Global healthcare is poised to become the backbone of important economic development that impacts everyone in the supply chain of the healthcare commerce. Data monetization will unleash the power of patient centered data to achieve better outcomes across the healthcare value chain.
A Smartcontract and Blockchain powered health information network (HIN) can fundamentally reengineer the current healthcare systems and networks. These systems of networks have potential to improve the seamless interoperability, cyber security and ultimately achieve meaningful use of the patient’s data. There are opportunities of data integrity, single source of truth, decentralized and efficient transactions of data without trust-based system. The HIN based system enable patients to own and control their medical history data, thus care providers are empowered to provide care continuum with single source of truth. Also, it reduces or eliminates duplicates of tests, inaccuracy of medical data, reduces cost and improves and poor outcomes for the patients healthcare, while fully compliance with HIPPA standards.
On a blockchain, transactions are recorded chronologically, forming an immutable chain, and can be more or less private or anonymous depending on how the technology is implemented. The ledger is distributed across many participants in the network — it doesn’t exist in one place. Instead, copies exist and are simultaneously updated with every fully participating node in the ecosystem. A block could represent transactions and data of many types — currency, digital rights, intellectual property, identity, or property titles, to name a few.
The points of merit, from an initial investigation, are those requirements that specify the authorization of use, the use of de-identified information, and the definition of private information. Private health information (PHI or ePHI for electronic data) is defined as all individually identifiable health information held or transmitted by a covered entity or its business associate, in any form or media, whether electronic, paper, or oral.
Implementation of blockchain technology to ensure and enhance data security for all the medical records associated with the system can minimize health breaches and ultimate decentralization of record ownership. The process of encrypting data when sent to database using different algorithms and decrypting it during the retrieval will be used.