How Blockchain Technology Supports Healthcare Industry
Today we are going to discuss a widely trending topic “Blockchain technology” and how it supports health care industry. Actually the Blockchain technology already started to transform many major 19 industries, so we will discuss everything detail in upcoming articles, But today we are going to start from health care. More over I assures that, when you finish reading this entire article, you will get a brief knowledge about What Is Blockchain? and How Blockchain could transform the Health Care Industry?
Alright, before entering in to the core topic, Let us first review about health care industry.
Health Care Industry: An Ocean Of Medical Data’s
Hope you already know that heath care industry is very large network; in short we can describe it as a Ocean Of Data’s. The count of patients, type of medicines, Doctors, hospitals count, and other things are getting increased day by day. And I’m damn sure that this growth will not going to end and never. Because The living style of people have changed dramatically, and the lack of healthy foods increase the diseases count and patients count. This becomes the pain point; hospitals started to utilized this pain point for their business growth.
The Real Pain point Of Healthcare Industry
Have you ever entered into a multi specialty hospital or have you every admit any of your blood relations there? If you did, means, you might have experienced how costly is to take treatments in a multi specialty hospital for a day. Remember when you entered into a hospital you are not a patient, you are just a data. And every single activity or process (it may be a purchasing the medicines, accommodation, use of other facilities) will be keep track by the hospital within a secured data base. If you reside in a hospital for 3 days, there will be a minimum of 50 data’s will be stored on behalf of your name. Based on the disease or the treatment you take the count may vary. If a single person make this much of data’s, Imagine how much data’ s will be stored on behalf of a single hospital per day, per month or per year. And also imagine how much medical data will be given to the state government from every cities per year.
Data Breaches in Healthcare industry
The very recent report by Verizon’s 2018 Data breach Investigation Reports says “ Health care industry is the worst in pretending the insider data breaches”. In last year (i.e) in 20178 there were around 750 cyber incidents have happened. 63 % of cyber incidents are misuse of privilege, and 37 % are personal information misuse.
In this cyber incidents there were around 56% of internal actors involved and other 44 % are external actors.
Hope we had a small recap about health care industry and its current state, now let’s discuss how Blockchain will be best the remedy for all the pain points which are faced by health care industry.
Blockchain Started to Hear your Heart Beats
The technology, Blockchain was primarily invented for bitcoins and cryptocurrencies. This was considered as a public ledger technology. Here the data’s will be stored in secured blocks ( cloud storage) in a secured encrypted, so only a limited number of person who are authorized will be access those data’s. This technology and its use cases were created a huge revolution in bitcoin cryptocurrency exchange transactions. By experiencing the security, integrity and transparency of this immense technology, many industries started to grab it for their enhanced data storing and retrieving methodologies. Banking industry was the first to adopt it, and after that SCM, e-commerce, and now health industry. This chain will continue further more with food industry, fashion industry, Power energy supply industry, Telecom industry, Marketing , more and more.
How Blockchain could support Health care industry?
First of all let’s see what all the challenges are in health care industry, and how Blockchain could resolve it.
There are several challenges, but the main challenge of a hospital or healthcare sector is maintaing the data’s. So based on this maintaining the data challenge the following SIX FACTS are found to be the risk factors that are faced by a hospital management.
1. Meeting the HIPAA Compliance
HIPAA (Health Insurance Portability and Accountability Act ) is a government regulations, it is a set of security rules. Every hospital have a separate data management system and that data’s should be accessible for medical practitioners, clinic, diagnosticians, Pharmacists and other medical specialists. So that data management should be meet the HIPAA for HER(electronic health records)
2. Mobile Computing
This is just digitizing the patient record via secured manner. By this way we could eliminated the manual entry, and the errors made by which.
3. Patient Data Sharing ( Data breach)
4. Preventing the Insider Data Breach
5. The lack of integration between administration and clinical data’s
6. Lack of operational and tracking analytics talents
From the above explored points we could disclose that “maintaining data in health care eco system requires a back paining effort”
Blockchain Revamps Health care Industry by Clean Sweeping the Risks
By capitalizing this immense technology in health care system, experts predict that health Information exchanges (HIE) will be more secured, efficient, manageable, and also interoperable. The technology used to achieve this goal is private Blockchain implementation ( i.e) Permssioned Blockchain- only authorized people can access data. This kind of Blockchain based system will reduce the frictions and cost for intermediaries involved in medical data exchanges. Here is the list of goals that we can achieve with the help of Blockchain technology
1. Data Provenance and integrity
2. Data Security
3. Data Transparency
4. Drug Traceability
5. Easy to maintain Electronic Health Records( HER)
6. Patient Data Management
7. Easy to maintain the SCM of Medical accessories
8. Prevents Data breaching ( especially sharing patient details to third parties)
9. Medical insurance claims process will be diluted
10. Easy to maintain clinical research results.
11. Can Achieve unchangeable medical Data’s
12. More Secure Standards
This tail could grow further more..
But in overall Blockchain will meet all the challenges and can negotiate risks especially can bring more security for data breaches.
By realizing all these factors many branches in health care industry(pharmacy, private, public hospitals and etc) now started to adopt Blockchain technology.
For more reference please visit the articles below:
1. Blokchain opportunities for healthcare
How bitdeal can help health care industries?
We are proud to tell that, Bitdeal - The Blockchain Development Company, who was the early adopter of blockchain technology in India. At bitdeal we provide services for industries, corporate and small business to integrate Blockchain technology. After understanding the scope of Blockchain in heath care, we enlarged our services for hospitals and its branches too. We have separate offshore development center with 120 + Blockchain developers and also bitdeal lets the clients to hire dedicated blockchain developers for custom Blockchain application development.