Improving healthcare with Blockchain
What is Blockchain?
Basically, Blockchain is an encrypted digital ledger which is shared across a global network of computers. Encrypted is the keyword here as the data on the ledger is not accessible to the network. Rather, each computer can only see that the ledger has not been tampered with and "signs off" on the validity of the encrypted data.
Each transactional record in this ledger is called a block. Each new block contains a cryptographic validation of the previous block, new transaction data, and a time stamp. Users can only update the block they have access to. For example, checking a box confirming that a delivery has been made and paid for.
The chain of databases are always in sync, so any attempt to tamper with data will be detected by other links in the chain. With decentralised administration, hackers can't access just one central node, but would have to alter the data on each ledger around the world simultaneously. While this is possible, it is currently highly unlikely.
So, the main take away is: encrypted records shared across a network of databases increase transparency and security. Now let's look at a few use cases for this dynamic technology.
Streamlining data sharing benefits patients
According to the Massachusetts Institute of Technology (MIT) Review, there are 26 different electronic medical records systems in the city of Boston alone. But that is nothing unique. Around the world, there is a data disconnect among healthcare organisations. This is especially true in a fragmented system like that in the US, as well as nationalised programmes like Britain's National Health Service (NHS).
By using Blockchain to facilitate secure data sharing, patients could get faster access to much-needed specialists and facilities, rather than manually searching across various systems spread across wide geographical areas. Tech companies like Solve.Care and researchers such as the MIT Media Labare developing Blockchain-driven platforms to reduce the shortcomings of manual processes for patients and doctors, and all stakeholders in the healthcare industry.
If each patient had a personal Blockchain ledger, secure data could be added each time they see a doctor or fill a prescription for medication. From reducing the risk of drug interaction to providing appropriate emergency care to an unconscious patient, Blockchain-based record keeping has massive potential.
Reducing the cost of fraud for taxpayers
Fraudulent claims made to tax-supported systems is a costly problem around the world. Blockchain offers the possibility to reduce claims fraud and the associated costs. Placing personal identification data on a Blockchain ledger could help reduce data tampering and identity theft.
Automated Blockchain-driven processes could confirm that care services and medications are being delivered as claimed. By reducing the impact of fraud, tax money could be better spent on staffing and facilities.
Losses from fraudulent claims
Ensuring the safety of medicines
Counterfeit medications are a global problem, especially affecting people in poor and developing nations. But as international internet sales of pharmaceuticals grow, customers in developed nations like the US are increasingly buying fake or substandard medicines.
According the the World Health Organization (WHO), poor quality and counterfeit anti-malarial drugs cause 120,000 deaths each year in Africa alone. There is great potential for Blockchain to help ensure the quality of medicines on the market and reduce the serious damage caused by fakes.
- 30% of medicines in Asia, Africa, and Latin America are counterfeit
- 10% of all medicines sold worldwide are counterfeit
- $200 billion in losses annually to pharmaceutical companies worldwide
estimates from WHO
Challenges to implementing Blockchain
Many in the financial world are wary of the disruption caused by cryptocurrencies and the negative hype from that industry will certainly slow the adoption of Blockchain in healthcare. In addition to trust issues, Blockchain must also jump over hurdles including the cost of implementing new systems, staff training, and building interoperability between different systems.
Despite these issues, Blockchain-based solutions are increasingly being implemented in the healthcare and pharmaceuticals industries. The use cases touched on above are just a few of the possibilities. Once early movers demonstrate the benefits of Blockchain, we may soon see massive improvement in healthcare worldwide.