, Curisium utilized blockchain technology to build a platform allowing contract negotiation and rebate negotiation services. Healthcare industry providers understand how complex contract negotiations can be; Curisium makes these negotiations simpler for all involved.
Curisium's system streamlines contracting for both payers and providers to enable efficient, secure, and innovative arrangements between parties involved in healthcare delivery. HealthVerity acquisition enabled extensive customizations of workflow automation, which have resulted in expanded collaboration opportunities as well as cost savings across all parties involved.
Ever
Network, where I serve as Chief Health Officer and where the EHR was designed with innovation in mind, provides an EHR that's easily adaptable to any hospital network - even existing ones. Connecting over 170 hospitals and 5 million patients globally Ever offers an integrated but modular suite of software featuring secure exchanges of trustless data, extensive data collection/analysis capabilities, and machine-learning/artificial intelligence-powered features & tools.
Ever was developed in 2017 to modernize and equip Thailand's healthcare landscape, offering patients maximum security while upholding solid relationships among the parties involved. Ever's network provides optimal protection of data while remaining communicative and trustful between all connected parties.
Patientory
Blockchain networks enable organizations to achieve both transparency and privacy at once. They allow organizations to conceal sensitive patient data while still permitting access and sharing when needed, thanks to being protected by leading security technologies that limit attackers' computational power needs; as a result, this limits the frequency, effectiveness, and efficiency of attacks on blockchain networks.
Patientsory leverages its expertise to offer patient-centric services and applications, giving companies greater control over the well-being of their customers. Their innovative solutions provide up-to-date data and history for patients, can track pandemics for reporting purposes, and can communicate safely with healthcare professionals.
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Conclusion
This topic highlights the power of blockchain to transform the healthcare industry. From patient decentralization of personal health records, improving data security and interoperability, and expanding patient services, all will undoubtedly contribute towards an ecosystem that is more patient-centric and robust. For the maximum impact of Blockchain use within healthcare settings, stakeholders must stay abreast of developments while working collectively towards maximizing its benefits to boost efficiency, transparency, and security within this industry.
