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Posted on: May 24, 2021

How to Have A Fantastic Healthcare Record Using Blockchain Technologies With Minimal Spending?

Mishandling Patient Data is becoming expensive with the time. With the alarming scenario of COVID-19, some of the biggest data breaches in healthcare this year include sophisticated cyberattacks on medical data, health record disposals and spoofing medical campaigns. Spike in 2020 Healthcare breach was nearly 55%, with a rise of almost 600 cases. The hike in cost per breached data nearly rose from $429 last year to $499, indicating a 16.3% boom, which in turn is affecting 26 million people.

With the development of technologies, we have seen a rise in medical records, all the way from patients & hospitals, to pharmacies & laboratories, to mobile phones & smart devices. On the other hand, dependency on the primitive healthcare record system, isolates the data, making it inaccessible and disconnected from the outside proprietary systems. Thus, the system is not only becoming inefficient and is restricting its ability to operate with real-time patient data and optimize health outcomes, but also, leading to spamming and financial data crimes.

Blockchain Technology in Emerging Healthcare Infrastructure.

BIS Research predicts that the global healthcare market is expected to rise at a compound annual growth rate of 64% through 2025, reaching a value of $5.6 billion by then. Manoeuvre of blockchain-aided healthcare for patient data exchange will possibly contribute the largest market share, reaching $1.89 billion by 2025. Adoption of blockchain can resolve most of the healthcare problems like non-standardization & data silos but can save the industry up to $100-$150 billion per year by 2025.

A single global blockchain can present as the basis for a universal global electronic health record, contributing to a secure digital environment, competent in storing and managing patient information in a verifiable manner, publicly accessible in real-time by anyone in the healthcare ecosystem. 

Each new unit of information could be integrated to furnish an up-to-date, complete picture of patient health, authorizing physicians, pharmacies and various other providers to dispense better health care guidance to patients. And by using Blockchain, we can recapitulate and invent beyond the limitations of existing systems by leveraging their unique features. 

How is your institution handling sensitive patient data? Does your institution still store data on primitive healthcare record systems? In this context, do they have the knowledge of advancements taking place nowadays with Blockchain technologies?

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Anirban Mitra
Data Analyst – AI & ML

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