Owning data is now the equivalent to owning wealth and power. With that in mind, it would seem as if the healthcare industry should be the richest and most powerful. Unfortunately, this is the industry that has proven to struggle significantly who is managing data and harnessing its power.
The unfortunate truth is that even the noblest goals set by companies in the healthcare industry can't be met unless the information is adequately managed.
Data Challenges in the Healthcare Industry
When it comes to data management, healthcare faces several challenges. These include the lag in adopting modern technology solutions, devices from multiple Generations that are not compatible with one another, poorly designed record systems, information silos, and poorly planned security solutions. All of these issues are further complicated with the matter of regulatory compliance.
Data Health in Blockchain
The healthcare industry has already begun to adopt some changes to help with its data problems. These include artificial intelligence, Cloud Solutions, and augmented/virtual reality Solutions. Where the industry has been slow in adoption, however, is with blockchain. Many healthcare companies have just begun to explore its possibilities.
It's predicted that 20% of healthcare companies will begin using blockchain for patient identification and operations. Unfortunately, that means another 80% will not be adopting this technology; this is because the powers-that-be in many companies associate blockchain when's cryptocurrencies and unproven Tech.
Decentralizing Healthcare Data for Security
Decentralization is the most well-known benefit of using blockchain. The healthcare sector is full of centralized databases that are not interoperable. Because of that, these often work against the goals of patient-centred care. Further, centralized data poses a significant risk. If one piece of data becomes corrupted or is stolen, the rest is as well. Centralized data has a single entry point for hackers to exploit, and for other weaknesses to cause havoc. By implementing blockchain healthcare companies can prevent this via decentralization and encrypted security. This provides protection from data corruption, hackers, and hardware problems.
Data Security for the Internet of Medical Things
There are millions of smart medical devices in operation today. This has led to a huge amount of data being fat into the healthcare sector. Healthcare IoT is only going to get bigger both in the United States and across the globe. Once again, it will be blockchain and artificial intelligence that overalls for all of these data transactions to be paired with a trustworthy audit trail.
Demographic Information
Population demographic studies are a part of value-based healthcare. However, there are still issues to be dealt with in terms of data security, interoperabilityфук oh, and the ability to share data gleaned from population demographic studies. These issues can be solved with solutions that improve data integrity, facilitate real-time data updates, and use blockchain for security and auditing purposes. Further, study participants could receive cryptocurrency payments as an incentive to provide useful information. These payments could be used to offset their healthcare costs.
Blockchain in Clinical Trial Data
Accuracy and transparency is a major concern when it comes to clinical trial data. Blockchain can put many of these concerns to rest. When this technology is applied, all records are time-stamped for authenticity and connected to smart contracts. This reduces the risk of fraud, validates data, and saves time and running. Blockchain can also be used to keep track of the Pharmaceuticals being tested in these trials.
Drug Supply Chain Security Act
The drug supply chain Security Act was established to prevent loss of life and other problems caused by the counterfeit drug trade. Blockchain help companies become compliant with this act and even sure that companies are meeting the standards set by the FDA.
Finally, blockchain has other benefits. It makes it easier to give patients more control and access to their Healthcare information, and help ensure that healthcare is more human-centered. Contact us to learn more about the ways in which our blockchain experts can team with data security Pros to help you adopt blockchain solutions.