Data, Security, Insurance: How Blockchain Is Disrupting The Health Industry

The health industry's potential for Blockchain has been outlined numerous times, and new startups continue to emerge in 2018.

On Monday, April 9 it was announced that a German consulting firm developed a Blockchain-based solution for the management of sensitive medical data, while a week prior to that an important industry player in the US stepped up with a foray into Blockchain as well.

In a similar fashion, the London-based Medicalchain startup implements Blockchain to improve health record storage.

"Industry estimates indicate that $2.1 bln is spent annually across the health care system chasing and maintaining provider data. The pilot will examine how sharing data across health care organizations on Blockchain technology can improve data accuracy, streamline administration and improve access to care."

Similar problems were experienced in the US, where The Office of the National Coordinator for Health Information Technology published a research paper on the applicability of Blockchain technology in securing and recording medical record components last year.

"Blockchain technology has the potential to address the interoperability challenges currently present in health IT systems and to be the technical standard that enables individuals, health care providers, health care entities and medical researchers to securely share electronic health data."

Doctors get private health information through the infrastructure on the Ethereum Blockchain, whilst the patients can buy extra storage space in the app.

"It is cost effective and safe. With Blockchain, health centers and district hospitals are interconnected so that the people can enjoy convenient medical services." Zhang Zhihong, director at Zhenglu Town Health Center in Changzhou told local news resource Yicai Global.

In August 2017, it was reported that Russia's Ministry of Health partnered with state-owned bank Vnesheconombank for the development of a Blockchain technology-based system to be used in exchanging patient history in the healthcare industry.

US. Although there have been no federal project announcements, in July 2017, the American Research and Policy Institute issued research arguing that public health programs such as the U.S. Medicaid program could benefit from the use of a Blockchain based distributed ledger and smart contracts.