Healthcare is a necessity that cannot be ignored as we all need to spend money on it at some point or the other.
Realizing the gravity of the situation countries are increasing their spending on the same to make sure that the industry prospers. However, an increase in hospital costs, wrong medical practices and data breaches makes the going tough.
Blockchain technology though is being considered as the alternative to counter these issues.
Estonia has already incorporated blockchain in healthcare and now uses it to handle entire medical billing. Let us have a look at 15 examples of how blockchain is reviving healthcare and the companies that are making it possible.
Keeping Patient Data Safe
Between 2009-2017 nearly 176 million patient records were exposed as hackers made their way into the systems. However, thanks to blockchain the companies have discovered a way to handle things and streamline and secure the operational processes.
The next four companies are working at applying blockchain to health care data security and guarding vital data.
The platform created by this company makes it simple for hospitals to keep their patient data safe.
All this is done in compliance with the HIPAA rules and overall the treatment of medical data is worked upon.
The efficacy of their platform ensures that the patient’s health activity is monitored and no abuse of drugs is seen.
This company is creating products that would help hospitals store digital records on their blockchain platform.
This data can now only be accessed by the doctors and the hospital authorities. Even physical papers of a patient can be fit with FACTOM chips and now stored as crucial data.
The company maintains all patient records at one location. If any of the doctors need to access the same they have to place a request with the company.
The blockchain-enabled platform protects the patient’s identity and maintains a single point of origin for all data.
It has already helped Estonia streamline its healthcare industry and now they are working with a private health firm in the UAE. The aim is to make the healthcare industry devoid of any hazards related to cybercrimes.
Streamlining Medical Communication
A miscommunication between doctors can cause the entire hospital to face losses. The healthcare industry has been facing this issue too and the following four companies are creating centralized databases to keep this issue in control.
The nexus health platform offered by the company that gives the healthcare providers access to the patient’s information.
When the entire data is in one place it becomes easy for the doctors to decide the next plan of action.
All the patient’s information is fed into a distributed ledger technology and the doctors, assistants, scientists can review the same if required.
To ensure accuracy in data and the treatment smart contracts are implemented. Very soon the company plans to help the patients keep a track of their medical history online.
Here the company uses AI and blockchain to create a single point of care for the patients. With the help of chatbots, wearable diagnostic tools and telemedicine sessions patient data is collected and shared with the medical team.
The company’s end to end encryption software that the exchange of patient data happens securely.
Their platform ensures that all the patient data that is being worked on is accessed, stored and transferred in the most secure method possible,
Tracing Drug Movement
A medical supply chain can be tampered with and thus the safety of drugs be compromised. With blockchain, a ledger for the movement of the drug is created thus ensuring that it reaches correctly and without any issues in between. Here are four companies that are working on the supply chain in healthcare.
Chronicled has created a Mediledger project that takes care that drug movements happen safely.
All drug shipments are promptly tracked and the law enforcement comes into picture if something looks fishy.
This company aims to tackle drug counterfeiting. By keeping an eye on the drug movements, the company’s app informs the customers whether the drug they are receiving is authentic or not.
Using blockchain technology they have been able to eliminate 15% of fake drugs in the market.
Using documents, medicines and record auditing the company ensures a clear mention of the possession of each drug. Timestamps and credentials are used to find out how the drug was passed on from one level to another.
This US government agency wants to keep a track of the supply chain using blockchain timestamps.
The agenda is to note the spread of an epidemic in advance so that it does not grow to a massive extent. It may even use blockchain to track the origin of the epidemic.
Genomics can improve the quality of life and that is no more a secret. There are companies that are providing DNA tests that would reveal all that you would wish to know about yourself. The three companies mentioned below are using blockchain to add more intrigue and benefits to the same feature.
13. Nebula Genomics
Every year pharma companies and others spend millions trying to gain access to genetic data from outside parties.
However, this company is building a huge database of genetic information that would eliminate the presence of any middlemen.
Encrypgen is a platform that uses blockchain technology to search, share, store and buy or sell genetic data. To ensure user privacy the information is given only to those who have valid DNA tokens issued to them.
Doc.ai does not save any patient data yet they make it optional for people to share their gene-based information on the database.
This information can be used by scientists for furthering and gaining more insights into medical history. Once the data is uploaded and encrypted the data is removed from the system to avoid abuse.
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