Blockchain is huge in the healthcare

Blockchain is one of the biggest trends in the healthcare sector right now. Since Bitcoin,^1,2 blockchain technology has evolved and is now considered as a new form of a distributed ledger, since arbitrary data can be stored in the metadata of the transactions.³ With this capability, many blockchain-based healthcare applications are emerging rapidly. Example applications include unalterable patient records,⁴ improved care data sharing/analysis without ceding control,^5–7 and enhanced robustness for counterfeit drug prevention/detection systems in pharmaceutical supply chains.

How Blockchain innovation brings fractional ownership?

Most Crypto Health solutions have made a resourceful ecosystem (like BitMed or MedRec) with a security token offering among distributors to encourage, and patients to engage, in a healthy schedule. The hope is that a well-informed client (patient) will reduce the risk associated with chronic diseases like obesity, hypertension, alcohol, diabetes, and substance abuse, and it also reduces healthcare costs.

Blockchain development benefits of Healthcare

Blockchain, especially when using a Smart Contract has the potential to deal with the concerns regarding access, security, dealing, and privacy of electronic medical records. Conceptually, patient’s data can be feed on the Blockchain creating a secure 256 bit encrypted patient record. The patient can be provided with a private key and an accessible address for his data. Patients can select to grant access to any healthcare provider of their choice by their signature along with that of the clinic. This way, the patients will have a full control of their own data, and they can choose the healthcare provider they would like to access it. It will also save hospitals from the costs associated with setting up and maintaining patients’ records beneficially, and much reliability is there. Blockchain for healthcare provides patients with more control, more security, reduced development costs for the entire healthcare industry and incredible speed.

Smart Contract in Healthcare

Example of smart contract for data queries such as “how many patients have hemoglobin test results for postmenopausal females”. (a) Traditional process of a researcher requesting a data query within a clinical data research network (i.e., from University A

 to University B), including the use of an electronic form as well as the need for a data concierge person to manage and respond to the queries. (b) Blockchain-based smart contract approach to manage/record the data queries automatically without human. Note that the choice of the query depends on the Institutional Review Board (IRB) approval as well as the Data Usage Agreement (DUA) signed between universities.