Understanding blockchain, particularly its applications in healthcare, can seem like a challenging job. It’s a technology that’s often shrouded in complex jargon and abstract concepts. Yet, beneath the surface, blockchain technology is a simple, elegant system with the potential to revolutionize many sectors, healthcare being a prime example.
Grasping blockchain’s potential in healthcare doesn’t have to be a struggle. This article aims to demystify the subject, breaking it down into digestible, understandable pieces. It’s about making the complex simple and the abstract tangible.
So, why should you care? Understanding blockchain in healthcare can empower you, whether you’re a professional in the field, a patient, or just a curious mind. It’s a journey of discovery that can offer new insights into how healthcare systems function and how they can be improved. Jump into the blockchain world and explore its use cases to see how it’s reshaping healthcare. For more in-depth reading, check out this external resource.
The Rise of Blockchain Healthcare Projects
As per the underlying principles, blockchain is a technology known for its potential to redefine industries. Its features such as immutability and decentralization introduce unique opportunities for enhancing privacy and data integrity, critically seen in the world of healthcare. The blockchain’s features and its rise gear towards immaculate patient control of health data, drawing a refined blueprint for any blockchain healthcare project.
These projects, albeit prevalent, constitute a minor part of the commercially successful bunch. Representing only a sliver of established blockchain ventures, blockchain healthcare companies, but, stand at the precipice of a sea change. These projects are not limited by their current representation but hold promise for expansion and growth.
Closer inspection suggests that the healthcare industry’s investigation into blockchain solutions tallies in numbers but not entirely in success. Yet, this serves as a silver lining for innovative ventures delivered by blockchain healthcare startups. With the domain still nascent in its exploration, it projects a positive outlook for the growth of more blockchain health projects in the subsequent years. Acknowledged, these endeavors may currently exist as a drop in the ocean. But, the potential they showcase signifies many more drops to follow, contributing to the blockchain ripple effect.
In application, the role of blockchain in managing health records opens many avenues for exploration. Interoperability is one such function that blockchain healthcare modules can exploit. Storing data on a blockchain allows for health data sharing while ensuring patient privacy, a feature that traditional methods struggle with.
To conclude, the growth of blockchain healthcare projects signifies more than just a new branch in technology. It hardly represents progress in the technological arena alone, but denotes a move that reinforces patient autonomy and secure health records.
Key Benefits and Use Cases of Blockchain in Healthcare
Blockchain and Healthcare Data Security
As identified in several blockchain healthcare projects, an emphasis on security measures is predominant. With burgeoning data privacy and ownership concerns, blockchain applies layers of security in a decentralized manner, making it invaluable for healthcare. Reports from July 2021 to June 2022 reveal a substantial 692 large healthcare data breaches, emphasizing the urgency for robust security measures. Blockchain, by its design, proffers an incorruptible, transparent log of patient data, guaranteeing data concealment and transparency simultaneously. It employs complex codes, inhibiting potential infringements on patient data, reducing vulnerability windows, and facilitating safe, rapid transfers with doctors and healthcare providers.
Blockchain Medical Records
Resource exhaustion and treatment delays associated with conventional methods of accessing patient medical records register a sizable 16% of the national healthcare expenditure in the U.S. Attempted rectification of these inefficiencies has seen the advent of blockchain-based medical records. The decentralized aspect of blockchain technology harbors invaluable patient data in a solitary, referenceable ecosystem. Accommodating a wide spectrum of healthcare entities, including doctors, hospitals, and pharmacists, it aids in the formulation of accurate diagnoses and personalized care plans.
Blockchain and Medical Supply Chain Management
The introduction of blockchain technology into the medical supply chain prompts legitimate questions about the pedigree of medicines. Here, blockchain’s decentralization fosters unmitigated transparency throughout the shipping process. It generates an explicit ledger for every drug, incepting from the point of origin and recording every subsequent handling detail until it reaches the end consumer. This meticulous record can even observe waste emissions enabling full visibility into the medicinal supply chain.
Blockchain in Genomics
Expenses for genome sequencing diminished to a record low of $1,000 in 2021 from the exorbitant initial cost between $100 million and $1 billion in 2001. As genomics emerges as a lucrative field, blockchain serves as an ideal candidate for hosting the colossal pile of genetic data points. The technology has transformed into a marketplace, encouraging individuals to offer their encrypted genetic data to a broader database. So, scientists garner faster access to an invaluable data arsenal, catalyzing the rapid advancement of human health.
Successful Blockchain Healthcare Projects to Watch
AI Doctor
AI Doctor, created in 2016, uses decentralized artificial intelligence to offer personalized health advice by evaluating patient data. Users contribute their health data in exchange for AIDOC tokens, creating a mutually beneficial healthcare ecosystem. This valuable patient data also assists medical institutions, pharmaceutical companies, and AI researchers in areas including clinical studies, drug development, and AI innovation.
