Blockchain and Healthcare Revolution

Blockchain is a technology that creates immutable and distributable data records which are shared among the peers participating in the network.

Blockchain was developed in 2008 by Satoshi Nakamoto and was used as a core component of the digital currency ‘bitcoin’.

Blockchain and Healthcare Revolution

With an ongoing increase in patient numbers, healthcare providers have to manage more and more health related records on a regular basis. As the data volume increases every year, it becomes more difficult for hospitals and clinics to process and store information.

Data managed by medical organization include:

  1. Patient Health Information (PHI)
  2. Electronic Health records
  3. Data collected from IOT (Internet of things, devices or monitoring systems)
  4. Medical Insurance Claims

Blockchain provides opportunities for health care to introduce a new model for health related information exchanges which is a more secure way to protect data than ordinary encryption methodologies. This new technology allows for the implementation of new standards in managing insurance claims, PHI and medical records. It excludes intermediary parties involved in data sharing.

Blockchain usage in healthcare includes the following:

  • Drug traceability
  • Data security in clinical trials
  • Patient data management

Through blockchain, it is easy to detect fraudulent drug dealers. Trustworthy healthcare blockchain companies have to register their products in the private system to ensure authenticity and the high quality of the medicines.

Once a drug is produced and moves from manufacturer to retailers, the operational data is recorded on the blockchain. It makes it extremely easy to verify the whole path of the drug and determines all the chains linked at any time. It provides proof of existence by adding data in the form of transfer and validating the information by all system nodes. It allows for storage of results from clinical trials in a secure way, making it impossible to modify data.

The blockchain technology creates a hash for each PHI block, together with a patient ID. Using an API, covered entities can receive the necessary information without revealing a patient’s identity. In the same way, a patient can decide whom to provide access and whether this access will be full or partial. Also, a patient can involve specific third parties and authorize them to add or update the records on the blockchain.

If you are in search of a customized blockchain solution, reach out to our team at OneNet Blockchain.