Blockchain has become the rage in the security sector as the encrypted distributed ledger has now become the best possible technology to maintain privacy and prevent data breaches. Healthcare, as a matter of fact, is not far behind in adopting blockchain to protect confidential patient data. As the patient data is decentralized, the information is secured to provide personal ownership, interoperability across several channels, and creates a trust among the users.
Blockchain can effectively reduce the cost of data storage and cybersecurity, as the patient information can be viewed across the world through different channels and reduces the friction between intermediaries. Moreover, data is backed up across several systems thus prevents data loss due to unforeseen disasters.
The confidential records stored and exchanged through the blockchain platform cannot be changed or tampered with by an external entity and therefore is hack proof. The digital ledger creates various touchpoints throughout the journey as well as streamlines data. Blockchain provides an encrypted platform for identity verification and authentication for all the entities that are using the records or associated with it within the chain.
Blockchain provides the security mapped out in HIPAA Act and is compliant with TEFCA (Trusted Exchange Framework and Common Agreement). Data Scientists are now in the process of developing and incorporating the encryption technology to the data shared through emails between various parties.
In fact, the patients can create private key links to share identity and information with various healthcare organizations of their choice. The organization can then use the private key to decrypt the data, which will stay unidentifiable to the entities without the key. This technology will effectively eliminate data breaches and leakages of confidential data on the black market.