How Blockchain shall transform the Healthcare industry
Blockchain has captured the attention of the world as a huge investment opportunity with millions across the globe investing into bitcoin and other alternative cryptocurrencies. However, its future isn’t as an investment vehicle but in its real world applications. This is best witnessed with its widespread implications for stakeholders across the health care ecosystem. The healthcare industry is overwhelmed with data – patient medical records, clinical trials, medical research and more. A Blockchain driven health information exchange could unify all such data and create a truly interoperable health care system.
Medical Data Management
Since 2009, the federal government has spent over $29 billion to encourage adoption of electronic health records but records are still heavily fragmented. Incredibly, there are still over 1,000 electronic medical record platforms in the market with varying levels of functionality across each system. This lack of compatibility across different systems is an impediment to the transparent communication of health information and inhibits patient health management on a larger scale. This is a problem that is well suited for Blockchain to solve with researchers at MIT having developed a prototype system on Blockchain called MedRec. MedRec gives patients control over their medical data by linking and allowing them access to their medical records across the variety of their doctor’s databases. By providing a platform for one-stop access to the entire medical history of a patient across all providers Blockchain can streamline the sharing of medical records in a secure manner.
Clinical Trial Records
Over the decades, protocols have been established in an attempt for accurate data capture in clinical trials but to this day information on this topic remains contentious and incredibly hard to obtain. COMPare a project created to monitor clinical trials reported that just nine out of the 67 trials it examined had truthfully reported its results. This inconsistency in reporting is harmful as not only does it diminish patient care but the consequences of error prone reporting are suffered by all. Blockchain could centralise the results of clinical trials consequently improving care and patient outcomes. This would be done by recording and time-stamping trials as they are developed. Thus capturing the lifetime history of clinical trials and revealing any instances of “outcome switching,” ensuring data being recorded and shared was the real result. Blockchain would in essence discourage selective reporting of only good outcomes and ensure precise results.
Supply Chain Integrity
Blockchain has the unique capability of shifting the focus from incomplete information held by a single participant to the lifetime history of an asset. This relates to not just data management of a patient’s medical record but also to the supply chain of a bottle of pills across different channels. At present an estimated $200 billion in losses is incurred by pharmaceutical companies through counterfeit medicine. Blockchain shall allow companies to track the manufacturing and distribution cycle of medication across the supply chain. Leading to better handling and storage of drugs and preventing counterfeit drugs from entering the market. Blockverify a UK based start-up has already begun work on a pilot system that lets pharmacies and consumers scan pills and certify their authenticity.
Estonia as a Use case
Estonia has embraced the application of blockchain technology in the healthcare industry, having secured the medical records of over a million patients. Through a Keyless Signature Infrastructure, Estonia has created a unified online platform that permits entry of new data while preventing any unauthorised alteration of the medical records. Not only has this led to patient empowerment but it has also paved the way for medical transparency. Furthermore, it has enabled state agencies and insurers to expedite transactions in an efficient manner across the private and government sector. Estonia is leading this charge in blockchain and is proof of the success of blockchain technology in the healthcare sector. Estonia has also demonstrated how Blockchain can safeguard medical records and enhance health care in a cheaper and easier fashion whilst improving the entire healthcare ecosystem. It serves as a leading light for countries across the world to take note and follow in the coming years.
The current healthcare system is somewhat archaic when dealing with issues of security and interoperability. The current system is ripe for a disruption in its digital infrastructure. Especially with the introduction of wearable and new IoT devices that have interconnected data flows, a platform for easy and ready access of this data shall be required by healthcare professionals. To maximise the usability of the troves of medical data currently available and empower all players in the healthcare sector, implementation of Blockchain technology shall be crucial. Healthcare organisations are now in the process of testing Blockchain and its ability to support their operations, while the technology is still in infancy future applications will inevitably be realised in the coming decade. Blockchain has the capability of providing an efficient and improved dialog between caregivers and patients by allowing greater interoperability, integrity and security of medical records. disc Therefore, Blockchain has the potential to connect fragmented systems to form better insights and ultimately improve the level of care provided to patients.