Blockchain in healthcare is used for everything from securing patient data to managing the pharmaceutical supply chain.
And it couldn’t come at a better time: The United States is expected to spend almost 20 percent of its GDP on healthcare by 2032 as high hospital costs, inefficient practices and constant data breaches continue to plague the industry. These expensive problems are spurring a drive for greater efficiency and innovation.
How Can Blockchain Be Used in Healthcare?
Blockchain’s distributed ledger technology facilitates the secure transfer of patient medical records, strengthens healthcare data defenses, manages the medicine supply chain and helps healthcare researchers unlock genetic code.
With its ability to deflate the current spending bubble, protect patient data and improve the overall healthcare experience, blockchain in healthcare may help ease the pain. The technology is already being used to do everything from securely encrypting patient data to managing the outbreak of harmful diseases.
These 16 examples of blockchain in healthcare are creating a more seamless experience for patients and healthcare professionals alike.
Blockchain and Healthcare Data Security
In 2023, there were 725 data breaches of at least 500 patient records — the most ever reported to the Department of Health and Human Services Office for Civil Rights. Blockchain’s ability to keep an incorruptible, decentralized and transparent log of all patient data makes it a technology ideal for security applications. Blockchain uses complex codes to protect sensitive medical data and conceal the identity of any individual. Its decentralized nature also allows patients, doctors and healthcare providers to share the same information quickly and safely.
Check out how these five companies apply blockchain to healthcare data security.
By implementing the Electronic Patient Interactive Device, or ePID, into clinical trials, Novo Nordisk aims to make patient data collection both more convenient and more secure. Software engineers at the company have implemented blockchain technology into ePID’s data collection capabilities to ensure medical information isn’t breached or altered in any way, thereby securing the integrity of the clinical trial process.
Akiri operates a network-as-a-service specifically for the healthcare industry, helping protect transportation of patient health data. The Akiri system does not store data of any kind. It operates as both a network and a protocol to set policies and configure data layers while verifying the sources and destinations of data in real time. Akiri ensures healthcare data remains secure and shareable with only the parties authorized for access at the moment they need it.
BurstIQ’s platform helps healthcare companies safely and securely manage massive amounts of patient data. Its blockchain technology enables the safekeeping, sale, sharing or licensing of data while maintaining strict compliance with HIPAA rules. Because BurstIQ’s platform includes complete and up-to-date information about patients’ health and healthcare activity, it could help to root out abuse of opioids or other prescription drugs.
Medicalchain’s blockchain maintains the integrity of health records while establishing a single point of truth. Doctors, hospitals and laboratories can all request patient information that has a record of origin and protects the patient’s identity from outside sources.
Guardtime is helping healthcare companies and governments implement blockchain in their cybersecurity methods. The company was vital in helping implement blockchain in Estonia’s healthcare systems, and it signed a deal with a private healthcare provider in the United Arab Emirates to bring blockchain to its data privacy systems.
Blockchain Medical Records
About 25 percent of U.S. healthcare spending is considered wasteful due to services that don’t have clear benefits, are harmful or could be replaced with cheaper alternatives. The process of accessing a patient’s medical records exhausts staff resources and delays patient care. Blockchain-based medical records create one ecosystem of patient data that can be efficiently referenced by healthcare professionals and institutions. In this way, the blockchain can lead to better diagnoses and personalized care plans.
These three companies embrace the concept of blockchain medical records to create shared databases and personalized health plans.
Avaneer is a company backed by Aetna, CVS Health, Cleveland Clinic and other healthcare leaders that is dedicated to using blockchain technology to improve healthcare efficiency. Avaneer uses a public ledger to support better claims processing, secure healthcare data exchanges and keep provider directories up-to-date.
ProCredEx has created a distributed ledger of healthcare credentials data that boosts complex dataset efficiency by rendering the data immutable and permanently traceable. It allows data to be curated to meet unique organizational requirements and shared with authorized partners. The platform uses proprietary validation engines and restricts memberships to vetted and approved organizations so health systems can rapidly acquire verified credentials and promote patient safety and care quality.
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 move more quickly by housing all patient information under one roof.
Blockchain and Medical Supply Chain Management
Blockchain has serious implications for pharmaceutical supply chain management, and its decentralization virtually guarantees full transparency in the shipping process. Once a ledger for a drug is created, it will mark the point of origin. The ledger will then continue to record data every step of the way, including who handled it and where it has been, until it reaches the consumer.
Here are five companies using blockchain to rethink the medical supply chain.
Chronicled builds blockchain networks that demonstrate chain-of-custody. The networks help pharma companies make sure their medicines arrive efficiently, and they enable law enforcement to review any suspicious activity — like drug trafficking. Chronicled also created the Mediledger Project, a ledger system dedicated to the safety, privacy and efficiency of medical supply chains.
Embleema is a virtual trial and regulatory analytics platform designed to fast-track drug development. Users are recruited to digitally consent to secure, untampered medical data collection, which is then stored on Embleema’s blockchain and analyzed. Embleema’s platform allows patients to assist in speeding up treatment availability and improving safety, all through the company’s Virtual Suite.
Tierion’s blockchain audits documents, records and medicines to keep a clear history of possession. The company uses timestamps and credentials to maintain proof of ownership throughout a medical supply chain.
SoluLab offers services to support companies with blockchain application development. For the healthcare industry in particular, SoluLab’s solutions can help determine the authenticity of drugs and medical data by tracing their origin, as well as encrypting data.
FarmaTrust’s blockchain solutions have applications for tracking pharmaceuticals, determining the authenticity of medical devices, and maintaining data security for patients scheduling vaccinations and diagnostic testing. The company’s services help keep fake drugs out of the supply chain, for example, while also offering an app that lets consumers check whether medicines are genuine.
Breakthroughs in Genomics
Genome sequencing could cost about $1 million in 2007, but the price has since fallen to around $600. Blockchain is a perfect fit for this growing industry as it can safely house billions of genetic data points. It’s even become a marketplace where people sell their encrypted genetic information to create a wider database, giving scientists access to valuable data faster than ever before.
These three companies use blockchain to help us better understand the most basic building blocks of human life.
Acquiring doc.ai in 2021, Sharecare has capitalized on its enhanced engineering expertise and developed a decentralized research platform. The Smart Omix platform makes it easy for researchers to prototype, revise and launch mobile studies. In addition to housing patient records, Smart Omix allows researchers to collect patient data via wearable devices and offers features like e-consent for a faster research process.
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 and incentivize users to safely sell their encrypted genetic data.
The EncrypGen Gene-Chain is a blockchain-backed platform that facilitates the searching, sharing, storage, buying and selling of genetic information. The company — acquired by IndyGeneUS AI in 2021 — protects its users’ privacy by allowing only other members to purchase genetic information using safe, traceable DNA tokens. Member companies can use the genetic information to build upon their genetic knowledge and advance the industry.
Frequently Asked Questions
How is blockchain used in healthcare?
Blockchain has many uses in healthcare, including encrypting patient data, securing data exchanges, removing unnecessary medical paperwork and serving as safe databases that provide valuable data for clinical research and development.
What are the downsides of blockchain in healthcare?
Although blockchain technology is more secure, there’s still the risk of cyber attackers targeting blockchain networks and accessing sensitive patient information. The costs to adopt the technology and the energy required to maintain it could also pose challenges for organizations looking to transition to the blockchain.
