How can blockchain help the medical industry?
Advancements in blockchain technology have the potential to revolutionize the health care system towards a more patient-centered structure. And adoption of blockchain as a replacement for the current obsolete and unreliable systems would significantly increase record accessibility and security and the unification and standardization of a fragmented sector.
Low-code tools are going mainstream
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Multilingual NLP will grow
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Combining supervised and unsupervised machine learning methods
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Automating customer service: Tagging tickets and new era of chatbots
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Detecting fake news and cyber-bullying
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Blockchain is a chronological ledger compromised of unique chains and timestamped data — or blocks. Each piece of the chain is unique and immutable once created. By extension, information is secure and can be used to protect sensitive and confidential data. The range of possible stored information with this technology includes, but is not limited to, patient records and documents, business transactions, and pharmaceutical stock [1]. Data stored in this manner would be easily accessible by the appropriate parties while remaining completely secure.
In 2014, The Office of the National Coordinator for Health Information Technology [3] released a ten-year roadmap for a shared nationwide (US) IT system. The main points outlined were the need for a ‘more intelligent, safer, and more efficient care in a system designed around patients, and the need for easy access to records. Additionally, there is a great need for innovation, interoperability, and increased data security. Electronic Health Record (EHR) currently stores patient data, a digital document maintained by physicians and hosted by Third-party vendors who charge exorbitant fees for storage and access.
In addition, in 2021, over 40 million people in the United States had their health records exposed in data breaches [4]. EHRs in their current state are not able to consistently keep up with the roadmap’s requirements. In contrast, the proper implementation of blockchain as either an augmentation to the current system or a total replacement would propel this antiquated structure beyond 2014’s ten-year plan.
Another practical use for implementing blockchain would be assigning non-fungible tokens (NFTs) to personal medical information. Currently, the companies responsible for storing EHRs can legally sell patients’ medical records (after stripping them of identifying information) to external companies and research groups without patient consent. One such company, IMS Health, published a revenue of $2.91 billion in 2015 [5]. Selling patient data sets a precedent of profit over ethics that the current system cannot counter.
Patient data could be assigned as an NFT and given to the patient, thus passing ownership to the individual and not the third party company. The blockchain would record all instances of access or alterations allowing patients to control and observe access to their information. Patient ownership creates the opportunity for monetization of one’s information through companies such as Aimedis [6]. This detachment from third-party governance towards decentralization and patient-end governance is a crucial move that the medical industry should consider.
The adoption of blockchain would directly contribute to saving lives. A study in 2016 showed that the third largest cause of death in the US was medical error [7]. Blockchain would allow practitioners easy and rapid access to patient information instead of using the current system where records must be requested and approved before doctors receive life-saving data. If the patient is from a foreign country, this can take a long time in the event of an emergency.
A decentralized blockchain-based solution would remove these issues and, with the patient’s consent, can decode all medical-related hashes near instantly. Instant accessibility would allow appropriate care to be administered as quickly as possible without delays from third-party approval.
While still in its relative infancy, blockchain has proven to be an invaluable asset to other industries. Its proof of concept and potential are demonstrated and if used to its full extent, could prove revolutionary to the medical field.
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Written by Fred, edited by Crptogrl
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