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To read it on the CHN website, click here. Earlier this year, Abid Hospital in Pakistan began accepting PakCoin a cryptocurrency similar to Bitcoin as payment for healthcare services, paving the way for innovative medical payment solutions in Asia.
Only a handful of other healthcare providers around the world accept Bitcoin, including a private hospital in Poland and several forward thinking medical practices here in the United States. Aside from using Bitcoin or other blockchain technology for payment, there are a number of cutting edge ideas emerging for use of blockchain in the healthcare industry. Blockchain technology is in its infancy, having emerged from the financial crisis. In basic terms, blockchain is a distributed database ledger full of transaction information blocks blocks.
Each new block depends on a link to the previous block chain to verify its authenticity. The chain is part of what makes the records more secure. If a past block is altered, then the whole link is flagged as incorrect back to the point of the change. This information protection removes the need for a single repository with centralized verification.
The blockchain system allows chains to be shared among a network. The network has a system to verify transactions and then the ledger is updated for all members on the network.
No one person has the sole copy, so all updated records are verified against the most recent distributed ledger, ensuring authenticity.
The network can be as vast as the entire public or a controlled group with certain access rights. Although there is a lot of media hype surrounding blockchain, and a fair number of skeptics questioning its value beyond cryptocurrency, there are many innovators toying with creative ways to disrupt traditional healthcare business models through blockchain technology. Innovators are developing blockchain platforms for, among other things, wellness applications, electronic health records, patient identification software, medical inventory management, supply chain tracking, and precision medicine.
From a general data privacy standpoint, one of the primary benefits touted about blockchain technology is its ability to keep information both confidential and secure, which could significantly advance cybersecurity. However, any blockchain applications handling protected health information will need to have appropriate physical, technical, and administrative safeguards to comply with HIPAA.
Current blockchain technologies may need to be refined to address the unique challenges posed by HIPAA and other health information privacy laws. For example, some experts have observed that blockchain ledger verification is accomplished using mathematically derived pseudonyms, which may raise issues under HIPAA because such pseudonyms create the potential for re-identification of protected health information.
These issues have to be further addressed for the blockchain to provide the type of privacy and security necessary to make it a more widely used option in the healthcare industry.
To make advancements in this area, healthcare providers and tech companies will need to collaborate on ways to harness blockchain technology to streamline healthcare operations, for cost savings, to improve patient care, and gain a competitive advantage. Healthcare Hopping on the Blockchain.
Blockchain is a Distributed Ledger that Verifies Authenticity Blockchain technology is in its infancy, having emerged from the financial crisis. Blockchain Innovations Could Transform Traditional Healthcare Models Although there is a lot of media hype surrounding blockchain, and a fair number of skeptics questioning its value beyond cryptocurrency, there are many innovators toying with creative ways to disrupt traditional healthcare business models through blockchain technology.
Blockchain May Need to be Refined to Address Requirements under HIPAA From a general data privacy standpoint, one of the primary benefits touted about blockchain technology is its ability to keep information both confidential and secure, which could significantly advance cybersecurity.
Collaboration Needed to Foster Creative Blockchain Solutions for Healthcare To make advancements in this area, healthcare providers and tech companies will need to collaborate on ways to harness blockchain technology to streamline healthcare operations, for cost savings, to improve patient care, and gain a competitive advantage.