Understanding Blockchain and its Role in Healthcare Innovation (Part 2)
Security is a major issue in the healthcare industry. Between 2009 and 2017, more than 176 million patient records were exposed in data breaches. The perpetrators stole credit card and banking information, as well as health and genomic testing records.
Blockchain is known for being an incorruptible, decentralized, and transparent log of all patient data makes it a technology rife for security applications. Additionally, while blockchain is transparent it is also private, concealing the identity of any individual with complex and secure codes that can protect the sensitivity of medical data. The decentralized nature of the technology also allows patients, doctors, and healthcare providers to share the same information quickly and safely.
Miscommunication between medical professionals costs the healthcare industry a staggering $11 billion a year. The time-consuming process of obtaining access to a patient's medical records exhausts staff resources and delays patient care. Blockchain-based medical records offer a cure for these ills.
The decentralized nature of the technology creates an ecosystem of patient data that can be quickly and efficiently referenced by doctors, hospitals, pharmacists, and anyone else involved in treatment. In this way, the blockchain can lead to faster diagnoses and personalized care plans.
Blockchain has serious implications for pharmaceutical supply chain management, and its decentralization virtually guarantees full transparency in the shipping process. Once a ledger for a drug is created, it will mark the point of origin (i.e., a laboratory). The ledger will then continue to record data every step of the way, including who handled it and where it has been until it reaches the consumer. Thus, combatting counterfeit drugs quite effectively. The process can even monitor labor costs and waste emissions. The blockchain-based system is capable of acting as an interoperable system for the pharmaceutical supply chain and can meet the data privacy requirements of the pharmaceutical industry itself.
Additionally, blockchain has brought down the cost of genomics, the branch of molecular biology concerned with the structure, function, evolution, and mapping of genomes. The potential of genomics to improve the future of human health is a scientific and financial reality today relative to 20 years ago. In 2001, it cost $1 billion to process a human genome. Today it costs about $1,000, and several companies are bringing DNA tests that unlock clues to our health to millions of homes. Blockchain is a perfect fit for this growing industry as it can safely house billions of genetic data points. It's even become a marketplace where people can sell their encrypted genetic information to create a wider database, giving scientists access to valuable data faster than ever before.
