Hi there! Have you heard about using blockchain technology in medicine and healthcare services? As an IT advisor specialized in healthcare data security and infrastructure, I‘ve been utterly fascinated by the rapid innovations in this space.
In this comprehensive guide, I‘ll explain how blockchain works, provide real-world examples of its medical applications, review key benefits seen already, and predict the future of this potentially transformative technology across the health sector.
So whether you‘re a healthcare provider, health insurer, patient looking to take control of your data or just interested in the latest tech trends in medicine – read on! I‘ll uncover why blockchain may soon be integral to global healthcare infrastructure.
Why Healthcare Needs Blockchain
Before we dive into the applications, it helps to understand why the healthcare industry needs blockchain solutions in the first place.
In one word: trust.
Or rather – the lack of it when it comes to how medical data gets stored, shared and managed today.
Health data breaches expose over 15 million patient records each year in the US alone. These lead to massive healthcare costs – over $17 billion annually.
No wonder 91% of healthcare CIOs rated improved data security as their top priority in a 2019 survey.
Simultaneously, doctors struggle with inefficient processes around interoperability, claims management and clinical communication that introduce errors and delays in patient care.
Enter blockchain technology.
You likely know blockchain as the foundation for Bitcoin and cryptocurrencies. But here‘s how it works in a nutshell:
- Decentralized digital ledgers spread across multiple computers
- Cryptographically secured records of transactions or data
- No central authority controlling the data
- Changes must be validated by all ledger participants
This makes tampering virtually impossible. It offers transparency around all interactions. And it builds trust through decentralized consensus.
Over one-third of healthcare organizations already have plans to implement blockchain solutions this year according to IBM.
The potential here is enormous – from revolutionizing EHRs and remote monitoring to securing clinical research and medical supply chains.
Let‘s explore some real-world examples…
Securely Managing Electronic Health Records
Over 90% of healthcare organizations have faced a data breach in the past couple years. Hundreds of millions of patient records have been compromised, exposing sensitive personal information.
Blockchain offers a powerful solution.
By storing EHRs using decentralized ledger architecture, breaches become near impossible. Patients can selectively disclose information to doctors on the network via private keys without worrying about cyberattacks.
One company using this approach is BurstIQ out of Colorado. They have developed a blockchain-secured health information exchange platform now used by government entities like the US Department of Health and Human Services.
The results so far are profound according to BurstIQ CEO Frank Ricotta:
"We’ve seen 97% reductions in data reconciliation errors and 40% drops in administrative costs around managing patient data."
Meanwhile, Singapore-based Accredible is implementing EHR systems leveraging blockchain across Southeast Asia. And in Canada, Spectrum Health is running a blockchain pediatric network spanning multiple hospitals and clinics.
The outcomes include far stronger data privacy and integrity across organizations used to fragmented records and insecure systems.
And with blockchain, patients stay in control. As Ronald Peterson, MD and Director of the Alzheimer ́s Disease Cooperative Study notes:
“The patient is the one who should have control over his or her own data. When health information is going on a blockchain, it ́s the patient who controls who has access.”
Enhancing Clinical Communication and Interoperability
Fragmented recording and sharing of health data has hindered coordinated care across healthcare entities for years. Can blockchain fix this?
Using decentralized ledgers, different health IT systems can seamlessly exchange and update patient information on shared data standards. Referrals, lab orders and care transition documents can flow securely between providers without compromising privacy.
One pioneer in the space is Solve.Care – whose platform is now actively used by government agencies and insurers across Europe and Asia.
Some results thus far:
- 70% lower admin costs for coordinating patient care
- 90% fewer errors from misplaced documents
- 50% higher patient consent and engagement
Pretty incredible in terms of streamlining clinical workflows while putting patients first!
Meanwhile, healthcare blockchain company Hashed Health has catalyzed a consortium of over 50 leading healthcare entities – including hospitals, payers and pharma giants working to enhance clinical data exchange.
John Bass, CEO of Hashed Health, notes:
"Within 5 years, blockchain infrastructure will underpin a majority of electronic patient engagement across the healthcare continuum."
Protecting Genomic Data to Power Research
Human DNA sequences contain immense volumes of invaluable data to enable medical research on deadly diseases. But sharing genomic data today is filled with friction and ethical concerns around privacy.
Enter healthcare blockchain solutions focused specifically on genomics – like Shivom, Nebula Genomics and Encrypgen.
These companies allow consumers to get their genome sequenced then sell access to their genomic data via secure blockchain-based marketplaces. The platforms maintain privacy while connecting those willing to share their biology with scientists looking to drive innovations.
Payments get automated to data owners when their information contributes to any research publications or discoveries. It‘s a validated approach growing fast.
Shivom Case Study
- 540,000+ users joined the platform as of 2022
- Partners include pharma majors like Genentech
- Token model incentivizes data sharing with researchers
- Users get alerts on their smartphone if their data gets used
As Shivom‘s CEO Axel Schumacher summarized:
"For life sciences, blockchain is enabling trusted and transparent collaboration on genomics R&D between patients, scientists and corporations. This will drive enormous innovations."
