Introducing the integrated cloud platform powered by state-of-the-art APIs that enables the creation and execution of your data strategy with privacy and HIPAA-compliance at the forefront

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As technological advancements continue to reshape the healthcare industry, data has emerged as a valuable currency, unlocking many possibilities. Healthcare data holds immense potential for innovation, research, and financial gain, from patient records and diagnostic information to wearables and genomics. However, alongside this promising landscape, it is crucial to navigate the legal and ethical dimensions surrounding the use and disclosure of sensitive patient information. I am speaking with Chrissa McFarlane, CEO of Patientory. In this interview, we will unravel how data is being monetized today, all while navigating the critical regulatory framework outlined by the Health Insurance Portability and Accountability Act (HIPAA). So, let's get started. healthcare Can you provide an overview of the current state of healthcare data monetization? What are the various ways in which healthcare data is being monetized today? The healthcare industry generates large amounts of data every second. There has been a notable increase in data utilization within the healthcare industry. Organizations are actively exploring ways to maximize the potential of this valuable resource, driven by advancements in technology and a growing recognition of how can facilitate healthcare advancements and enhance overall health results. big data Healthcare data has been monetized through various means. One common method is research collaborations. In these collaborations, healthcare organizations, research institutes, and pharmaceutical companies come together to access and analyze healthcare data to conduct research. Another way in which healthcare data is monetized is through data analytics and insights. By leveraging the available data, valuable insights can be generated. This process involves identifying trends, optimizing clinical workflows, and enhancing operational efficiency within the healthcare industry. Personalized medicine and healthcare are other areas where healthcare data is utilized for monetization. By harnessing the information contained in healthcare data, personalized treatment approaches and precision medicine strategies can be developed and implemented. Additionally, can be used for advertising and market research purposes. This involves utilizing the data to target specific patient populations for advertising campaigns and conducting market research. healthcare data By analyzing the data, consumer preferences can be identified, and tailored marketing strategies can be devised to reach the target audience better. How do companies or organizations typically monetize healthcare data? Are there specific business models or strategies that are commonly employed? Companies and organizations can employ various strategies to monetize healthcare data. There are both direct and indirect ways of monetizing healthcare data. In the indirect approach, organizations can monetize data through analytics, which allows for valuable insights to enhance internal processes, products, and services. In this approach, the data remains within the organization while being utilized to develop more personalized patient healthcare plans. Additionally, it actively enables patients to participate in their health and care through digital empowerment. The direct approach involves revenue streaming that can be built by selling data to third parties, setting up data-as-a-service, or creating personalized products and services for target audiences with partners. What challenges or limitations do healthcare organizations face when attempting to monetize data while adhering to HIPAA regulations? Healthcare organizations face several challenges and limitations when attempting to monetize data while adhering to HIPAA regulations. The process of obtaining patient consent for using their personal health information can present challenges due to various factors. Individuals may have concerns about privacy, data security, potential misuse of data, and the commercial use of their personal health information. These concerns can create hurdles in obtaining their consent for activities related to , research, analytics, or other commercial purposes. data monetization One significant aspect covered entities must address is the privacy and security of data. Covered entities must implement appropriate safeguards to comply with regulations and protect electronically protected health data (ePHI). These safeguards are necessary to prevent unauthorized access, use, or disclosure of ePHI. Covered entities must establish robust data security measures that ensure the protection of PHI throughout the entire data life cycle, including data sharing and collaborations with third-party entities. By prioritizing the privacy and security of data, covered entities can alleviate concerns and build trust with individuals. This trust is essential in obtaining patient consent and ensuring that their personal health information is handled responsibly and securely throughout its journey. Are there any specific examples or case studies that highlight successful healthcare data monetization initiatives while maintaining compliance with HIPAA regulations? In the healthcare industry, several companies have developed business models centered around the monetization of healthcare data while maintaining compliance with HIPAA regulations. HealthVerity is one such company that operates a secure data exchange platform. Their platform enables healthcare organizations to share and monetize their data assets securely. HealthVerity strongly emphasizes data de-identification, privacy compliance, and transparency to patients regarding the use of their data. Komodo Health offers a healthcare data platform designed to provide insights and analytics to various stakeholders in the healthcare industry. They specialize in aggregating and analyzing de-identified patient data from diverse sources. This enables them to generate real-world evidence, support research efforts, and drive improved patient outcomes. TriNetX has established a global health research network that facilitates collaboration among healthcare organizations. Their platform allows these organizations to leverage de-identified patient data for clinical research purposes. TriNetX ensures that