Blockchain Technology In 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 increases 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 ever 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 2017 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 manner. So only a limited number of persons or authorized peoplen can 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?