The Healthcare Industry Turns To Blockchain Tech

The Healthcare Industry Turns To Blockchain Tech

IBM Watson Health and the US Food and Drug Administration (FDA) have collaborated to reseach blockchain technology applications intended to exchange h

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IBM Watson Health and the US Food and Drug Administration (FDA) have collaborated to reseach blockchain technology applications intended to exchange health data.

The project is expected to be completed in the beginning of 2019, with the first findings of research revealed this year.

The move comes in time when the healthcare industry has to cope with various problems regarding security and privacy of valuable data. In the recent years, hospitals are reportedly seeing many ransomware attacks, according to cryptocoinnews.com.

IBM thinks that blockchain tech can provide solutions to problems like security and privacy. Moreover, the technology can ensure fast and efficient transactions.

“The collaboration will also address new ways to leverage the large volumes of diverse data in today’s biomedical and healthcare industries. A secure owner-mediated data sharing ecosystem could potentially hold the promise of new discoveries and improved public health,” as the company wrote in a press release.

The company has also conducted research named “Blockchain: The Chain of Trust and its Potential to Transform Healthcare – Our Point of View”. Ther paper reportedly found that blockchain technology can guarantee both cost efficiency and accountability in sensitive health transactions. Cryptocoinnews.com listed the main concepts highlighted in the research paper:

  • Bit-string cryptography secures data integrity without violating HIPAA (the Health Insurance Portability and Accountability Act), continuously limiting real-time use and analysis of health data.
  • The majority of chain nodes.
  • Smart contracts authorize and notarize each transaction.

Other companies like Hashed Health, a start-up leading a healthcare blockchain consortium, is also seeking to implement blockchain into the healthcare industry. They have raised $1.85 million in an initial funding round in February, as cryptocoinnews.com reported at the time.

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