researchers can access and analyze real-world data while adhering to privacy and security regulations. IBM Watson Health has partnered with numerous healthcare organizations to leverage de-identified patient data for research and data analysis objectives. By following and implementing robust de-identification methods, IBM Watson Health has successfully developed data-focused solutions that enhance healthcare outcomes. HIPAA regulations These companies showcase how it is possible to monetize healthcare data compliantly. Their efforts drive innovation and advancements in the healthcare industry and prioritize patient privacy and data security. How do healthcare organizations balance monetizing data for financial gain and safeguarding patient privacy under HIPAA regulations? When it comes to healthcare organizations navigating the delicate balance between monetizing data for financial gain and safeguarding patient privacy under HIPAA regulations, it can be a complex task. However, some strategies can be implemented to help achieve this balance. One crucial strategy is the implementation of strong data security measures. by implementing robust security measures. This includes encryption, access controls, and regular security audits to prevent unauthorized access, use, or disclosure of sensitive information. Healthcare organizations must prioritize protecting patient data Another important strategy is obtaining informed consent from patients. Healthcare organizations should seek explicit patient consent before utilizing their protected health information (PHI) for purposes beyond treatment, payment, or healthcare operations. Informed consent should clearly explain the purpose of data use, potential recipients of the data, and any financial implications that may arise from the data utilization. Furthermore, implementing data governance frameworks is vital. These frameworks help healthcare organizations establish a structured approach to managing and safeguarding patient data throughout its lifecycle. By adopting these strategies, healthcare organizations can navigate the complexities of data monetization while upholding patient privacy under the regulations outlined by HIPAA. It allows them to balance leveraging data for financial gain and safeguarding the sensitive information entrusted to them by patients. Are there any specific requirements or safeguards that healthcare organizations must implement to ensure the protection of patient privacy when engaging in data monetization activities? Compliance with HIPAA regulations is a critical aspect for healthcare organizations. This entails implementing administrative, physical, and technical safeguards to secure PHI. Additionally, healthcare organizations must designate a privacy officer responsible for ensuring compliance with HIPAA requirements. Healthcare organizations must implement robust data security measures to safeguard patient privacy during data monetization. One essential practice is data minimization, which involves collecting and retaining only the minimum necessary patient data for monetization purposes. This ensures that excessive or unnecessary data is not stored or used, reducing potential privacy risks. Clear guidelines should be established to define the purpose of data use, and organizations must ensure that data is not used or disclosed beyond the scope agreed upon with the patients. By following these practices, healthcare organizations can maintain compliance with HIPAA regulations and protect patient privacy throughout the data monetization process. These measures demonstrate a commitment to responsible data handling and reinforce patient trust in the organization's safeguarding of sensitive information. How do patients' rights and consent come into play when healthcare data is monetized under HIPAA regulations? Patients' rights and consent play a significant role when healthcare data is monetized under HIPAA regulations. Patients are entitled to receive information, grant consent or authorization, exercise control over their data, request limitations, and receive notifications in case of breaches. Upholding and honoring these rights is crucial for healthcare organizations to comply with HIPAA and guarantee the responsible and during data monetization. ethical utilization of patients' health information By providing clear information, obtaining informed consent, allowing control and opt-out options, and ensuring data privacy, healthcare organizations can foster trust and respect patients' rights when monetizing healthcare data under HIPAA regulations. Can you discuss any emerging trends or future developments in healthcare data monetization, considering both the evolving landscape of technology and the regulatory environment, including HIPAA? The evolving landscape of technology and the regulatory environment influences several emerging trends and future developments in healthcare data monetization. These trends are poised to shape the future of healthcare data monetization. holds immense potential to revolutionize healthcare data monetization. With its decentralized and immutable nature, blockchain can enable secure and transparent data sharing and transactions. Blockchain Technology This technology can enhance data privacy, traceability, and auditability, which are crucial in healthcare. Patients may gain more control over their data, and transactions involving healthcare data could be executed securely, reducing reliance on intermediaries. Another significant trend is the increasing use of Machine Learning and Artificial Intelligence (AI) technologies. These technologies are expected to play a vital role in the future of healthcare data monetization. The popularity and utilization of AI and can bring significant advancements in how healthcare data is utilized and monetized. These technologies can extract valuable insights, identify patterns, and optimize various processes, thereby enhancing the effectiveness of healthcare data monetization efforts. machine learning Furthermore, Data interoperability and standardization initiatives are gaining momentum in the healthcare industry. These initiatives aim to establish common standards and protocols for data exchange and integration. By promoting interoperability, healthcare organizations can improve data accessibility and sharing, enabling more effective data monetization strategies. The evolving landscape of technology and the regulatory environment continues to shape the