Meet Jane.

She lives in Alabama in the United States, and she is 21 years old. In her spare time, Jane enjoys traveling around the West Coast. This summer, after a hard year in college, she decided to travel through California.

Jane was having fun in L.A. when she suddenly started to have breathing problems. Some of the people passing by called 911, and an ambulance rushed out and took her to the hospital. By the time she arrived in the emergency room, Jane was struggling to get enough air to breath.

Soon, she was diagnosed with an acute respiratory failure, and treatment started. But the problem was that Jane couldn’t tell the doctors anything about her medical history.

Since her sole focus was to get some air, she had difficulties speaking. “Are you using any medications? Do you have any chronic disease? What allergies do you have?” None of the members of her family could tell the medical team either – they weren’t there.

Everything about her medical condition was written in her medical record, which was in her local hospital in Alabama. But the doctors here in LA didn’t have access to it. They knew nothing about her medical history.

You’ve guessed it – Jane was in quite the predicament.

I think you’ll agree with me when I say that something like this can happen to anyone, not just to Jane.

Let’s face it – healthcare today faces some serious problems. Fragmented data and lack of interoperability and secure links are just some of them. Obtaining and sharing medical records is insecure, slow, and often incomplete.

Although we are living in a digital world, today’s healthcare systems often require patients to obtain and share their medical records as physical paper copies, or they are stored within a single system. These copies may get stolen or lost. You have to keep track of every single piece of paper because you never know when someone will request it from you. And computer systems can get hacked.

Plus, there is always a security problem since patients don’t own their data, and these data can be manipulated. Try to recall some healthcare institutions you’ve visited in the past.

These institutions probably obtained access to your data so they can learn more about your medical history. Once the provider got access to your data, they remained permanently in his possession. And these are just a few problems healthcare is dealing with.

Now, the question is, can we use blockchain technology to improve healthcare system? Yes, we can.

Most of us know that blockchain technology was initially created in order to help the financial industry. Distributed ledgers should ensure that financial transactions don’t rely upon an intermediary – financial institutions like a bank, PayPal, or a credit company.

Today, most of the attention around blockchain is centered on cryptocurrencies, especially Bitcoin. But blockchain slowly started to find applications in other fields like legal, healthcare, economics, education…

More and more companies are seeing potential in blockchain technology and are implementing it in everyday technology.

In the case of the healthcare industry, blockchain can solve one of the biggest challenges in healthcare today: how to transfer patient data around the world and through different systems without compromising its security.

But wait, there is more to that.

Let’s take a look at more problems that blockchain can solve in the healthcare industry:

1. The elimination of third-party intermediary can reduce administrative costs

According to the study published in The New England Journal of Medicine, using data from 1999, about 30% of American health care expenditures were the result of administration.

Today, that would mean that out of the average of about $19,000 that US workers and their employers pay for family coverage each year, $5,700 goes toward administrative costs. These are some serious numbers.

On the other side, blockchain technology uses smart contracts in order to avoid intermediaries, in this particular case, administration. Plus, centralized data storage can bring duplication and errors. Blockchain, a decentralized network, provides immutability and transparency.

2. Keeping patient digital identity private and safe

Using a private key, patients can confirm their identity within different health organizations, and those without a key cannot identify the data. This way, patient’s data belong to the patients, not institutions.

It’s worth mentioning that in today’s healthcare industry, it’s not unusual to see duplicated patient records and incorrect or incomplete medical data.

3. Blockchain enables interoperability among providers

Interoperability (don’t make me say it again) means that different healthcare organizations can securely share patients’ medical records with one another, no matter where they’re located.

For example, let’s say you went to see a doctor at your local clinic, but you still want to ask for a second opinion. Without blockchain technology, that means you have to copy all your documents and your medical record (and you have to be careful not to forget something).

Then, you can go and see another doctor and ask for a second opinion. But with blockchain technology involved, that means that all your data are already within the network and that the other doctor can see them using your key.

This includes not only information about your current state, but also your entire medical history.

I’m sure you’ll agree that this would help our Jane from the beginning of the post.

4. Blockchain can track prescriptions to detect over prescriptions

Prescription of opioids such as fentanyl and pain relievers have become epidemic in the United States. But it’s not a problem only in the USA. Drug abuse is a worldwide epidemic, and the UN estimates that there are 29.5 million people around the world with drug use disorders.

And here is the problem: current prescription tracking systems lack the technology to track prescriptions successfully.

On the other hand, blockchain can make prescriptions traceable and safe. How? By establishing a blockchain-based network of hospitals and pharmacies to track all transactions and prescriptions.

This way, every prescription remains marked and transparent.

Despite all of the benefits that blockchain technology offers, the use of public blockchains in healthcare is still a challenge.

Is blockchain technology perfect? No, it’s not. Blockchain-based applications also face many challenges.

Is blockchain a better solution than the existing technology used in healthcare? Yes, it is. And it’s definitely worth trying.

This post is credited to dailyhodl

Major U.S. healthcare companies have formed an alliance to trial blockchain solutions in order to improve data quality and reduce costs, U.S. weekly news outlet Modern Healthcare reports Monday, Dec. 3.

The Synaptic Health Alliance group consists of Humana, Multiplan, UnitedHealth Group’s Optum, UnitedHealthcare, Quest Diagnostics, and has recently been joined by Ascension — the largest not-for-profit health system in the U.S. according to Modern Healthcare — and CVS Health-Aetna, which has an estimated 22 million of members.

