Very few would dispute that this segment is in rough shape at this point even though persons on separate sides of the political range are likely to disagree with what’s to be done to fix the U.S. health care system.
The fixing of health care is a process that’s lengthy and to involve many factions within the business, science and political worlds. As debates have caused about large-scale issues with the industry, technological advances have helped to increase efficiency in small but important ways: e.g. new software allows for the safer, faster transmission and storage of health records by providers.
Also, it’s no secret that many parts of the health industry are stalled in technology and practices. Pagers and fax machines come to mind. A 2016 report by the Government Accountability Office (GAO) was agreed by many, summarized by HowToToken that suggests that outdated health care computer systems not only cost the industry money but also risk the health and livelihood of patients. Given these, there are new signs emerging that the health care space may be primed to take advantage of blockchain technology, popular in the cryptocurrency space but not yet in the mainstream business world.
How Could Blockchain Help?
John Halamka, chief information officer at Beth Israel Deaconess Medical Center in Boston, clarified that patient data often is scattered across different facilities, making it difficult to access at crucial times. Blockchain technology could transform the way that health data is stored and transmitted. This gives it an ultra-secure cryptographic database and shared ledger to provide for speedy and easy communication, blockchain tech may be just the solution for the industry.
With blockchain, health care systems could store medical records confidentially, updating patient data across multiple facilities and locations in real time and with security. This would free up time and resources in health facilities to be further dedicated toward patient care and innovation, rather than administration.
Blockchain Solutions Already in Play
Several companies have already made use of blockchain in an effort to enhance health care. None of these operations has taken off on a national scale as of yet, but they signal interest within the industry, as well as a theoretical openness to new technology.
Hashed Health is one such company. Utilizing blockchain, Hashed Health generates a free and open community for health care professionals to discuss and partner in an effort to explore blockchain’s uses in the industry. The company also provides an advisory branch to help health care organizations understand how blockchain can be integrated into existing systems. Finally, the company has a lab that aims to develop new blockchain tech solutions to problems that have plagued the health care industry.
MedRec is another blockchain-focused company in the health care space. MedRec operates a transparent peer-to-peer ledger that allows providers to track files and information seamlessly. The service allows for easier direct communication with patients, too. Clinicians, facilities and large-scale systems are connected on a single platform, allowing for the most efficient transmission of information possible.
DYNOSTICS is a third such company. Catering toward individual users, DYNOSTICS helps individuals to determine their current state of fitness, providing instantaneous feedback and a single location for all data. Like both of the other companies above, DYNOSTICS is focused on data security and privacy.
There are other companies looking to transform health care through blockchain, as well. Will any of these operations succeed in transforming the staid and, in many cases, problematic practices of the industry? That remains to be seen. However, the fact that companies within the blockchain space are making aggressive bids to crack these solutions can be seen as a good sign of progress to come.
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