Blockchain and Ethereum Technology in the Healthcare Sector!
In the ever-evolving landscape of healthcare, Ethereum and blockchain technology are making significant strides, offering enhanced security, efficiency, and transparency.
Primarily, these technologies provide a decentralized, tamper-proof, and encrypted database that secures sensitive healthcare data. By eliminating reliance on a central server, they significantly improve data security, reducing breaches and associated costs[1]. Patient data is encrypted and stored in a way that only authorized parties can access it through cryptographic permissions, thus enhancing patient privacy while maintaining interoperability among healthcare providers[1][2].
Ethereum, specifically, enables the use of smart contracts, self-executing code that automates secure data recording, transaction validation, and access controls within healthcare systems. Smart contracts facilitate trustworthy, auditable workflows — for example, managing consent for data sharing or automating claims processing in billing[2][4].
Applications of these technologies include:
- Patient-centric Electronic Health Records (EHRs): Blockchain enables the creation of a unified, encrypted patient health record where actual data is stored off-chain but referenced securely on the blockchain. Patients hold private cryptographic keys to grant view-only access to chosen providers, breaking down data silos and empowering patients with control over their data[3].
- Clinical trial and pharmaceutical data management: Blockchain provides a time-stamped, immutable ledger for clinical trial data and R&D activities, ensuring data integrity and traceability. This reduces fraud and improves trust in trial results and intellectual property rights[3].
- Vaccination management: Applications deployed on Ethereum, like VAXBLOCK, securely manage vaccination records, appointment scheduling, and vaccine inventories — especially promising for improving healthcare delivery in low-resource settings by ensuring data integrity and privacy[5].
- Billing and administrative data management: Given that billing data comprises a significant portion of medical data, Ethereum and blockchain enable encrypted, secure handling of billing information alongside prescriptions and patient details, potentially reducing fraud and errors[4].
- Enhanced interoperability and auditability: Blockchain’s distributed ledger creates a transparent, unalterable audit trail for all transactions, which helps reduce fraud, monitor data provenance, and improve coordination among multiple healthcare stakeholders[1].
The Institute called NIST states that blockchain technology can act as a tamper-resistant nature over digital ledgers[6]. It provides proper verification of participants in the healthcare sector, offering effective network infrastructure for healthcare and medical data[7].
As the cost of healthcare continues to rise, experts are considering the use of Ethereum and blockchain technology to address the issue[8]. Many companies are now harnessing the power of these technologies in the healthcare sector, with Ethereum and blockchain having a significant role[9]. Developed nations are spending a significant amount of effort on healthcare, and blockchain technology offers greater protection against attacks in this sector[10].
In conclusion, Ethereum and blockchain technology are transforming healthcare by securing data, improving patient privacy and control, enabling trustworthy clinical data management, supporting public health efforts like vaccination tracking, and streamlining administrative processes through smart contracts and decentralized systems[1][2][3][4][5]. These technologies are a focus in the healthcare department for their potential to improve security and efficiency.
[1] Blockchain in Healthcare Today. (2021). [online] Available at: https://blockchaininhealthcaretoday.com/ [Accessed 10 Feb. 2023].
[2] Harvard Business Review. (2018). Blockchain and Healthcare: What's the Big Deal? [online] Available at: https://hbr.org/ [Accessed 10 Feb. 2023].
[3] Medical Economics. (2021). How blockchain is revolutionizing healthcare. [online] Available at: https://www.medicaleconomics.com/ [Accessed 10 Feb. 2023].
[4] Healthcare IT News. (2019). Blockchain in healthcare: The state of the industry. [online] Available at: https://www.healthcareitnews.com/ [Accessed 10 Feb. 2023].
[5] Forbes. (2020). How Blockchain Could Revolutionize The Vaccine Supply Chain. [online] Available at: https://www.forbes.com/ [Accessed 10 Feb. 2023].
[6] National Institute of Standards and Technology. (2019). Blockchain Technology Overview. [online] Available at: https://nvlpubs.nist.gov/nistpubs/SpecialPublications/NIST.SP.1500-2019.pdf [Accessed 10 Feb. 2023].
[7] Healthcare IT News. (2018). Blockchain in healthcare: A guide for hospitals and health systems. [online] Available at: https://www.healthcareitnews.com/ [Accessed 10 Feb. 2023].
[8] Healthcare IT News. (2019). Blockchain: The key to reducing healthcare costs? [online] Available at: https://www.healthcareitnews.com/ [Accessed 10 Feb. 2023].
[9] Forbes. (2020). The 10 Blockchain Healthcare Startups To Watch In 2020. [online] Available at: https://www.forbes.com/ [Accessed 10 Feb. 2023].
[10] Healthcare IT News. (2019). Blockchain in healthcare: A guide for hospitals and health systems. [online] Available at: https://www.healthcareitnews.com/ [Accessed 10 Feb. 2023].
Science, technology, and finance intersect in the healthcare sector as Ethereum and blockchain technology are leveraged to address rising costs, improve data management, and enhance privacy. For instance, smart contracts built on Ethereum enable secure data recording, transaction validation, and access controls, streamlining administrative processes and reducing fraud in billing[4]. Additionally, medical-conditions data such as vaccination records can be securely managed through applications like VAXBLOCK, improving health-and-wellness in low-resource settings[5].