Akiri
Akiri presents a unique network-as-a-service specifically optimized for the healthcare industry. Ensuring secure transportation of health data, it doesn’t store any data but functions as both a protocol and network, authenticating data sources and destinations in real time. It ensures that healthcare data stays secure and is shared only with authorized parties at the precise moment it’s needed.
Avaneer Health
Fueled by healthcare pioneers such as Aetna and Anthem, Avaneer Health uses blockchain technology to enhance healthcare efficiency. Its public ledger supports effective claims processing, secure healthcare data exchanges, and consistent updating of provider directories.
BurstIQ
BurstIQ assists healthcare institutions in securely managing vast amounts of patient data. Its blockchain technology supports safe, HIPAA-compliant storage, sharing, and licensing of data. The platform’s thorough insight into patient health and healthcare activity can also help tackle issues such as prescription drug abuse.
Blockpharma
Blockpharma provides a solution to counteract drug traceability and falsification issues. The company’s app warns patients about counterfeit medicines by verifying all supply chain shipment points. Its blockchain-based supply chain management system contributes to eliminating the world’s 15 percent of fake medicines.
Dentacoin
Dentacoin, the initiative of a coalition of dentistry and digital transformation experts, seeks to transform the dental industry by integrating blockchain technology. They have built a Trusted Reviews Platform that enables patients to post uncensored reviews about their dentists. Application users receive Dentacoins tokens for participating, which can be used for dental treatments or purchasing dental products, eventually enabling cost savings for patients.
Doc.com
Doc.com offers telemedicine services across the globe, and integrated blockchain into its platform in 2018. The platform rewards patients and healthcare providers with Medical Token Currency (MTC) tokens for their data contribution, which companies can access for a fee. MTC tokens are then used to pay for services and access large volumes of encrypted data and valuable aggregate-level healthcare statistics.
Chronicled
Chronicled establishes blockchain networks that enable traceability of custody. These networks help pharmaceutical companies ensure efficient medicine delivery and help law enforcement in tracking suspicious drug trafficking activity. Also, the company launched the Mediledger Project, a ledger system focused on the safety, privacy, and efficiency of medical supply chains.
Coral Health
Coral Health leverages blockchain to speed up patient care, automate administrative procedures, and improve health outcomes. Implementation of patient information into distributed ledger technology connects doctors, scientists, lab technicians, and public health authorities faster than ever before, improving patient outcomes.
Embleema
Embleema’s virtual trial and regulatory analytics platform accelerates drug development. The platform recruits patients to consent to secure, untampered medical data collection, which is then stored on Embleema’s blockchain for analysis, boosting both treatment availability and improving patient safety.
EncrypGen
EncrypGen’s blockchain-backed Gene-Chain platform facilitates the searching, sharing, storing, buying, and selling of genetic information. The company safeguards user privacy by only allowing members to purchase genetic information traceably using safe DNA tokens, thus, providing member companies with the means to build upon their genetic knowledge and progress in their industry.
FarmaTrust
FarmaTrust’s blockchain solutions enable tracking pharmaceuticals, verifying medical device authenticity, and maintaining patient data security. The services help to deter fake drugs from infiltrating the supply chains while offering consumers an app to check drug authenticity.
Guardtime
Guardtime assists healthcare companies and governments in implementing blockchain in their cybersecurity strategies. The firm played a crucial role in integrating blockchain into Estonia’s healthcare systems and has partnered with a private healthcare provider in the United Arab Emirates to integrate blockchain into its data privacy systems.
Lympo
Lympo, an Estonian blockchain startup, encourages a healthier lifestyle by incentivizing people to stay active. It is developing a blockchain and gamification platform that rewards participants with LYM tokens for completing activity challenges like walking or running. These tokens can be used to purchase sporting goods from the Lympo Shop.
MediBloc
MediBloc, founded by Korean entrepreneurs in 2017, is developing a decentralized healthcare information ecosystem for patients, healthcare providers, and researchers. The platform allows patients to track and record healthcare-related details, such as doctor visits and health records and assigns ownership of data to patients. This enables patients to decide which MediBloc partners they wish to share their information with, and in return, be rewarded with the native currency MED tokens.
Medicalchain
Medicalchain, founded in 2017, employs blockchain technology to store health records securely and maintain a single and consistent truth. Its blockchain platform can conditionally grant data access to different stakeholders such as doctors, hospitals, laboratories, pharmacists, and health insurers.
MediShares
MediShares combines traditional mutual insurance with blockchain and smart contracts. It’s developing a blockchain platform to serve as a decentralized insurance marketplace where participants generate insurance smart contracts, offering the potential for anyone to find insurance coverage. On the platform, insurers profit in the form of MediShares tokens (MDS).