The model holds vast potential across medical realms like oncology, neurology, cardiology and more by unlocking genomic data insights in an ethical way.
Securing Pharmaceutical Supply Chains
Did you know that over 10% of drugs sold worldwide are counterfeits costing the industry $200 billion annually? And these fake medications lead to nearly half a million deaths each year.
But blockchain technology can help spot such falsified or compromised drugs early before they reach hospitals, pharmacies or consumers.
By creating immutable ledgers tracking medications at each link across supply chains, abnormalities get flagged instantly. If a suspicious batch enters circulation, all network participants are alerted immediately.
Chronicled is one company offering such solutions already used across North America and Europe by giants like McKesson, Panasonic, and Walmart.
Benefits Seen With Chronicled‘s Solution
- 7-15% savings in supply chain reconciliation costs
- 90% reduction in investigations around suspect drugs
- 97% of supply chain events fully verified in under 10 seconds
As Chronicled CEO Susanne Somerville explains:
"Counterfeit drugs pose an enormous patient safety issue globally. But leveraging blockchain and IoT sensors, we can now pinpoint suspect medications in real-time before reaching healthcare providers or patients."
This pattern holds tremendous potential for further safeguarding and optimizing pharma supply chains worldwide.
Meanwhile, blockchain also allows end-users to check drug authenticity themselves…
Empowering Consumers Against Counterfeit Drugs
Beyond securing supplies, blockchain also arms consumers to validate medications before purchase or consumption.
For example, Argentinian health tech firm ONG has developed an anti-counterfeit solution called UD Vault. It combines mobile scanning technology with blockchain repositories for users to instantly authenticate medications out in the market.
Here‘s how it works in 3 simple steps:
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- Users download the UD Vault app for free
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- They scan a drug‘s unique QR code using their smartphone
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- Within seconds the app screens the drug‘s supply chain record against a blockchain-verified products database
If discrepancies appear – it may be a fake or tampered drug. This protects buyers from common scams.
Impact So Far
- 400+ drug types supported in the verification database
- 30+ partner pharmacies across Argentina testing the solution
- 95% of authentications completed by consumers in under 8 seconds
As ONG CEO Esteban Feuerstein notes:
"Counterfeit drugs are complex to detect for common people. But combining scanning apps with blockchain lets consumers safeguard their own health. We see incredible promise."
Indeed, such innovations give patients and pharmacists alike the power to combat invalid or dangerous medications directly.
Verifying Healthcare Practitioner Credentials
Do you ever worry whether doctors treating you have valid credentials or licenses? Shockingly, over 250 physicians in the US each year turn out to have fraudulent diplomas or records. This puts patient safety at serious risk.
Once again – blockchain comes to the rescue by reliably verifying healthcare practitioner qualifications and supporting documents like no other current system allows.
For example, California-based Professional Credentials Exchange has developed a platform now used by over 60,000 medical practitioners to store digital certificates and licenses cryptographically secured on blockchain ledgers.
Verifiers like hospital HR departments and insurance credentialing teams can then instantly check credentials are authentic with permission – fully eliminating doubts or falsifications.
Measurable Improvements
- 90% less administrative time spent verifying licenses
- Near zero cases of detected credentials fraud since adopting
- 22% faster doctor onboarding turnaround times
Says Professional Credentials Exchange CEO Alex Zinder:
"Delays or errors in confirming healthcare professionals‘ qualifications have been far too common. But leveraging blockchain for immutable, transparent verification streamlines everything – improving safety measures and workflows."
The Road Ahead: Mainstream Blockchain Adoption
While still early days, blockchain is rapidly moving healthcare toward an interoperable, patient-centric and transparent future built on trust.
Over a third of healthcare organizations experimenting with blockchain solutions expect to scale usage across networks by next year according to Deloitte.
The big fish are buying in too. Insurance giants like Aetna, Ascension and Humana are investing heavily in blockchain infrastructure for use cases from payments to EHRs.
Meanwhile, blockchain-enabled remote patient monitoring platforms are poised for explosive growth as Internet of Things (IoT) wearables penetration swells globally.
Furthermore, major IT vendors serving healthcare clients – including Microsoft, Amazon, IBM and Oracle – have launched enterprise-grade blockchain toolsets ready for custom deployments.
But to fully unlock blockchain‘s potential, broader adoption by clinical practitioners is essential. Ongoing physician education around the pragmatic benefits will be pivotal.
Government policies nurturing crypto-based medical innovations rather than deterring them will similarly help drive mainstream proliferation.
As healthcare futurist Alex Zhavoronkov summarizes:
"Blockchain has the capacity to accelerate medicine decades forward within 10 years…if stakeholders collectively embrace decentralized models placing patient needs first."
The pieces are falling into place. Momentum is accelerating.
Therefore, I predict healthcare blockchain applications will transform population health management forever within this decade. The technology can re-establish trust, rewire incentives and unlock value across systems that have inhibited progress for too long.
Change doesn‘t come easily in healthcare. But blockchain offers a golden path forward – one brick at a time!
So there you have it – a comprehensive look at blockchain‘s emergence in medtech. What potential use cases excite you most? Which companies are leading the charge? I‘d love to hear your perspectives in the comments below!