future of healthcare data monetization. As emerging trends like blockchain, AI, and data interoperability gain traction, healthcare organizations have the opportunity to unlock the full potential of healthcare data while ensuring privacy, security, and compliance with regulations. How do healthcare data brokers or intermediaries play a role in healthcare data monetization? What responsibilities do they have in ensuring compliance with HIPAA regulations? Healthcare data brokers or intermediaries play a crucial role in healthcare data monetization by facilitating the exchange and sale of healthcare data between different entities. Working as a middleman, they have direct obligations to comply with HIPAA regulations and safeguard the privacy and security of PHI in their possession. They must implement appropriate administrative, physical, and technical safeguards to protect the PHI they handle, including the measures to prevent unauthorized access, use, or disclosure of PHI. They are responsible for using or disclosing the minimum amount of PHI necessary to fulfill the intended purpose of data monetization, limiting access to and sharing of PHI to authorized parties only. What are the benefits and risks associated with healthcare data monetization under HIPAA regulations? How do these factors impact the industry and patients as a whole? Healthcare data monetization under HIPAA regulations presents potential benefits and risks that significantly affect the industry and patients. One of the key benefits is the potential for improved healthcare outcomes. By monetizing healthcare data, innovative solutions and personalized treatments can be developed. This can lead to advancements in medical care, resulting in improved patient outcomes and quality of life. Additionally, healthcare data monetization can support research and development efforts. By utilizing data for research purposes, medical professionals and scientists can gain valuable insights that can aid in developing new therapies, medications, and medical technologies. This fosters innovation and contributes to advancements in the healthcare field. Collaboration and knowledge sharing are also facilitated through healthcare data monetization. Healthcare organizations, researchers, and professionals can collaborate more effectively by exchanging and analyzing data. This collective knowledge sharing can lead to a deeper understanding of diseases, improved care protocols, and more efficient healthcare delivery. However, there are also risks associated with healthcare data monetization. Privacy and security concerns are significant considerations. The handling and sharing of sensitive patient information must be conducted with utmost care to protect patient privacy. Data breaches and cybersecurity threats pose a risk, potentially exposing patient information to unauthorized access or malicious intent. Moreover, regulatory and compliance challenges can arise in healthcare data monetization. Adhering to HIPAA regulations and other applicable data protection laws is essential to ensure legal and ethical practices. Healthcare organizations must navigate complex regulatory frameworks to ensure compliance while leveraging data for monetization purposes. A lack of transparency and consent can also be a risk in healthcare data monetization. Patients may have concerns about how their data is being used and the implications of data monetization. Ensuring transparency in data usage, providing clear information, and obtaining informed consent from patients are crucial to address these concerns and maintaining patient trust. Considering both the benefits and risks, healthcare organizations must navigate the landscape of healthcare data monetization thoughtfully. By striking a balance between leveraging data for positive outcomes and addressing privacy, security, regulatory, and consent-related concerns, the industry can harness the full potential of healthcare data while safeguarding patient interests. What steps can healthcare organizations take to build public trust and transparency regarding monetizing healthcare data while complying with HIPAA regulations? Healthcare organizations can take various approaches to build public trust and transparency regarding monetizing healthcare data while complying with HIPAA regulations. First, they must develop clear and easily understandable privacy policies that outline how patient data is collected, used, disclosed, and monetized. They must educate patients about the benefits, risks, and safeguards associated with data monetization. Providing educational materials and resources that help patients to understand how their data is protected and their rights regarding data usage. Opening communication channels with patients and relevant stakeholders can enhance trust. Address concerns, provide channels for feedback and inquiries, and respond promptly and transparently to any privacy or data-related incidents. By respecting patients' rights and obtaining their informed consent, healthcare organizations can ensure that patients have control over the use and disclosure of their PHI for data monetization. This helps maintain patient trust, promotes transparency, and upholds the principles of privacy and autonomy outlined in HIPAA regulations. How do you foresee the future of healthcare data monetization evolving, taking into account the increasing importance of privacy and security considerations and potential updates to HIPAA regulations? The future of monetizing healthcare data will be influenced by balancing driving innovation, safeguarding privacy and security, and meeting evolving regulatory demands. The industry will actively address these challenges, embracing emerging trends, emphasizing ethical data practices, empowering patients, and assuming responsibility for data stewardship. Various trends and developments shape the future of healthcare data monetization. Enhanced data security measures, including encryption and anonymization techniques, are being adopted to protect patient information. Consent mechanisms are being improved to give patients greater control and understanding of data usage. Regulatory updates drive compliance efforts, and data governance frameworks are established to ensure responsible data utilization. Lastly, patient empowerment is emphasized through transparent policies and access to records. These trends collectively aim to safeguard privacy and foster trust in healthcare data monetization.