Nebula Genomics
Nebula Genomics leverages distributed ledger technology to eliminate unnecessary spending and intermediaries in genetic research. Pharmaceutical and biotech companies spend billions each year, acquiring genetic data from third parties. Nebula Genomics is building a massive genetic database and encourages users to sell their encrypted genetic data safely.
Patientory
Patientory, established in 2015 in Atlanta, enables patients, clinicians, and healthcare organizations to securely access and transfer health information while providing insightful analytics to improve health outcomes. On the platform, the PTOY cryptocurrency token is used to rent storage for health data.
ProCredEx
ProCredEx created a distributed ledger of healthcare credentials data to boost complex dataset efficiency and maintain data immutability and permanent traceability. The data can be curated to meet unique organizational requirements and shared with authorized partners.
Sharecare
Sharecare has capitalized on its acquisition of doc.ai in 2021 to evolve its engineering prowess to develop a decentralized research platform. The Smart Omix platform simplifies prototyping, revising, and launching mobile studies for researchers. It connects patient records, collects patient data through wearable devices, and offers quick e-consent features for a smoother research process.
Solve.Care
Solve.Care, a healthcare information technology company, established in 2017, builds platforms that use blockchain technology to coordinate care, benefits, and payments among all healthcare stakeholders. The platform hosts a dual token mechanism – the SOLVE token and the Care.Coin – with each token owning a distinct function.
SoluLab
SoluLab offers support to companies with blockchain application development. For healthcare, SoluLab’s solutions can verify the authenticity of drugs and medical data by tracing their origin and encrypting data.
Tierion
Tierion uses blockchain to audit documents, records, and medicines, maintaining a clear history of possession. It employs timestamps and credentials to verify ownership throughout a medical supply chain.
Tokes
As part of the Multichain Ventures ecosystem that uses the Tokes token (TKS), the Tokes platform was established to address the cannabis industry’s banking problem via cryptocurrency payments. On top of providing a payment gateway, the Tokes platform also develops a blockchain-based ‘track and trace’ platform for supply chain management, which complies with global supply chain management standards.
The Future of Blockchain in Healthcare
A healthy future awaits as blockchain adoption accelerates in medical realms. Emerging trends, like Artificial Intelligence (AI) and Internet of Things (IoT) integration, amplify the benefits of blockchain healthcare, paddling this technological canoe towards a promising horizon.
THE FUTURE IS HERE?
The Future of Blockchain in Healthcare
A healthy future awaits as blockchain adoption accelerates in medical realms. Emerging trends, like Artificial Intelligence (AI) and Internet of Things (IoT) integration, amplify the benefits of blockchain healthcare, paddling this technological canoe towards a promising horizon.
Predictions and Trends for Blockchain Technology in Medicine
Pioneers of blockchain in healthcare are forging paths into tomorrow, where both patients and professionals benefit from this revolutionary technology.
- Exponential Growth: A slew of blockchain healthcare startups establish themselves, signaling booming demand. Experts anticipate the Blockchain Health market to reach an astounding $5.61 billion by 2025, demonstrating the escalating momentum behind this technology.
- Enhanced Interoperability: Blockchain serves as an effective solution to the interoperability challenges faced by conventional health information systems. Secure health records, stored and shared on blockchain, eliminate the risk of fragmented or incompatible health data, promising smoother communication among health providers.
- Privacy-Centric Solutions: Patient privacy forms a core pillar of blockchain’s appeal in healthcare. By handing control of personal medical data back to individuals, blockchain paves the way for a future where privacy breaches in healthcare are a relic of the past.
For instance, blockchain healthcare companies like Akiri develop blockchain-based data sharing frameworks. These platforms allow secure data transmission across divergent health systems while upholding patient privacy.
- Efficiency Boost with Smart Contracts: Blockchain’s smart contracts automate and streamline tedious administrative tasks. Consider how they expedite insurance claim processing – the smart contracts execute payouts when certain pre-set conditions are met, eradicating the need for time-consuming manual checks.
- Empowered Patients: Patient empowerment remains at the heart of many blockchain healthcare projects. Individuals gain the ability to access, manage, and consent to the use of their health data — a monumental stride towards a more patient-centric healthcare model.
The Role of AI and IoT in Blockchain Healthcare Projects
AI and IoT aren’t mere passengers on this journey to healthcare reformation; they’re co-pilots. Many blockchain healthcare projects incorporate these technologies, offering groundbreaking solutions to entrenched challenges.
- IoT Enabled Efficiency: IoT devices streamline data collection and delivery. When these devices get paired with blockchain, the resultant ecosystem provides real-time, accurate, transparent health data, dramatically enhancing decision-making capabilities in critical medical scenarios.