According to Centers for Medicare & Medicaid Services, who analyzed data provided between September 2016 and August 2017, at least half of the information on Medicare Advantage Organizations contained mistakes, which affects customers by causing delays in medical services and can make them subject to fines.

Modern Healthcare writes that the alliance hopes decentralized storage will keep information more accurate thanks to the system’s security and the ability to track all copies almost in real time.

The article notes that healthcare providers are spending up to $2.1 billion each year to store data. By using a shared blockchain network for insurers, customers, and providers, healthcare organizations could cut operational costs, chief information officer of Quest Diagnostics Lidia Fonseca believes.

In addition, Ascension’s chief information officer Gerry Lewis added that blockchain could be further used to securely share clinical information to the parties involved the process, Modern Healthcare writes.

As Cointelegraph has often reported, decentralized solutions are widely used in healthcare. Hospitals can use blockchain to safely store patients’ data; for instance, Taipei Medical University Hospital in Taiwan and major South Korean hospital Myongji are currently testing blockchain-based systems,

Blockchain can be used in other spheres of healthcare beyond hospitals.

In April, German Camelot Consulting Group developed a blockchain-based solution for the management of sensitive medical data. And in October, software company and former smartphone manufacturer BlackBerry released a blockchain-powered platform focused on the health field.

This post is credit to cointelegraph

“The art of medicine consists of amusing the patient while nature cures the disease.”

-Voltaire

Healthcare has experienced a major paradigm shift with the development of technology-driven innovations, from Virtual Reality to the Smart Hospital and Artificial-Intelligence-driven health solutions. These innovations have simplified patient care, changing the narrative to a patient-centric model. However, a novel technology which will further revolutionize healthcare as we know it is gaining momentum and catalyzing this disruption.

The healthcare industry is not taking a passive stance in this tech revolution, as stakeholders are beginning to tap into the enormous benefits blockchain and distributed ledger technologies have created in healthcare. A study by Frost & Sullivan titled “Blockchain in Healthcare, Forecast 2017-2025,” estimates the global blockchain in the healthcare market will grow at a CAGR of 63.85% from 2018 to 2025, reaching a market value of $5.61 billion. Blockchain is also expected to provide efficient healthcare services through advances in health information technology. This is estimated to save the industry up to $100 – $150 billion yearly by 2025.

As we all know, the current approach to process and store patient data is not safe and efficient indeed. If the information is stored in the corresponding blockchain, not only can security and privacy be maintained but medical data interconnection can also be achieved. In the course of treatment, this will potentially help reduce the duration of treatment and lower administrative expenses required, optimizing the whole treatment process in an efficient manner.

Another example includes using blockchain technology to keep track of the sources of medicines, preventing the frequently-seen fake drug incidents today.

Therefore in brief, blockchain plays an enormous, game-changing role in healthtech and there are more blockchain startups in healthcare are becoming game changer to our world.

One of it is Aenco—A Blockchain Game-Changer

What is Aenco? 

Developing its world’s first blockchain-based financial solutions platform for healthcare technology, Aenco from Hong Kong delivers comprehensive blockchain solutions for financial, healthcare, and pharmaceutical projects, aiming at completing at least 4 to 5 projects every year. Aenco is already busy working on the live launch of 4 of these healthcare and medical technology applications in the next 12 months, including supporting academic research sharing, the healthcare fund industry, pharmaceutical drug development process, and medical service driven transactions – Aenco will be making major announcements shortly.

We are a Blockchain Startup that supports multi business customisable blockchain application where we wanted to have real business use of our blockchain and not just blockchain for mining, but to demonstrate real lives business application.

Said Darren Lui, Co- Founder of Aenco

 

Well aware of the pain points of the healthcare industry, Aenco concentrates on medical big data, medical and pharmaceutical research, intelligent clinic, project financing, and many other aspects. With its own blockchain technology and smart wallet, Aenco attracts communities and participants to every healthcare project to establish their own ecosystem.

Aenco has a big collaboration with institutions in Taiwan, Macao, Hong Kong, United Kingdom and United States too.

What is worth mentioning is that Aenco does not depend on existing blockchain infrastructure, but uses new consensus algorithms to create its own blockchain which will be evolved along the way and delivers an industry competitive transaction rate that is scalable with increasing parallel processing power of its nodes network to perfectly meet the requirements of the healthcare industry.

Not only that, Aenco’s projects will focus on assisting emerging healthcare start-ups. On the basis of blockchain technology, Aenco will also help them gain access to financing and ecosystem, providing them with all-in-one solutions to break through the limitations under the existing financing framework. Aenco enables these start-ups to develop better products, thus making our lives better.

As we are developing and using our own blockchain technology, we are also developing Aenco’s dedicated financial solution umbrella to take companies from development stage to ICO to listing and to Post listing. That’s why we called Aenco as an end to end platform.

Stated Darren Lui, Co Founder of Aenco during Bloconomic 2018

 

Aenco is also assisting its sponsored projects in building their own ecosystems and community groups through its own platform, thus promoting the development of the whole healthcare industry as well as uniting the various community groups that have a diverse background under one umbrella. This will be a perfect solution all healthcare start-ups waiting for.

In the near future, therefore, it is believed that Aenco can solve many current challenges and assist a wide variety of research groups and business sectors (including those outside of the financial and healthtech sectors) with its blockchain technology and its API gateway feature to facilitate customizable business applications, and eventually driving huge efficiencies in our day to day lives.

This post is credited coins300