Data breaches occur around the world and cost a lot to fix, especially when it happens in the healthcare industry. Medical data breaches can cost the healthcare industry up to $6.5 million, or $429 per patient record. 67% of costs can be incurred during the first year following a breach. This cost is usually related to breach detection and response, patient notifications, lost business, the difficulty of cyberattack resolution. And last but not least the lasting impact of the breach. Small- to medium-sized healthcare organizations can spend 5% of their annual revenue just to recover.
Security vulnerabilities in healthcare are especially lucrative for hackers due to their uniqueness. For example, such as the use of implanted, inter-connected devices that are hackable and hospitals’ focus on protecting patient privacy instead of cybersecurity. Nonetheless, there is a solution in the form of blockchain, or a digitally distributed ledger that is used to track assets and record transactions.
Blockchain can be used with devices such as wearables to monitor blood pressure, pulse, epileptic seizures, and diabetes. By utilizing blockchain, health professionals can access a patient’s data at any time while patients are able to receive highly-precise and personalized care. Blockchain-powered wearables specifically can reduce errors, enhance security, and decrease costs.
The role of blockchain technology in telehealth
Many patients nowadays are opting for telehealth. However, there are several risks associated with it. This includes the possibility of sensitive data being shared with advertisers and other third parties. By using telehealth with blockchain, medical records can be stored more securely. Also providers can have access to more complete patient histories. Best of all, blockchain-powered telehealth provides both the patient and the provider with a copy of the ledger.
Hospitals can also use gamification to improve the outcomes of one’s health. As well as reduce the losses for healthcare providers by giving cryptocurrency tokens whenever patients behave well. For example when taking their medication or attending doctors’ appointments. This helps strengthen focus and help patients with reaching their goals. Another option is health data NFTs which refer to non-fungible tokens that are used to prevent possibilities of identity theft and fraud. This provides patients with more management capabilities over their data while reassuring providers the data is genuine.
Big and small companies are searching ways to use blockchain to improve security and daily functions. For instance, Patientory uses applications and services centered around patients that provide recent patient histories and data as well as safe communication with verified healthcare personnel.
The power of blockchain can help organizations obtain the security they need to achieve.