Blockchain and the Medical Data Market

brain scan medical data

As many other spheres of human activity healthcare is going through the process of decentralization, and it inevitably leads to the emergence of new more advanced medical data business models and democratization of existing healthcare systems. After studying several researches on healthcare we found out that there are several opportunities to use blockchain in healthcare efficiently.

Blockchain solving cybersecurity problems

Healthcare industry has its own norms in terms of security and confidentiality. However nowadays it costs much to healthcare companies to deal with threats to their cybersecurity. There is an increase in the cost of data leak in the field of health service. $380 is the sum that medical companies have to pay for one leaked document while in other spheres we can observe a decline by 10%.

Apart from that, some manufacturers of medical equipment informed their customers about the possibility of hacker attacks on some of their products. So there is an obvious need in trustworthy IT ecosystems.

One of the possible decisions is the blockchain technology. In the perspective it can decrease cybersecurity threat level on the one hand, and on the other hand increase the level of trust of healthcare systems users. With the help of this modern technology medical companies have access to a more reliable strategy for providing safe use and storage of patients data and protection against hackers.


Exchange medical data

It is quite difficult to ensure safe data exchange in healthcare. To do that two  organisations should trust each other and have  shared responsibility using this data. However, healthcare system faces some challenges, for example, the scarcity of security and integrity within the modern HIT systems.

Such tendency causes the search for innovative technological solutions. Blockchain may be the solution. The blockchain features guarantee data invariability and integrity of medical data exchange, and provide security for working process.


How to satisfy consumer demand in healthcare

Today people take their health and self-care much more seriously. For example, the results several surveys demonstrate that almost  69% American citizens care of  their health. Moreover, 41% of those surveyed would like to change their doctor and visit another specialist the, and 74% of patients take into consideration news and announcements received after the doctor’s appointment.

Yet consumers are seldom provided with the access to their treatment plans and other similar information. It works so because of rules of the personal data, confidentiality and the HIT systems that are used today. So new methods to solve such problems the field of digital  healthcare are of great importance.

The blockchain technology is an instrument that allows to use the function of identification management with a predetermined access of confidentiality. So patients can monitor their health data. Besides,this data is encrypted so it is possible for consumers to share this personal information anonymously and selectively, for instance, for specialists to research it.


Dealing with the economic values of medical data

In the future one of the digital democratization requirements will be more detailed use of IT in the sphere of health care. New  model of treatment should become predictable and preventive and focused on the result.

The reduction of healthcare costs is observed  throughout the world, therefore blockchain technology offers new options for the economic advantage. Blockchain automatized many business processes, for instance, claim processing, management of accounts, supply of drugs. Decentralization of blockchain facilitates establishing commercial relationships and offers new means for promoting models of providing aid. All this allows to save great sums of money for healthcare sphere.


Providing precision medicine

It is estimated that about $300 billion is wasted every year on ineffective drugs that do not enable companies to receive anticipated benefits or even cause dangerous side effects, that is why pharmaceutical companies have to deal with pressure and try to prove the value of their drugs. Clearly the better solution for them in such a situation is to change the strategy by stopping the production of the so-called “bestsellers” and to develop personalized medicines instead. The idea of precision medicine is about to change the existing model of treating patients. The most significant part of precision medicine is personalized data, though there exist some problems connected with interaction of medical data and confidentiality.

Blockchain security infrastructure is developed to provide unimpeded data exchange in healthcare field. It can foster innovation in medicine and healthcare service and help to carry out greater demographic researches. These days pharmaceutical companies pay special attention to precision medicine and the invariability of records made with the use of blockchain can simplify cooperation between doctors, researchers and patients.

Such problems as cybersecurity, data compatibility, drugs supply, banking fraud can be solved by blockchain. This modern technology allows to optimize IT-systems and develop new business models. Nevertheless, the possibilities of blockchain are not unlimited as it cannot solve the healthcare problems.