Understanding the Current Status of Healthcare Data Monetization: A Chat With the CEO of Pentientory

হেলথকেয়ার ডেটা মনিটাইজেশনের বর্তমান অবস্থা বোঝা: Pententory এর CEO এর সাথে একটি চ্যাট

Den aktuellen Stand der Monetarisierung von Gesundheitsdaten verstehen: Ein Gespräch mit dem CEO von Pentientory

Comprender el estado actual de la monetización de datos de atención médica: una conversación con el director ejecutivo de Pentientory

Comprendre l'état actuel de la monétisation des données de santé : conversation avec le PDG de Pentientory

हेल्थकेयर डेटा मुद्रीकरण की वर्तमान स्थिति को समझना: पेंटेंटरी के सीईओ के साथ एक चैट

ヘルスケア データの収益化の現状を理解する: Penentory の CEO とのチャット

헬스케어 데이터 수익화 현황 이해하기: 펜티엔토리 CEO와의 대화

Entendendo o status atual da monetização de dados de assistência médica: um bate-papo com o CEO da Pentientory

Sağlık Verilerinden Para Kazanmanın Mevcut Durumunu Anlamak: Pentientory CEO'su ile Sohbet

Tìm hiểu hiện trạng kiếm tiền từ dữ liệu chăm sóc sức khỏe: Trò chuyện với Giám đốc điều hành của Pentientory

