How BioStem Blockchain Will Affect the Future of the Healthcare Industry
The value of bitcoin and other cryptocurrencies remains a big question mark. Meanwhile, blockchain, the technology that is the foundation of cryptocurrency, is proving to be a massive disruptor for every industry.
Benefits of BioStem Blockchain for Medical Industry
For medical industry, the applications are endless. A blockchain containing electronic health records (EHR) can have each transaction or entry validated against the ledger, greater security system, a single unified system and the ability for patients to manage their personal health information (PHI).
We’re likely to see blockchain technology affect the medical industry in the next few years, with 56% of healthcare IT professionals saying their company expects to apply blockchain technology by 2020. That same group believes the greatest blockchain benefits will be in clinical trial records, regulatory compliance, and medical health records.
Within these main use cases, the biggest pain point solved by blockchain will be patient data security. Around 1.13 million patient records were compromised in 110 healthcare data breaches in the first quarter of 2018, according to the Protenus Breach Barometer. As EHRs become shared more often and more difficult to protect, blockchain technology will be the best opportunity for medical industry professionals.
Decentralized Ledger for Storage of Personal Health Information
Of those that plan to adopt blockchain healthcare technology early, 70% believe the blockchain will improve the management of health record data.
For years the medical industry has needed a Master Patient Index (MPI) that can easily interface with the hundreds of healthcare management solutions. While Health Information Exchanges (HIE) exist, none have been able to achieve what blockchain technology could.
With a decentralized index of all patient data, healthcare providers could easily request secured access to specific patient records and ensure that the record is up-to-date no matter how many other providers are accessing and editing the information.
More importantly, cybercriminals would not be able to breach a single hospital’s system and gain access to thousands of patient records. This would also prevent tampering with PHI as the information is verified by all users who have access to the data. Another great benefit is the added capabilities allowing users to revoke permissions/access to data when needed.
Tracking of Medication and Medical Assets
Blockchain technology has the ability to create unique identifiers for medical devices and assets. This technology can help improve tracking, reduce counterfeiting and automatically ensure compliance.
The need for smart medical asset management is clear as many current systems are difficult to achieve full adoption and can still lead to errors. The use of blockchain technology makes sure every part of the chain from supplier to delivery and providers are all verified and can all easily view the status of any asset.
Smart Contracts for Secure EHR Management
One of the main functions of blockchain technology is the ability to execute smart contracts which can run programs, share data, authenticate agreements, and more. This function can be used to create secure and automated access to patient health data that the patient can manage themselves.
BioStem Technologies is one company currently developing a cutting edge technology that aims to revolutionize the modern day medical and biotech industry by providing a decentralized platform which can be used for transactional activities, tracking purposes, Contract manufacturing and outsourcing, Monitoring and recoding patient’s data, streamlining medical device lifecycles & healthcare, contract manufacturing and Clinical trial management. In doing so, we also aim ensure that modern day Biotech products are readily available for everyone—not only the rich— at cheaper rates.