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Blockchain In Healthcare Today: Uses Of Blockchain In Healthcare

Do you want to know the uses of blockchain in healthcare today? Then stay tuned because this article is specially designed for you. In the foreseeable future, the United States expects to spend 20% of its GDP on healthcare.

If that statistic wasn’t shocking enough, consider that the business is still plagued by soaring hospital expenses, inefficient processes, and frequent data breaches. These (cost) issues drive a push for better efficiency and innovation.

Blockchain in healthcare may help alleviate suffering by deflating the existing expenditure bubble, protecting patient data, and improving the overall experience.

The technology is already being used to handle anything from securely encrypting patient data to managing disease outbreaks. And at least one country sees blockchain healthcare as having great promise.

Estonia, the size of Tennessee with the population of Maine, began utilizing blockchain technology to safeguard healthcare data and perform transactions in 2012. All healthcare billing in the country is now handled on a blockchain, 95 percent of health information is ledger-based, and 99 percent of all prescription information is digital.

Blockchain In Healthcare Today: Uses Of Blockchain In Healthcare

Securing Patient Data

It’s hardly surprising that keeping our vital medical data safe and secure is the most popular blockchain healthcare use right now. In the healthcare business, security is a big concern.

More than 176 million patient records were compromised in data breaches between 2009 and 2017. Credit card and banking information, as well as health and genetic testing records, were stolen by the culprits.

The potential of blockchain to maintain an incorruptible, decentralized, and transparent log of all patient data makes it a technology ripe for security applications.

Furthermore, while blockchain is visible, it is also private, concealing any individual’s identity using complicated and secure codes capable of protecting the sensitivity of medical data.

The technology’s decentralized structure also allows patients, physicians, and healthcare professionals to communicate the same information swiftly and safely.

1. Akiri

Akiri provides a network-as-a-service customized exclusively for the healthcare business, assisting in protecting patient health data while it is being transported. The Akiri system does not retain any data; instead, it acts as a network and a protocol, establishing regulations and configuring data layers while validating data sources and destinations in real-time.

Real-world impact: Akiri guarantees that healthcare data is secure and accessible only to those who are allowed to access it at the time they need it.

2. BrustIQ

What they do: BurstIQ’s technology assists healthcare organizations in managing huge volumes of patient data safely and securely. Its blockchain technology enables data storage, sale, sharing, or licensing while adhering to HIPAA regulations.

Blockchain application: The firm uses blockchain to facilitate the sharing and use of medical data.

Real-world impact: Because BurstIQ’s platform has full and up-to-date information regarding patients’ health and healthcare behavior, it may aid in the prevention of opioid or other prescription drug misuse.

What they do: BurstIQ’s technology assists healthcare organizations in managing huge volumes of patient data safely and securely. Its blockchain technology enables data storage, sale, sharing, or licensing while adhering to HIPAA regulations.

Blockchain application: The firm uses blockchain to facilitate the sharing and use of medical data.

Real-world impact: Because BurstIQ’s platform has full and up-to-date information regarding patients’ health and healthcare behavior, it may aid in the prevention of opioid or other prescription drug misuse.

3. Factom

Factom develops technologies that assist the healthcare business in securely storing digital data on the company’s blockchain network, which is exclusively available to hospitals and healthcare managers.

Physical papers can be outfitted with special Factom security chips that save information on a patient as private data that only authorized people can access.

Factom’s blockchain application uses blockchain technology to store digital health records securely.

Real-world application: In June 2018, Factom received a nearly $200,000 grant from the United States Department of Homeland Security to beta-test a platform aimed at integrating secure data from Border Patrol cameras and sensors to understand better the effects of blockchain in “a realistic field environment.”

4. MEDICALCHAIN

What they do: Medicalchain’s blockchain ensures the integrity of medical records while creating a single point of truth. Doctors, hospitals, and laboratories may request patient information that is traceable and safeguards the patient’s identity from prying eyes.

Blockchain application: The blockchain-based technology used by Medicalchain keeps a record of the origin and protects patient identification.

Real-world application: In May of 2018, Medicalchain announced the launch of MyClinic.com. MyClinic, a telemedicine platform, allows users to video chat with their doctors and pay for such consultations using “MedTokens.”

5. Guardtime

What they do: Guardtime assists healthcare organizations and governments in incorporating blockchain into their cybersecurity strategies. The business was instrumental in bringing blockchain to Estonia’s healthcare systems. It recently secured an agreement with a private healthcare provider in the United Arab Emirates to integrate blockchain into its data privacy systems.

Blockchain application: Guardtime uses blockchain for cybersecurity and healthcare applications.

Real-world application: Guardtime recently collaborated with Verizon Enterprise Solutions to build several platform services based on Guardtime’s Keyless Signature Infrastructure (KSI) Blockchain.