了解医疗保健数据货币化的现状：与 Pentientory 首席执行官的对话

The healthcare sector faces numerous issues when it comes to data storage, sharing, and verification. Patient data exists in isolated silos and doctors cannot access it when needed, while hackers seem to be able to take advantage with relative ease. Patients don’t feel like they own their health information. Counterfeit drugs are flooding the market as no one can verify their origins. Are traditional data management practices becoming obsolete? Even though blockchain technology has emerged in the financial sector, blockchain use cases in healthcare are gaining traction, too. The global medical blockchain market is , rising at a CAGR of 35% from 2021. Hospitals and other medical facilities are tapping into to enhance their data-related practices. expected to reach $55.83 billion by 2026 blockchain development services So, how blockchain works in healthcare? And which challenges could you expect while implementing the technology in the medical sector? What is Blockchain, and How Does it Benefit Healthcare? Blockchain is a decentralized distributed system that generates and stores data. When one device on a blockchain performs a transaction, all other devices generate identical blocks reflecting this action. Similarly, when blockchain data is manipulated in any way, a block is created to record this information so that any change can be easily verified and tracked back to its source. You can learn more about on our blog. blockchain and its applications in a dedicated article How can blockchain be used in healthcare? This technology incorporates advanced cryptography mechanisms to enhance data security. With blockchain’s permission system, it gives data ownership back to the individuals, and with its transparency, it facilitates clinical trials by documenting and time stamping all the details. Furthermore, it offers unique contract management and payment capabilities. Advantages of Blockchain in Healthcare Here are the main benefits blockchain technology brings to different healthcare actors: Blockchain for healthcare organizations: Improves decision-making as blockchain allows several doctors from different locations to view the same data in real-time. Transforms patient medical records to a decentralized system that can’t be tampered with Speeds up medical credentialing Blockchain for Patients: Empowers patients to assume ownership of their medical data Supports consent mechanisms prohibiting healthcare providers from accessing information without patient permission Enables patients to participate in research and otherwise monetize their data without intermediaries Collects and stores data from wearable devices in a secure manner Blockchain for Pharmaceutics: Helps to recruit participants for clinical trials Supports reliable and auditable documentation of clinical trials with its immutable records Allows spotting counterfeit drugs Blockchain for Insurance: Speeds up confirmation obtaining process Unlocks the opportunity for insurers to draft and manage agreements using smart contracts Cuts down costs by eliminating intermediaries Disadvantages of Blockchain in Healthcare: There are several disadvantages to adopting blockchain in healthcare stemming from the nature of this technology: As the number of blocks grows, the transaction time increases, causing delays. Inability to permanently delete records. The network simply creates more blocks that reflect the invalidation of existing records. For this technology to function, every involved organization needs to be on board with it. Potential problems with large patient files, such as MRI scans. High planning, developing, and maintenance costs Blockchain in Healthcare: Use Cases Here are seven of the most prominent blockchain technology applications in healthcare: Transparent supply chain Faster medical credentialing Patient-centered EHRs Manageable medical trials Enhanced security Commitments enforced via smart contracts Genomic research Blockchain Increases Healthcare Supply Chain Transparency Counterfeit drugs are a persistent problem. The World Health Organization (WHO) estimates that in developed countries are not legitimate. This number increases in the developing countries to reach almost 10%. Proving this point, the Drug Enforcement Administration (DEA) . The agency reports this number is higher than it was in two previous years combined. up to 1% of all medications available for purchase captured over 9.5 million fake medications in the US in 2021 One of blockchain’s use cases in healthcare is that it allows customers to track the products at every stage, including manufacturing, wholesale, and shipping to make sure the items are legitimate. This is crucial for both drugs and medical devices. Once a ledger is created for a drug, it records the point of origin, a laboratory for example. Since then, every manipulation on this drug is documented. Blockchain can incorporate rather extensive information, such as labor costs and how much waste was emitted during manufacturing and transportation. is an example of a blockchain protocol that healthcare organizations can use to verify information on prescription drugs’ supply chain. This includes expiration dates, manufacturers, etc. MediLedger also allows different parties to exchange secure peer-to-peer messages. Many prominent healthcare providers, such as Bayer, Pfizer, and Cardinal Health use this network. MediLedger In another example, Paris-based Blockpharma built a solution that scans medications’ supply chain and verifies it across all points of shipment. The company’s app allows patients to verify the legitimacy of their purchase. Blockpharma worldwide. is believed to intercept 15% of counterfeit drugs Blockchain Speeds up Medical Credentialing Verifying credentials – training, skills, medical licenses, and education – is a tedious process that is typically performed via phone and email and can take up to four and even six months to complete. The Council for Affordable Quality Healthcare reports that payers to maintain a comprehensive healthcare provider database. Blockchain technology can offer a faster and more reliable substitute that doesn’t rely on direct human references. spend almost $2 billion per year Blockchain allows healthcare organizations to log and monitor the credentials of their staff. This arrangement streamlines the hiring process and improves transparency and trust between subcontractors, hospitals, and patients. Additionally, blockchain records allow incremental updates when professionals need to add qualifications. is a healthcare credentialing startup founded by two physicians. It uses blockchain to verify primary source credentialing documents with the aim to reduce time on new hires’ background check. Carilion Clinic tested ArchiveCore software against their typical hiring process for 17 staff members and was amazed to discover that . ArchiveCore they could have saved $1.2 million in lost revenue Blockchain Enables Patient-Centric EHRs Sharing medical data is a sensitive and highly-regulated task. A survey conducted among physicians and nurses in the US that patients’ safety is at risk when exchanging their health information among different departments. reveals that 74% of the respondents believe One of the most popular blockchain use cases in healthcare is to offer a comprehensive overview of patients’ records and manage data sharing consent. Such systems give patients full control over their records – they are notified when their data is updated, and they can share full or partial records with doctors, researchers, and other parties. Patients can even set a time limit on how long their records are visible to a particular third party. Insurers can use this system to validate confirmations with patients directly, without intermediaries. One application of the technology comes from . This company helps healthcare providers integrate their electronic medical records with a blockchain-powered platform. MedicalChain software can be used to develop other healthcare solutions, such as virtual consultations and marketplaces that enable patients to monetize their anonymized medical data. MedicalChain Blockchain Facilitates Clinical Trials ClinicalTrials.gov reveals that drug development . Clinical trials produce large amounts of data and involve many people, such as sponsors, study subjects, doctors, researchers, drug manufacturers, etc. Hence, mistakes can occur easily and there is room for intentional falsification. Finding and recruiting participants is another issue. A recent report shows that participated in clinical trials. Also, trails’ information is typically stored in centralized databases, making it challenging to share among all stakeholders. costs around $350 billion globally per year only 8% of cancer patients Another blockchain use case in healthcare is to make clinical trials more transparent, allowing researchers to identify studies with questionable protocols and prevent their publication. With this technology, all clinical trial documents can be time-stamped and securely stored. Blockchain records include project proposals, surveys, research design, blood tests, patient consent forms, etc. Moreover, this technology allows participants in dispersed geographical locations to view the data simultaneously in real-time, which is crucial for trial decision-making. Additionally, blockchain can help manage clinical trials’ finances. For example, the German pharma company Boehringer Ingelheim teamed up with IBM to implement a blockchain-based bookkeeping system for its trials. Delayed payment of trials’ participants is another issue. It typically takes several months for those people to receive income. Bloqcube specializes in blockchain-powered clinical trial software and it believes that working with central bank digital currencies can significantly speed up the payment process, allowing doctors and patients to receive compensation a few minutes after performing a task. Blockchain Enhances Security Health data is mostly stored on centralized databases which cannot offer adequate protection against theft and breaches. According to HIPAA Journal, a total of across 686 healthcare data breaches. 44,993,618 medical records were compromised in 2021 Blockchain can facilitate secure health data storage and sharing. For example, , headquartered in California, operates as network-as-a-service and uses blockchain to offer a set of policies, configure data layers, and verify health data source and destination in real time. Akiri Blockchain also supports encryption. If healthcare providers want to access patient information, they will need the corresponding public key. Research shows that the protected health information (PHI) residing on their workstations. , a major US-based test and vaccine verification platform resorts to blockchain to encrypt its data and further anonymizes it. 63% of healthcare organizations fail to encrypt Testd Another security-related use case of blockchain in healthcare is supporting wearable medical devices. This technology facilitates recording and safe transmission of IoT data from devices to healthcare providers. It can protect the data from unauthorized tampering, block access to certain devices, and shut down compromised nodes. Blockchain Enforces Commitments VIA Smart Contracts Contract-related disputes and failure to honor contract terms is a problem in every industry. Research shows that in the medical sector, while due to reasons such as incomplete information, duplicate claims, improper registration, etc. 10% of insurance claims are disputed 17% of claims are being denied Smart contracts can offer a solution to