Blockchain use case in Health care

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The state of blockchain today is similar to the state of blockchain in almost聽every industry. That is, it's a revolutionary form of technology聽which will move from the speed of sound to the speed of light, however,聽there are many that see it is a fad that will someday pass. And as the CXO聽suite has seen very few real use cases the speed of adoption has been聽stymied especially in the US. I also believe that the technology itself may聽suffer from reputation risks while many find it hard to separate the聽blockchain technology itself from the alt-currency market typified by聽Bitcoin. I believe we are the nexus where the wheat is pulled from the shaft聽and we on the verge of seeing real sustainable business use in the areas of聽payments both enterprise and micro, cross-platform data access and use and finally rapiddiagnosing resulting from AI within blockchains.聽

There is a lot of discussion around theavailability of healthcarerecords聽to be placed on the blockchain for patient-centric use as well as use in聽population health management. Here to fore, these records have been聽hard-siloed off in institutional and/or business structures that did not聽speak to one another. This interoperability has existed in the industry聽since the advent of the Commodore computer. This is no longer a technology聽issue but rather a business and regulatory issue. A permissible blockchain聽driven by the patient may be the answer to getting to the trends shaping聽the discussion of population health management, dynamic diagnosing as well聽as fraud and abuse.聽

Although there are zealots out there that are diligently preaching the聽benefits of blockchain improve the adoption rate in healthcare, often these聽same advocates are a detriment to its acceptance. Blockchain today is not聽ready for prime time in many areas such as security, speed and cost of gas聽to run such networks are true obstacles to adoption. A more prudent,聽
pragmatic approach is to build hybrid architectures that use legacy聽database structures with an introduction of distributed ledge technologies聽where it can be tested and trusted.聽

The fundamental nature of blockchain is that it鈥檚 a verifiable ledger that聽provides a historical record that can鈥檛 be changed or interfered. The use聽case for patient medical records in such areas as diagnosing, clinical聽trials and to set disease management protocols are apparent; additionally聽in areas of provider credentialing, which is error-prone and fraught with聽
overbearing redundancy could be streamlined for all participants. Smart聽contracts could be created around the encounter payment transaction which聽would collapse the costs relating to the financial transaction and take out the聽ambiguity and inefficiency that exists today.聽

The future of blockchain is bright, not necessarily in its current state聽but rather as the technology evolves to its potential. This will be聽accomplished as real business use cases that have proven ROI鈥檚 are聽deployed. Just to use blockchain for blockchain sake or because of it chic is聽not a winning propositions. Take for instance how a patient may benefit by聽having access to all of their data that is today in centralized databases聽and have that available to them on a secured blockchain not only for the聽betterment of their own health and for the community. A community of pooled聽datasets could emerge that has value to Big Data buyers and when monetized聽could flow back to patient鈥檚 that granted access to their de-identified聽data.聽

Blockchain will be able to add a layer of trust, storage, and payments to聽healthcare, making a lot of today's current infrastructure obsolete.聽Specifically, people will be able to call up their health records on聽demand, removing the need to contact doctors to release patient records.聽


Further, this data sharing will be automated and predictive, meaning the聽healthcare provider will receive your information before or AS you are聽getting sick, not after. Finally, as a payments layer, we'll be able to聽
implement highly-optimized health insurance solutions at incredibly reduced聽prices--maybe 90% cheaper than what people are paying today. People will聽get a lot healthier and live a lot longer because of the efficiencies聽blockchain and ML can bring to health data.

Blockchain has been a critical component in the proliferation of聽cryptocurrency, serving as a basis for Bitcoin, Ether, and similar聽digital bearer assets (i.e., electronic money). However, as a聽decentralized digital ledger, blockchain's uses are not limited to聽currency applications or the world of finance.聽

As noted by a Deloitte report , healthcare privacy, security, and聽interoperability (key concerns of HIPAA and HITECH) would all be聽bolstered by the technology. Similarly, a 2017 MIT Media Lab white paper聽
demonstrated how valuable blockchain could become to healthcare.聽

The potential of blockchain within healthcare is evident in MedRec ,聽a prototype solution developed by MIT and built on the Ethereum聽blockchain platform. This system enables the monitoring of user聽privileges related to access and manipulation of patient records (i.e.,聽
who has the authority to view and update them).聽

The researchers designed the solution with both patients and doctors in聽mind so that they could each easily access a complete, incorruptible log聽of their data and give access to information from all of a patient's.

Any industry that has a redundant and costly process in place can be disruptedby Blockchain.聽

Benefits of using blockchain in health care.

聽聽聽聽聽聽Blockchain presents a distributed ledger system which could help聽streamline the process by simplifying the transfer of and access to聽 information between parties - patient and healthcare providers which聽currently is not only costly but also very time-consuming.聽Blockchain is a trustless, transparent, immutable system that could help聽cut the costs as well as time usually spent on these processes.聽

聽聽聽聽聽聽Since the healthcare industry requires utmost confidentiality and聽cybersecurity, Blockchain presents the ability to establish a common聽database of health information that both medical professionals and聽healthcare providers could access regardless of the electronic medical聽 system employed which means updating the information between parties will聽 not be redundant and lesser time spent on administrative tasks for doctors.

Use case;

TheToneKnows:They have a patented聽Blockchain application that is allowing Healthcare firms to provide real聽time tracking of hospital inventory and unique way of communicating with聽the patient and their smart phones via audio audio beacons.

FarmaTrust:is working to improve pharmaceutical accessibility and聽transparency for third world economies that lack the appropriate structure聽to properly monitor and track medicine, and is already collaborating with聽the Government of Mongolia to do so. FarmaTrust assigns a digital ID to聽every pharmaceutical packet to dramatically reduce the current global聽epidemic of counterfeit medicine.聽

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Category:Blockchain

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Saira

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