The Potential of Blockchain Technology in Healthcare
By Amar Tumballi
Integrating blockchain technology into healthcare promises to transform and improve patient care, data security, and administrative processes
The adoption and growth of blockchain technology were a response to the need for a foundational immutable data ledger in cryptocurrencies. Today, blockchain is the infrastructure backbone across many sectors. The capabilities of blockchain, such as tamper-resistant data records, immutable data records and handling multi-party access to data stores, are well suited for complex domains of our lives. The healthcare ecosystem has a large number of participants. So the introduction of blockchain addresses some of the critical challenges in this domain while also enhancing the security stance around data governance, patient-centricity and business efficiency.
The massively complex healthcare sector has several challenges. These include data silos across fragmented data systems, legacy workflows in record-keeping, a growing volume of high-quality data from medical and diagnostic systems and a sprawl of cybersecurity practices. Several recent cyberattacks on healthcare institutions have been a wake-up call to the regulators. Still, at the last mile, businesses have to navigate ways to a transformative IT approach.
The healthcare landscape is no stranger to hurdles. Fragmented data systems, inefficient record-keeping, and data breaches have long plagued the industry, hampering the delivery of quality care and compromising patient privacy. Herein lies the transformative potential of blockchain technology – a decentralized and secure digital ledger that offers a solution to these woes.
Data security and privacy breaches have been persistent concerns in the healthcare industry, often resulting in dire consequences for patients and healthcare service providers. The approach of patient-centricity and regulatory requirements now impose strict data governance policies on healthcare providers. This means a risk mitigation approach to managing and sharing data is a critical business need. Electronic health records (EHRs) and digital medical records are exchanged, annotated, and updated within the healthcare ecosystem. These datasets are also ingested by billing and accounting systems and relying parties such as insurance providers who service claims.
The high volume of data transactions leads to a skewed view of available datasets - they may be out of sync, incomplete, stale or inaccurate. Each of these conditions creates challenges for healthcare providers, which makes it expensive to deliver high-quality healthcare to patients. Data silos need to be disintermediated, with all stakeholders having fine-grained access to the data based on patient consent that is recorded and updated. Additionally, the data has to be secure and portable, and the patient needs to be empowered to manage and govern their data records.
The healthcare industry is critically dependent on data generation, retention and exchange. And blockchain technology offers ways to manage data sets that are secure and audit-ready. The immutable data write capabilities of blockchain enable the designs of fine-grained access control. The availability of a blockchain infrastructure can also help package the data streams as verifiable credentials. Verifiable Credentials (VCs) are digitally signed, secure representations of assertions around data elements which can be instantaneously verified and securely shared.
Today, blockchain-based EHRs and medical records systems can use VCs to integrate with third-party systems such as pharmacies, insurers and critical care providers, ensuring a unified view of patient datasets. VCs are also amenable to the digital delegation and digital guardianship model - where the patient can designate an individual to manage the records on their behalf.
The potential for blockchain to transform clinical trials is another area of promise. Clinical trials are critical for advancing medical research but often fraught with inefficiencies, delays, and even fraud. Blockchain can introduce transparency and trust into this process by providing an immutable record of every step in a clinical trial – from patient recruitment to data collection to analysis. This enhanced transparency boosts the credibility of trial results and allows for real-time monitoring, reducing the time and cost associated with bringing new treatments to market.
Integrating blockchain technology into the healthcare industry promises to transform and improve patient care, data security, and administrative processes such as billing, claims management and health insurance. By creating a secure and transparent environment for data sharing, blockchain can break down silos, enhance patient privacy, and improve interoperability. It can streamline administrative tasks, reduce inefficiencies in clinical trials, and empower patients to take control of their health journey. While challenges persist, the potential to reshape healthcare for the better is too compelling to overlook.
Author:
Amar Tumballi, Co-Founder & Vice President Engineering at Dhiway