Healthblocks: All You Must Know
HealthBlocks is a web3 health app designed to reward you for a healthy lifestyle, allow access to health services, and give you the freedom to securely share your data with whomever you choose. It is popularly called a go-to platform for storing, exchanging, and equitably compensating users’ health data while soundly preserving individual privacy.
Using AI technology to give personalized health recommendations to guide and incentivize the user towards a healthy lifestyle, Healthblocks allows health information interoperability with multiple Health Centres to improve patient centrism and continuity of care. It creates a new decentralized ecosystem wherein users own and maintain complete control over their data. The unhesitating use of Healthblocks is a paradigm shift from legacy ecosystems opening opportunities for private data analysis, computation, and exchange to push innovation for safe health management.
How will Healthblocks change the way we control our health data?
The amount of global health data generated must be put into perspective. But it carries enormous import in terms of wealth generation. And that is why it is crucial to determine who owns and exercises intellectual property rights on that data.
The economic value of global data generated turned out to be around $ 3 trillion, as revealed in the World Economic Forum held at Davos in 2017. Another 2019 report from Earnest Young declares that UK’s global data alone is worth about $ 10 billion.
So the inference is that the value of global health data could spiral exponentially, and nobody could lay claim to a single dollar as no individual could exercise any right to his data. Sun magazine referred to the EY report and highlighted that each DNA sample is worth nearly $2000. Its calculation combines genomic and phenotypic data from patient records, estimated to cost approximately $1400 to $7000 per individual file.
It is now that digital blocks of data containing various health-related information, such as medical records, insurance claims, and even fitness data, will be taken from centralized corporations and returned to their owners. Healthblocks assure healthier life, complete ownership of personal health data, and earnings out of its sale while under ensured privacy adherence. Healthblocks will facilitate a live-to-earn model that will incentivize people to be healthier while monetizing their data and the value their devices will create.
How do Healthblocks work with Blockchain and IoT?
IoT enables connected devices across the Internet to send data to private blockchain networks to create secured records of shared transactions. Blockchain enables health information interoperability amongst partners to share and access IoT data, doing away with central control and management. Each exchange can be verified to prevent disputes and maintain trust among all authorized network members.
The use of blockchain, cloud, and IoT technology enhances security and privacy because complex algorithms encrypt data and protect it from unauthorized access. Thus, the technology makes it much more difficult for hackers to steal sensitive health information, a major concern in today's increasingly digital healthcare environment.
Blockchain’s distributed ledger technology facilitates information storage and retrieval of patient medical records, strengthens healthcare data defenses, manages the medicine supply chain, and helps healthcare researchers unlock genetic code using genomic and phenotypic data.
This blockchain ledger technology is a major fuel to healthblocks. It can be used as a digital rights management system that permits your data to be licensed to the Artificial Intelligence provider adhering to your terms, conditions, and duration. The ledger also behaves like an access management system that stores proofs and permissions for organizations to access and use the user’s data. Healthcare data is stored in a blockchain-distributed ledger that, in turn, is stored in the cloud. A smart contract between patients and buyer organizations assumes data access and management.
Healthblock uses a combination of IoT, Cloud, and AI to make blockchain for healthcare. Unlike a database with a single administrator, blockchain in healthcare has a set of diverse administrators to oversee the data. During data lifecycle operations or information storage and retrieval, no single admin can maliciously or accidentally change or delete data. Once the administrators reach an agreeable consensus, the data is put in blocks that are ‘chained’ to one another cryptographically, forming a secured ledger. A secured ledger establishes and maintains trust in the data's security, privacy, and transparency.
What are the uses of Healthblocks?
1. Supply chain transparency
The healthcare sector faces the challenge of establishing and ensuring the provenance of medical goods and devices to confirm their authenticity. A blockchain-based system that tracks items through its lifecycle of manufacturing to the supply chain gives full visibility and transparency of goods to the consumer. This system is of great value, especially in developing markets where counterfeit medical products cause countless deaths annually. Fake medical devices, too, are quickly proliferating the market due to the increased use of remote health monitoring. A blockchain protocol like MediLedger helps companies from the prescription drug supply chain establish the authenticity of medicines and medical products with their manufacturing date, batch number, and expiry date.
2. Patient-Centric electronic health records
Healthcare systems worldwide are beset with the problem of data siloes or the inability of patients and their healthcare providers to access complete medical histories. A study by John Hopkins University had shown that the third leading cause of death in the US was medical errors resulting from poorly coordinated planned actions or data omission in patient records. The solution lies in creating a blockchain-based system (Healthblocks) for medical records that can be linked to existing electronic medical record software and become an overarching, single view of a patient’s record. For every amendment to the EMR or sharing of a medical record, the patient has to consent, which is logged on the blockchain as a transaction. Patients have the option to share their medical records ( or a part of them) with researchers and even set a time limit on how long a party can access their medical records.
3. Smooth medical insurance
Patients can send validated confirmation of healthcare services directly and immediately to the medical insurers without the intervention of an intermediary.
4. A platform for digital health solutions
Blockchain technology allows the development of a platform upon which digital health solutions can be built, including a virtual consultation service and a medical data exchange. The latter is an exchange where the patients can sell their anonymized medical data for Meditokens. This sale and purchase of medical data will further fuel advanced analytics, enabling more powerful segmentation and analysis of targeted and personalized medicine outcomes.
5. Smart contracts for insurance and supply chain settlements
Blockchain-based systems enable trading partners of the healthcare sector, like pharmaceutical companies, medical device OEMs, wholesalers, insurers, and healthcare providers, to operate based on digital and automated contract terms. These shared digital contracts vastly reduce disputes over payment chargeback claims for prescription medicines and medical products. Chargeback claims occur due to frequent changes in the pricing structure and often result in disputes requiring long-drawn manual resolution.
Health insurance companies also utilize smart contracts to manage medical insurance contracts for patients. Once the data is digitized and is, therefore, more accessible to insurance providers, they can optimize health outcomes and costs.
6. Assurance of Security for remote monitoring
Remote patient monitoring uses sensors to measure patients’ vital signs and provide an expanded view of the patient's health status enabling more proactive and preventative care. Healthblocks based on blockchain cryptography ensure that genomics reports or any other part of EMR are not accessed from the Information Storage and retrieval systems without legitimate authorization. The system gives access to only permitted parties to reach personal data stored on the blockchain as a unique hash function. Any tampering with the source data will create a different hash function. The user has to have a set of cryptographic keys to decode the hash function into the source data. To change data in a blockchain, therefore, requires that the user have access to all stored copies.
How can Healthblocks be applied for CTMS?
A clinical trial management system (CTMS) is a suite of tools to enhance productivity by managing clinical trial processes from study planning to close out. CTMS has proven beneficial in delivering efficient, auditable, and visualizable clinical trials. But often, CTMS fails to fulfill expectations because of its failure to support critical functions, such as glaring inconsistencies in data captured from multiple sites. With its powerful combined IoT, Cloud, and Artificial Intelligence technology, Blockchain technology provides a holistic solution with unique capabilities such as transparency, traceability, immutability, and security.
Healthblocks, or healthcare based on blockchain technology, is the future of the healthcare industry. It will enable multiple usages of patient data and more successful medical outcomes. They will also push health information interoperability and ensure privacy and security.
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