Blockchain and the Future of Healthcare
If you're a healthcare professional or enthusiast, you know that the healthcare industry is ripe for disruption. While healthcare systems have long faces challenges related to funding, access, and clinician burnout, many of these pain points were exacerbated during the COVID-19 pandemic, ultimately resulting in negative health outcomes. In the US, for example, more than 1 million excess deaths have been reported since the beginning of the COVID-19 pandemic, while some countries such as the United Kingdom are experiencing record lows in public satisfaction with their health care system. At the same time, clinicians are experiencing burnout at unheard of levels, with one study finding that nearly two-thirds of doctors in the United States experienced at lease one symptom of burnout, a massive increase from pre-pandemic levels.
Technology has often been promised as a solution to many of the woes facing healthcare systems, but has largely fallen short and failed to live up to its promise. So, it is understandable why many would be skeptical of an innovative new technology that is promising to revolutionize healthcare from the ground up. The truth is, no technology alone will fix the healthcare crisis, but the potential is certainly there for blockchain to address many of the key pain points facing healthcare systems around the world.
Blockchain, the technology behind the Web3 movement, is already changing the way we think about healthcare, and health more broadly, by bringing greater security, transparency, and access to healthcare around the world. But what exactly is blockchain and how can it benefit the healthcare industry? We've got you covered. Here are just a few ways blockchain is already making waves in the healthcare world, which we will dive further into in this blog:
Blockchain technology for secure medical data sharing
Smart contracts for automated healthcare processes
Tokenization for incentivizing healthy behavior
Blockchain technology for secure medical data sharing
One of the biggest challenges in healthcare is the secure and efficient sharing of patient data between different providers. Blockchain technology can help address this by making use of a decentralized system where patients control their own data and can grant access to relevant providers. This can lead to faster and more accurate diagnoses, reduced medical errors, and improved overall patient outcomes.
Data Lake is working to create the world’s first international medical data donation system, which is powered by Web3 technology. The platform gives patients greater control over their medical data, and how it is shared, with the goal of laying the foundation for a secure and transparent database of international medical data donors. The hope is that this will give researchers access to more ethical and better quality patient data, which could ultimately lead to better medical discoveries and treatments.
Canada's University Health Network (UHN), on the other hand, launched a patient control-and- consent platform in 2018, which "leverages blockchain not simply to secure and consolidate patient data across the network, but also to obtain and record patient consent before any information is shared with researchers." The same platform also helps ensure appropriate access by recording every time the data is access, by whom, and for what purpose, on the shared ledger.
Ultimately, Blockchain has the potential to not only ensure greater security and access control around patient data, but can also empower patients to regain ownership over their data, and have a greater say in how their data is used.
Smart contracts to automate healthcare processes and reduce costs
Smart contracts are self-executing computer programs that can automate healthcare processes such as insurance claims, prescription orders, and the sharing of medical data. By eliminating the need for middlemen and paperwork, smart contracts can reduce costs and improve the efficiency of healthcare delivery.
One example of how smart contracts can be used to automate healthcare processes, can be found in SAFE, a digital health and connected diagnostics platform which is using smart contracts to speed up access to patient information by healthcare providers. They do this by creating a unique identifier for each patient which preserves their privacy while still being verifiable. Healthcare providers can use this service to securely gain access to real-time patient data, which could ultimately lead to improved health outcomes.
One of the biggest challenges in healthcare systems is a lack of interoperability. Healthcare systems often contain a patchwork of portals, forms, and electronic systems lacking interconnectedness, which can greatly impact the ability to deliver healthcare services efficiently. Smart contracts can improve interoperability by storing healthcare information on a decentralized ledger, which is easily accessible amongst all platforms.
Smart contracts can also be used to manage patient consent more efficiently. In the case of Canada's UHN referenced above, for example, their blockchain-based platform automatically encrypts and stores the details of patient consent on their shared ledger, ensuring that consent is obtained prior to any medical data being shared.
Overall, smart contracts can help address some of the key inefficiencies in health care systems including a lack of interoperability, access to electronic health records, and managing patient consent. While each of these issues may seem like a small piece of the puzzle, in conjunction, they could help build a more efficient and cost-effective healthcare system, while helping to reduce clinician burnout driven in part by administrative and bureaucratic processes.
Tokenization for incentivizing healthy behavior
Tokenization is the process of creating a digital token that represents a specific asset or action. In healthcare, tokens can be used to incentivize patients to adopt healthy behaviors such as exercising regularly or quitting smoking. Patients can earn tokens for healthy actions, which can then be redeemed for rewards such as reduced insurance premiums or access to health and wellness services. There are a couple of projects that are already doing this today.
STEPN, one of the most well known "move-to-earn" platforms, rewards users with their token for walking, jogging, or running outdoors. Users can then use this token to purchase items in game, or cash it out for a profit. At the time of writing this article, STEPN users had collectively burned nearly 11 billion calories!
JennyCo, which styles itself as the world's first Web3 healthcare data exchange, is building a platform that rewards users with cryptocurrency for participating in medical studies and sharing data related to health outcomes. In the future, users will then be able to use this cryptocurrency to purchase healthcare products and services through JennyCo's marketplace including genomic tests, skincare products, nutritional reports and more.
Tokenomics are being used in creative ways throughout the Web3 ecosystem to incentivize social behaviours. Move-to-earn or health-to-earn applications provide one of the most exciting use cases that can result in positive health outcomes.
Conclusion
Blockchain technology has the potential to revolutionize the healthcare industry by empowering patients with control over their own data, driving down costs, and improving the overall quality of care. With its decentralized and secure nature, Web3 can eliminate inefficiencies and increase transparency in healthcare delivery. This can create healthier, more engaged communities and ultimately lead to better health outcomes for all. It's time for the healthcare industry to embrace the potential of blockchain and pave the way for a brighter future.
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