- AI & Blockchain, The Dynamic Duo: AI’s data processing power couples effectively with blockchain’s secure, immutable data infrastructure, resulting in advanced patient care. Companies like AI Doctor use this synergy, offering personalized healthcare based on secure patient data.
- Healthcare Gets Smarter: The amalgamation of AI, IoT, and blockchain technologies ushers in a new era of “Smart Healthcare”. Smart Healthcare capitalizes on the intelligence of AI, the sensing capabilities of IoT, and the security of blockchain, delivering more accurate diagnoses, streamlined processes, efficient management, and personalized treatments.
Challenges Facing Blockchain Healthcare Projects
Even though the potential of blockchain healthcare, certain challenges hinder its smooth transition into mainstream healthcare functionalities. These challenges emanate mainly from interoperability, scalability, and data speed, as well as regulatory and compliance issues.
Interoperability Among Diverse Healthcare Systems
A prominent challenge is the interoperability among diverse healthcare systems. Contemporary healthcare comprises numerous heterogeneous systems that often do not communicate with each other effectively. This failure to communicate and interpret data across systems can cause significant issues in the world of secure health records and patient privacy. For instance, the lack of standards among various blockchain healthcare companies, startups, and initiatives may lead to poor coordination in the sharing and use of health data. This miscommunication translates to inefficient health data sharing, posing a significant challenge to blockchain healthcare implementation.
Scalability and Speed Constraints
Blockchain healthcare applications augment the demand for blockchain technology. However, they tend to experience significant scaling issues. These scaling challenges arise from the inherent characteristics of blockchain technology, which requires every transaction to be broadcast to all the network nodes. Hence, as the system grows, so does the amount of data required in every transaction, hampering scalability. The increasing amount of data leads to speed constraints that can slow down the process of accessing patient information or sharing health records, a major setback for healthcare providers.
Regulatory Hurdles and Compliance Issues
Healthcare is a highly regulated industry due to the sensitive nature of health data. Healthcare providers must observe strict data privacy regulations— blockchain applications are no exception. Considering this, regulatory compliance becomes one of the most considerable hurdles to blockchain healthcare projects in many jurisdictions, especially given the stringent data privacy laws and the principles of medical ethics. Blockchain healthcare needs to navigate convoluted healthcare regulations to ensure proper handling of sensitive patient data across different regions and nations. Achieving this level of standardization and compliance can be enormously taxing, especially for new blockchain healthcare startups striving to make their mark in the sector.
Key Takeaways
- Blockchain technology holds immense potential to revolutionize the healthcare sector, specifically in areas such as data security, medical records, supply chain management, and genomics.
- Healthcare blockchain projects, though relatively small in number, display considerable promise for expansion and growth. They are pivotal in enhancing patient-centric control over health data and ensuring the secure storage and exchange of health records.
- Notable successful blockchain healthcare projects include AI Doctor, Akiri, Avaneer Health, Burst IQ, and Blockpharma, each providing unique solutions to healthcare industry challenges through the use of blockchain technology.
- The future of blockchain in healthcare is promising, with predictions indicating marked growth, enhanced interoperability, privacy-centric solutions, and patient empowerment. Technological integrations like AI and IoT are expected to amplify the benefits of blockchain healthcare projects further.
- Despite the potential benefits, several challenges impede the smooth integration of blockchain in healthcare. These include interoperability issues among diverse healthcare systems, scalability, and speed constraints due to inherent blockchain characteristics, and regulatory hurdles in an industry characterized by strict data privacy regulations.
How does blockchain technology benefit healthcare?
Blockchain technology enhances healthcare efficiency by improving data privacy, enabling patient empowerment, and streamlining administrative processes. It allows for secure and immutably recorded patient data, thereby strengthening data privacy and empowering patients with their health data.
What are some successful blockchain healthcare projects?
AI Doctor and Akiri are notable blockchain healthcare projects. They provide personalized health advice, secure data transmission, and efficient administrative procedures, showcasing the potential benefits of blockchain in healthcare.
What challenges face the implementation of blockchain in healthcare?
Interoperability issues among varied healthcare systems, speed and scalability constraints, and regulatory compliance hurdles pose challenges to the incorporation of blockchain in healthcare. These problems arise from the absence of communication standards, scaling issues, and strict data privacy rules.
What is the future of blockchain in healthcare?
Market predictions forecast significant growth in the utilization of blockchain in healthcare by 2025. The potential integration of AI and IoT with blockchain could provide innovative solutions for better decision-making, personalized healthcare, and efficient healthcare management.
Blockchain Advocates for Healthcare Use Cases
-
Expertise in real-world blockchain implementations, especially in healthcare and related industries:
Expand Your Knowledge
Discover practical real-world blockchain use cases to discover how blockchain is transforming various industries.