Blockchain Defines the Future of Healthcare Systems
What is Blockchain?
Blockchain is an up-and-coming technology that will disrupt the current tech and consumer markets. A blockchain is essentially a digital ledger of transactions that is built on top of networks that span and are distributed across all computer systems. The blockchain consists of blocks, each transaction event represents a block and each new block is added to the previous for each participant of the blockchain. This essentially creates a public chain record of events. The catch with blockchain is that even though there is a public record of events, the details and information of each event is encrypted. Because blockchain creates a public chain of records, it will be evident if someone attempts to change the details of a single block. If hackers wanted to corrupt a blockchain system, they would have to change every block in the chain, across all of the distributed versions of the chain. This type of system creates a framework without any need for intermediaries. Blockchain-based applications will remove the cost and friction that exists with middlemen services due to its peer-to-peer framework. Everything is handled in public.
Behind the Scenes of the Blockchain: Introduction of Zero-Knowledge Proofs
Zero-Knowledge proofs are the backbone of what creates the privacy of the information on the blockchain. This protocol provides necessary information without revealing detailed private information that's usually needed to come to a conclusion. For example: If we want to see who has more money between Anna and Harry, zero-knowledge proofs would tell us who has more money without revealing the amounts each individual has.
The protocol would allow the transport of information that can be aggregated accordingly to the right receiver. This increases the verification, privacy, security, and accuracy of information. On top of this, smart contracts can be built in order to utilize the information for its specific purpose. A smart contract is essentially an agreement between two parties without worrying about trust because the agreement is based on a contracted formula. The formula would ensure the purpose for which the information would be used and for no other purpose.
How does this benefit healthcare?
Blockchain will revolutionize the dynamic between patients and their healthcare providers. This technology will allow rapid exchanges amongst medical records and patient data with increased security and privacy. Health care facilities are known to have a large amount of friction with storing, updating, transporting, and handling patient privacy.
Here are few possibilities blockchain will introduce:
- Hospital and patients would no longer need to spend time retrieving patient information through self filled forms in order for the patient to be checked
- Pharmacists would be able to accurately verify that the Patient is prescribed a certain medicine
- Patients would be able to verify that their diagnosis is accurate
- Patients would be able to verify a doctors background and make sure they are comfortable trusting the doctor
The biggest application to battle this is the implementation of a blockchain-based system of electronic health records. This enables healthcare providers to take a holistic view of patient information and produce better health outcomes along with allowing patients to experience an increased personalized health experience by having control over their own medical data.
Having control over your own medical data is an umbrella term:
There are cons of being able to interpret your own medical data, in order to battle this blockchain can provide the following: You can have access to your medical data in a zero-knowledge proof, you have possession of the data but you won’t be able to interpret the data. You would provide your data to your desired medical provider and with the use of a smart contract framework in which they would be able to aggregate your medical data from the database.
Example Framework of Blockchain Application in Healthcare:
Scope of Applications
We have currently only scratched the surface of platforms being built based on Web3 principles. There is yet to be a massive amount of newly identified applications and strategies that can be utilized in the space. Currently, we only see the application of securely storing patient data in company databases or transporting secure patient data from different mediums. This is only one discovered case.
Having decentralized patient information without compromising integrity and identity leads way to endless applications for diagnostics as well. We can expect reputation-based diagnostics applications to be the future of healthcare and telemedicine: “a patient addresses their concerns through a framework and provides their medical data record, and then a pool of trusted doctors provide independent diagnostics and collegially agree on a final diagnostic.” This system would
- increase accuracy and quality of diagnostics
- provide a more accessible form of healthcare
- Used as an incentive for doctors to increase their accuracy of diagnostics and learn from other doctors. The doctors that provide more accurate diagnostics will be rewarded more.
This application doesn’t just exist in diagnostics, we can see a similar application used in drug development and pharmaceuticals to streamline drug development processes. There is still an endless number of applications that can emerge in this space, this is just the beginning.
Current Players
Let's take a look at some current players tackling the healthcare space with the application of Blockchain according to: https://builtin.com/blockchain/blockchain-healthcare-applications-companies.
SIMPLYVITAL HEALTH
SimplyVital Health is making its decentralized technology available to the healthcare industry. It’s Nexus Health platform is an open source database that allows healthcare providers, on a patient’s blockchain, to access pertinent information. Open access to important medical information helps healthcare professionals coordinate medical efforts more quickly than traditional methods.
NEBULA GENOMICS
Nebula Genomics is using distributed ledger technology to eliminate unnecessary spending and middlemen in the genetic studying process. Pharmaceutical and biotech companies spend billions of dollars each year acquiring genetic data from third parties. Nebula Genomics is helping to build a giant genetic database by eliminating expensive middlemen and incentivizing users to safely sell their encrypted genetic data.
ENCRYPGEN
The EncrypGen Gene-Chain is a blockchain-backed platform that facilitates the searching, sharing, storage, buying and selling of genetic information. The company protects its users’ privacy by allowing only other members to purchase the genetic information using safe, traceable DNA tokens. Member companies can use the genetic information to build upon their genetic knowledge and advance the industry.
PATIENTORY
Patientory’s end-to-end encryption ensures that patient data is shared safely and efficiently. The company’s platform enables patients, healthcare providers and clinicians to access, store and transfer all important information via blockchain. Patientory helps the healthcare industry to move more quickly by housing all patient information under one roof.
Market
The blockchain market for healthcare is very early and growing rapidly, projected to reach $8.36B by 2027. With the introduction to more applications and newly built protocols, this projection is determined to constantly increase in the long run. With blockchain introducing a more accessible form of healthcare, it’s expected to see healthcare markets in developing countries start flourishing.
The biggest restriction in blockchain currently is the lack of knowledge and awareness of the technology, which is why there is an application adoption in certain industries. However, in recent news: “On March 4, 2021, Moderna and IBM announced that they will be collaborating on strengthening and improving COVID-19 vaccination management. The collaboration will see the use of IBM Blockchain and Artificial Intelligence (AI) to improve the vaccine supply chain and expand data sharing. A vaccine distribution pilot will ensure real-time tracking of the inoculations while accelerating data sharing between healthcare providers and other stakeholders.”
With bigger and reputed players adopting blockchains methodology, it’s expected and exciting for more web3 applications to be seen in the near future.