these daunting problems. A smart contract is a piece of code deployed on a blockchain. It is set to be executed automatically when predefined conditions are met. Smart contracts help the medical sector to cut down on costs by eliminating intermediaries. This technology enables different healthcare actors, such as providers, patients, insurers, and medical device manufacturers. to authenticate themselves on the network and document contract clauses, which will be carried out automatically and will remain visible to all parties involved. For example, when a patient visits a doctor, this event will be reflected in the blockchain ledger, and the insurer will be notified. Stakeholders can turn to smart contracts to verify facts and speed up dispute resolutions. Curisium, , developed a blockchain-powered platform that supports contract management and negotiation in the healthcare sector. It allows providers and payers to participate in innovative secure contracting arrangements and find common grounds in case of a dispute. recently acquired by Philadelphia-based HealthVerity Blockchain Enables Genomic Research The costs of genomic sequencing sharply decreased nowadays, with some companies . This encourages scientists to engage in genome-related research. But where to find willing participants? And how to provide secure storage for such massive datasets? from $10,000 a few years ago to $1,000 claiming to perform this task for solely $100 Here is another blockchain use case in healthcare. This technology allows participants to store billions of genome data points, exchange them securely between interested parties, and establish ownership. The technology also supports individuals in legally monetizing their genomic information without involving intermediaries. For example, offers a blockchain-enabled DNA marketplace where participants can upload, share, search, and sell genetic data using traceable DNA tokens. EncrypGen In another instance, the Israeli biotech company demploys blockchain to facilitate genomic data exchange between data owners and researchers by using DNAtix tokens as means of payment. The company takes pride in fully anonymizing payments and contracts. DNAtix Here is what the company’s CEO, , “We are bringing a new possibility of participating in research, testing your DNA, storing your DNA, and staying anonymous. It’s the safest genetics on the planet that will be available.” Ofer Lidsky says Challenges of Blockchain in Healthcare : blockchain stores and maintains highly sensitive and regulated patient data on a network that is designed to be transparent. Healthcare organizations need to make sure they are compliant, and the risk of data exposure is minimized. Compliance with HIPAA and other data privacy regulations : medical facilities will need to evaluate the possibilities of storing enormous amounts of data without compromising heavily on the performance. Large volumes of healthcare data : we can’t maximize blockchain security, scalability, and decentralization simultaneously. One of those parameters is improved at the expense of the others. For example, if blockchain is scaled in a way that its payment system is adopted globally, the security of handling those transactions is likely to be compromised. Researchers are looking for solutions, but at the moment, this remains a relevant concern. Finding the right balance : another challenge of blockchain in healthcare is that data access is based on permissions. But what to do if a patient physically can’t give explicit consent in case of emergency? Organizations will have to come up with protocols on how to operate in this and similar situations. Access authorization : blockchain uses cryptography to secure its data. Hence, there is an issue of key management. Using the same public key for all blocks implies that all the data would be exposed if the key is compromised. On the other hand, using a different key for each block will drastically increase the costs of storing and accessing data. Private and public keys How to Proceed With Implementing Blockchain in Healthcare? As Stuart Hanson, CEO of Avaneer Health, pointed out during his interview with Healthcare IT News, blockchain is not a standalone technology that medical facilities can just plug in and solve all their issues. It is not a platform that can be added to an existing tech stack. If your organization wants to be effective in its blockchain adoption, you might need to adapt your internal processes, expand tech stacks, and help your employees and partners to shift their mindset towards a new operating mode. Moreover, organizations that want to benefit from blockchain use cases in healthcare to their full extent, will need to work together and team up with their competitors. For example, IBM and banking institutions that naturally compete against each other, such as Sentara Healthcare, Cleveland Clinic, and Aetna among others. The goal of this cooperation was to establish a governance framework that will monitor a blockchain-powered healthcare network. collaborated with healthcare organizations If you are interested in starting with blockchain implementation in the healthcare sector, it is best to consult professional . Even though deploying this technology seems complicated, with the right support, your medical facility will be able to reduce costs, improve patient care, and increase data security and transparency. healthcare software development companies Do you want to enhance your data and contract management practices with blockchain technology? ! Our healthcare experts will set you up with an existing blockchain platform and assist you with customized smart contract development. Drop ITRex a line Co-published . here

What is the Advantage of Using Blockchain Tech in Healthcare?

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