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Revolutionize healthcare with blockchain
Apogee Compliance Group • Feb 07, 2020
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In an era when data privacy has never been more important, blockchain has rapidly expanded into and taken over several industries, such as healthcare and pharmacological sciences. Propositions concerning blockchain-based technology are still in the process of development, but it's time to start familiarizing yourself with the technology.
What is blockchain?
Although the technology is known for enabling cryptocurrencies like Bitcoin and Ethereum, blockchain has a broader use beyond an alternative form of currency. And to understand its importance, you need to understand three key concepts:
- Blocks
These are encrypted data or documents. In healthcare, these can be in the form of test results. - Chains
Chains make data harder to counterfeit by linking every block with the one that preceded it using an encrypted address. - Decentralized networks
By using decentralized networks, each computer in the network can check for suspicious modifications in the chain. Every block added to the chain gets distributed to all the computers in the network, and when one computer tries to alter previous blocks without authorization, others can compare it with their local copies and deem it as fake.
Blockchain was originally developed to eliminate the need for centralized banks to process and validate transactions. The technology allows people to freely transfer money because each computer in the network can examine the chain and confirm the legitimacy of a transaction.
As a result, transactions are much safer and more efficient. They cannot be modified unless every computer in the network is compromised simultaneously. That level of data security and integrity helps reduce costs in the healthcare industry.
Blockchain technology in healthcare
Even with the use of digital files, data loss continues to be one of the biggest problems in healthcare. One notable incident is from the American Medical Collection Agency (AMCA) , where 25 million patient data records were compromised due to a hacking incident.
Here’s how blockchain can address the problem of data loss:
- Medical histories and records can be stored in a chain that patients can access and control. If a primary care physician needs to see the patient’s medical history, they need to get the patient’s authorization first.
- Payments between banks, government entities, insurance providers, and patients can all be coordinated in a fraction of the previous time needed and without costly intermediaries.
- Healthcare equipment usage, depreciation, and life cycles can be automatically tracked in a chain to keep tabs on the status of expensive and fragile fixtures.
What’s more, ransomware has hit healthcare hard over the past years, and service providers are forced to rely on costly solutions to keep up with the exponential growth in digital records. Blockchain technology can resolve both issues of security and rising costs at once.
Adopting new technology can be intimidating, especially for an industry as heavily regulated as healthcare. Blockchain has already been adopted by several organizations, but before you embrace this technology, you need full-time IT experts to assess your systems and manage your security. To learn more about blockchain in healthcare, give us a call.
The question of monitoring your employees’ computers is a tricky one. Some say such a practice is unethical. But it can also be a way to prevent data breaches. Find out the pros and cons of monitoring your employees’ online behavior by reading this blog. And should you decide your business needs employee monitoring, we […]
Advances in IT have transformed paper medical records into digital files that can easily be accessed and stored. Sadly, this development has also resulted in sensitive healthcare data, or personal health information (PHI), becoming a bigger target for hackers. Because of this, healthcare providers must remain vigilant against all forms of cyberattacks. From financial information […]
Cutting costs is great for business, but only if doing so does not result in lower-quality products or services. You can achieve this kind of compromise in your IT system, too. Instead of investing in expensive computer hardware, you can opt for affordable but powerful thin and zero clients. What are thin and zero clients? […]
Most people don’t question the padlock icon that sometimes appears in their web browser’s address bar. If you’re one of those who didn’t know, it’s a security feature that authenticates websites and protects the information users submit to them. Another indicator you’re in a secure site is the HTTP before the site’s URL. But why […]
IT services are more critical than ever before, proving their value in the face of a health crisis and the abrupt shift to remote working. Here are some ways managed IT services providers (MSPs) are helping small companies leverage technology to support their remote teams and go about business as usual. Providing infrastructure and service […]
If you have an Android device, be careful! An exceptionally dangerous Android malware known as DEFENSOR ID is currently making the rounds in the Google Play Store. The malware exploits the Accessibility Services in an Android device to evade detection by traditional security measures. This threat can put your data and business in jeopardy, so […]
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With the COVID-19 pandemic, many business owners are cutting costs and jeopardizing their organization’s efficiency as a result. If you want to avoid this outcome, you should invest in cloud technology. The cloud will not just help you save money, but it will also help your business run more efficiently. Ensuring continuity and efficiency with […]
Many small- to medium-sized business (SMB) owners never expect a major crisis to hit their company and are often caught flat-footed when it does. Such events can cause downtime, which can lead to lost revenue and reduced profits. In addition, SMBs that fail to recover quickly from disruption face the risk of losing their customers […]
When it comes to cybersecurity, you probably think of protecting computers, apps, or online databases first and printers last. Precisely because they’re overlooked in, printers can be exploited by hackers and used as a gateway to infiltrate your systems. Secure your networks against intruders by following these steps. What makes business printers vulnerable to cyberattacks? […]