Healthcare is one of the most important industries in the world for the patient and data security protection. According to PwC, the health market is expected to be worth $61B worldwide by 2020. The transparency Market Research reported that by 2025 the global digital health market will hit $536.6B.
Still, there are things that need to be done in order to achieve this goal.
People require confidence in sharing their healthcare data, so by using blockchain technology healthcare organizations could be able to remove the risk of losing sensitive data. Healthcare organizations have been receiving and storing enormous amounts of personally identifiable information (PII) as well as payment card information (PCI), where many of them remain unprotected. According to the Ponemon Institute recent study, criminal attacks in healthcare are up 125 percent since 2010 and are now the leading cause of data breach.
The key to the future of healthcare could be definitely the tokenization of healthcare sensitive data. By using tokenization platform, no valuable data, PHI (personal healthcare information) or PCI data is accepted, stored or transmitted by an organization’s IT system, so the hackers can’t steal what is not there.
Swiss-based HIT Foundation is exploring the tokenization of health data and is believing that using blockchain technology could bring many benefits to the healthcare industry. Elizabeth Chee, COO of the HIT Foundation, claims that as healthcare costs continue to rise, the traditional approach by governments is no longer manageable, nor is it sustainable which results in decreases in budgets for healthcare providers who are struggling to contain costs.
Chee also added that current challenges in health care stem from data, information and exchange issues, ranging from data silos to fraudulent claims. She stated that this has led to increasing levels of compliance and transparency of health care providers from both regulators and patients.
This organization’s white paper states that it is offering a “marketplace that allows individuals to digitize, monetize and trace their health data. To achieve this, the platform is struggling to solve three issues: the monopolization of health data leading to siloes and inefficiencies; lack of incentives for individuals to demand or record and data privacy.
Through the use of its HIT token, the patient can grant access to their data and monetize from it via the NEM blockchain, while a smart contract will determine how the data is to be used by hospitals. The 3.6 billion people, who lack access to health services, the tokenization of sensitive data could support universal basic income, regular payments, and reduced costs.
Chee believes that the tokenization of health data has great potential by democratizing ownership, saying:
“You get to determine whom you want to share your data, to what extent and how you want it to be shared and to be used, she added. You get transparency on who is asking for your data and for what purpose. In the end, you get to make the decision whether to consent to it or not.”
Data collecting provides better communication between doctors and patients and is going to become a multibillion-dollar industry. One survey found that 54% of Germans are willing to submit their electronic health data if they receive benefits from that. Similar research has been done in France, where 99% of respondents indicated they would give their personal data if they received cash in return. A further study showed that 79% of Germans wanted the power to decide who viewed their sensitive data.
It is believed that blockchain technology in the healthcare market will be valued at $56.1B by 2025 from $176.8M in 2018.
Homecare Monitoring Services
Many healthcare organizations and individuals worldwide are already exploring the tokenization of health data. Arcun Tanju, CEO of Affinity Home Care which provides in-home non-medical home care services and personal emergency monitoring systems, said that tokenization can also monitor senior citizen’s health. Tanju added that Tokenization incentives will motivate the seniors to digitize their health data which will be leveraged to develop new preventive services for them. He expects wide adoption by seniors due to the availability of these services.
Affinity Home Care delivers personal emergency monitoring services to its clients through the Internet of Things (IoT) devices. IoT devices and server software will be able to take part in the blockchain-based digital health network developed by the HIT Foundation. They will be able to deliver higher quality and preventive services that will bring many benefits to senior citizens.
The main goal to achieve in the healthcare industry is to eliminate the risk of losing payment and personal data and restore people’s confidence in sharing their sensitive data, which could be provided by using blockchain technology.