{"id":622,"date":"2018-07-27T10:00:44","date_gmt":"2018-07-27T10:00:44","guid":{"rendered":"https:\/\/blockchainappfactory.com\/blog\/?p=622"},"modified":"2018-07-27T07:54:47","modified_gmt":"2018-07-27T07:54:47","slug":"blockchain-technology-for-healthcare-industry","status":"publish","type":"post","link":"https:\/\/www.blockchainappfactory.com\/blog\/blockchain-technology-for-healthcare-industry\/","title":{"rendered":"Blockchain Technology – The Right Panacea for the Healthcare Industry"},"content":{"rendered":"

Blockchain Technology in Healthcare Industry<\/strong><\/span><\/h2>\n

 <\/p>\n

The healthcare industry functions under immense pressure to provide high-quality care to patients, as well as control costs. It is quite difficult for healthcare businesses to be competitive and reduce costs, as the healthcare industry simultaneously evolves along with emerging, disruptive technologies.<\/span><\/p>\n

Diverse government regulations add additional pressure on the industry, as these regulations try to ensure efficient patient care is the focal point of healthcare providers and all associated stakeholders are in adherence.<\/span><\/p>\n

Blockchain technology could be the catalyst for change that healthcare needs. It can position patients at the crux of the healthcare ecosystem, subsequently enhancing the security, privacy, integrity, and interoperability of health-related data.<\/span><\/p>\n

Singapore\u2019s largest healthcare institution, SingHealth, was recently the target of a cyber attack. Hackers were able to steal the personal profiles of 1.5 million patients<\/strong> (almost 26% of the population) and the prescription details of 160,000 other patients<\/strong>. In fact, the Singapore Prime Minister\u2019s prescription information was repeatedly targeted in the attack.<\/span><\/p>\n

The digitization of health records can help in increasing the speed of treatment, however,\u00a0such records are stored under different categories and across various institutions, which makes them easy prey for hackers. The repercussions of such data breaches are enormous. <\/span><\/p>\n

For example,<\/strong> if the Prime Minister\u2019s information indicated that he was undergoing serious health issues, it could be used to create political instability and subsequently, investor confidence in the country could be eroded.<\/span><\/p><\/blockquote>\n

The need for integrating healthcare services and delivery, along with an enhanced focus on patient health management, highlights the need for an IT system that can remove the dependency on intermediaries. Blockchain has the capabilities to overcome most of the challenges currently faced by the healthcare industry. It\u2019s distributed architecture does not require multiple authentication levels and provides thorough, on-demand access to patient data.<\/span><\/p>\n

Map of Interaction in the Healthcare Ecosystem<\/strong><\/span><\/h3>\n

\"blockchain<\/a><\/span><\/p>\n

 <\/p>\n

The decentralized nature of the blockchain technology<\/strong><\/a> can propel the performance of the healthcare industry, enhance the quality of patient care<\/strong>, and reduce the cost of healthcare delivery.<\/span><\/p>\n

 <\/p>\n

These are the challenges faced by healthcare stakeholders and how blockchain technology can overcome them:<\/strong><\/span><\/h5>\n\n\n\n\n\n\n\n\n\n\n
Industry Challenge<\/strong><\/span><\/td>\nBlockchain Opportunities <\/strong><\/span><\/td>\n<\/tr>\n
\u00a0Fragmented data<\/span><\/strong><\/span><\/td>\n\n
    \n
  • Decentralized storage of patient data through computer networks<\/span><\/li>\n
  • Shared data across the network and nodes<\/span><\/li>\n
  • Decentralized origin of the Internet of Things (IoT) data<\/span><\/li>\n
  • Transparent risk assessment for insurance premium calculation<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\u00a0Real-time access to patient data<\/span><\/strong><\/span><\/td>\n\n
    \n
  • Distributed & secure accessibility of patient data across the distribution ledger<\/span><\/li>\n
  • Shared data facilitates the immediate updating of data across the networks<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\u00a0System interoperability<\/span><\/strong><\/span><\/td>\n\n
    \n
  • Decentralized Internet and computer networks across different regions<\/span><\/li>\n
  • Enables system authentication<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\u00a0Data security<\/span><\/strong><\/span><\/td>\n\n
    \n
  • Patients can either approve or deny sharing or change of their data, which ensures a higher level of security and patient control<\/span><\/li>\n
  • Cryptographic techniques ensure that shared patient data have an auditable trail<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\u00a0Patient-generated data <\/span><\/strong><\/span><\/td>\n\n
    \n
  • Accumulation of patient data obtained from IoT devices to provide comprehensive patient care<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\u00a0Data inconsistency<\/span><\/strong><\/span><\/td>\n\n
    \n
  • Smart contracts, being rule-based, can be used to access and analyze patient data, which in turn can be permissioned to preferred health research organizations<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\u00a0Cost efficiency<\/span><\/strong><\/span><\/td>\n\n