Philips Research Trying to Encourage Healthcare Industry to Utilize Blockchain

Philips Research Trying to Encourage Healthcare Industry to Utilize Blockchain 1

The widespread adoption of blockchain technology that has occurred over the past year has proven just how practical and far reaching the benefits of nascent technology is, but there has yet to be a widely used product that solves one of the world’s persisting issues: the coherence and security of healthcare data.Now, a group of researchers is trying to convince hospitals and healthcare providers that the solution to these problems is the blockchain.Issues Plaguing the Healthcare IndustryThere are multiple issues currently plaguing the healthcare industry, including the fragmentation and incoherence of data across multiple platforms, the persisting likelihood of data breaches, and the illegal use and monetization of patient’s private data.This past Summer, a cybersecurity breach at an Orlando-based Orthopedic Center exposed the private files of more than 19,000 patients, all due to a misconfigured software update that exposed the patients’ data on the internet.In a similar situation, healthcare company Nuance, experienced a system breach that led to a third party gaining full access to 45,000 patient records that were being stored on one of its medical transcription platforms.The breach, which was discovered in December of 2017, was so widespread that it warranted attention from the United States’ various law enforcement agencies, including the FBI, the DOJ, and the SEC. The agencies discovered that information including patient’s date of birth, full name, medical record number, diagnosis, care plans, and treatments, were all stolen by the nefarious actors.How Blockchain Could Fix the Healthcare Industry’s ProblemsMark Hennessy, the lead researcher at Philips Research, recently spoke in an interview about how blockchain technology could increase the operational efficiency and security of healthcare provider’s data storage systems.Hennessey notes that Philips is developing what he describes as a “verifiable data exchange,” that isolates and secures data until it is needed for patient care. He also explains that the blockchain-based system would revolve around three main disciplines: anonymizing data, requesting data, and fulfilling requests.By using the blockchain, there can be a full and immutable trail of how data is used, who has accessed it, and who has seen it.“This is what we call ‘verifiable data exchange’ because you’ve got the actual audit trail of the request and the fulfillment of the request for data recorded,” Hennessy added.In the interview, Hennessey explained that one issue in implementing blockchain technology into the existing healthcare system is how trusting hospitals and providers are of the tech.“A lot of it comes down to trust and transparency. While you can trust a centralized server for storing the logs of each exchange, what we’re exploring is whether we can enhance that trust by decentralizing the storage of the logs between all the participants in a network.”Despite there being some skepticism surrounding the use of the blockchain, Hennessy also notes that in the case of a cyber-attack, the blockchain would help to better secure valuable data due to it separating and securely storing the data logs.“If you ever enter a situation where there might be a dispute, it’s possible for each of the stakeholders to have an independent-but-coordinated set of logs that will tell them what has happened in reality rather than trusting a third party or one of those stakeholders to store the logs in a tamper-resistant way,” he explained.Philips will be facing a plethora of startup companies that are currently competing to claim the healthcare blockchain space as their own, but it is unclear how long it will take for the industry to gain trust in, and to widely adopt, blockchain based data storage and transference technologies.Featured image from Shutterstock

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 60,260.00
ethereum
Ethereum (ETH) $ 4,032.05
binance-coin
Binance Coin (BNB) $ 475.29
tether
Tether (USDT) $ 0.998595
cardano
Cardano (ADA) $ 2.12
solana
Solana (SOL) $ 189.47
xrp
XRP (XRP) $ 1.08
polkadot
Polkadot (DOT) $ 42.54
dogecoin
Dogecoin (DOGE) $ 0.264116
usd-coin
USD Coin (USDC) $ 0.998619
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 60,260.00
ethereumEthereum (ETH)
$ 4,032.05
tetherTether (USDT)
$ 0.998595
bitcoin-cashBitcoin Cash (BCH)
$ 622.18
litecoinLitecoin (LTC)
$ 192.74
bitcoinBitcoin (BTC)
51.749,78
ethereumEthereum (ETH)
3.462,62
tetherTether (USDT)
0,857568
bitcoin-cashBitcoin Cash (BCH)
534,31
litecoinLitecoin (LTC)
165,52
bitcoinBitcoin (BTC)
43,729.18
ethereumEthereum (ETH)
2,925.96
tetherTether (USDT)
0.724655
bitcoin-cashBitcoin Cash (BCH)
451.50
litecoinLitecoin (LTC)
139.87

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin60,165 1.70 % 2.51 % 1.64 %
Ethereum4,035.5 1.67 % 0.42 % 4.70 %
Binance Coin474.47 1.37 % 1.74 % 1.42 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.120 1.30 % 2.19 % 2.97 %
Solana189.05 2.49 % 6.40 % 19.45 %
XRP1.080 0.82 % 1.20 % 4.93 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2599 4.46 % 5.28 % 8.94 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 60,260.00
ethereum
Ethereum (ETH) $ 4,032.05
binance-coin
Binance Coin (BNB) $ 475.29
tether
Tether (USDT) $ 0.998595
cardano
Cardano (ADA) $ 2.12
solana
Solana (SOL) $ 189.47
xrp
XRP (XRP) $ 1.08
polkadot
Polkadot (DOT) $ 42.54
dogecoin
Dogecoin (DOGE) $ 0.264116
usd-coin
USD Coin (USDC) $ 0.998619