Applicability of Blockchain Technology in Healthcare sector
Various Companies operating in healthcare sectors utilizes various databases softwares to store and secure the data of numerous patients. This data is basically medical reports that can be utilized for identifying any individual and also taking reference for future consultations. This information is known as Protected Health Information (PHI) under the eyes of US Law.
We all know each kind of data from any industry has some monetary value in grey markets. So do data from healthcare industry as well. Various hackers tries to breach the security of database servers of these kind of healthcare companies and extracts the valuable data. This data is then sold in grey markets which means the private information of any individual is at risk of becoming public. Each year, a large number of healthcare companies are exploited by hackers and security breaches. Massive databases of stolen data of patients and PHI are usually sold on the dark web after the initial hack.
To avoid these hackings and to secure the stored Protected Health Information, ONC, the Office of the National Coordinator for Health Information Technology is eyeing out on Blockchain technology. ONC is looking for some startups working in the blockchain area, which can help to develop a blockchain based platform in which healthcare companies can store data of patients safely and access updated information in real-time, with increased transparency and increased security. Also this information can be accessed by other required intermediaries by applying codes to unlock the encrypted information.
A competition has been organized and is sponsored by US Government in which ONC will finalize some of the healthcare blockchain applications that has been submitted.
Blockchain is gaining acceptance day by day from various different sectors. Earlier KryptoMoney.com posted articles about Blockchain being used in real estate sectors. Also, how banking sectors can benefit from blockchain technology. And now we learned about blockchain entering into Healthcare sectors.
There is a big scope of Blockchain in Music and Insurance industry as well. KryptoMoney.com will keep on doing researches and will definitely report about it. Subscribe to our newsletters to stay updated.