- Evolution of Blockchain in Healthcare
- The United States ”will soon spend close to 20% of its GDP” on healthcare.
- Solutions that enhance data protection in healthcare
- Medical blockchain is a game-changer
- 3 key reasons why blockchain is ideal for healthcare data protection
QuantH Medical Blockchain Transforming Healthcare Security
Evolution of Blockchain in Healthcare
Healthcare is in a period of evolutionary transformation with blockchain offering so many use cases. There is a little known technology company, Quantum Medical Transport, Inc. DBA Quantum Medical Data Services listed on the OTC Pink ticker: (DRWN), that is developing an enterprise level Medical Records and Medical Billing Blockchain EMS cloud based software called “QuantH V. 1.0”.
The company CEO, Ricky Bernard, says the goal is to put patient in control of their medical records providing optimum privacy, transparency in medical billing, security from hacking and unauthorized access, and maintaining integrity of the records stored.
The United States ”will soon spend close to 20% of its GDP” on healthcare.
The U.S. healthcare sector is estimated to have spent , underlining the increasingly central role that tech plays in the healthcare sector. Though the increased digitization of healthcare has its merits—such as improved data management—it also exposes clinics, medical suppliers, health insurers and other players in the sector to the growing threat of cybercrime.
Healthcare networks hold massive volumes of accurate, comprehensive and up-to-date financial, medical and personal information of millions of Americans. As a result, healthcare data is significantly richer in value than data from retail and financial services, making the sector more attractive to hackers. According to , medical data is worth 10 times more on the black market than credit card data.
Back in 2014, Community Health Systems Inc. (NYSE: ), one of the largest providers of general hospital healthcare services in the U.S., was infiltrated by alleged Chinese hackers in a breach that compromised 4.5 million medical records.
Although CYH from a FireEye (NASDAQ: ) affiliated company to look into the matter, the bigger question that went unanswered was whether smaller healthcare players with leaner cybersecurity budgets silently suffer more damaging breaches. This question is difficult to answer with precision, but Ricky Bernard, the CEO of Quantum Medical Transport (OTC PINK: ) believes the threat of data breaches in healthcare is steadily increasing for big and small players alike.
“Now more than ever, there is a need to pioneer more effective and lasting solutions that enhance data protection in healthcare.”
Medical blockchain is a game-changer
The company recently embarked on developing a medical blockchain platform called QuantH, which aims to provide a subscription based secure encryption data sharing (Health Information Data Exchange) service to the $3 trillion healthcare sector.
QuantH will be the first HIPAA compliant medical blockchain platform. The Health Insurance Portability and Accountability Act (HIPAA) sets the standard for protecting sensitive patient data. HIPAA compliance will therefore give QuantH mainstream acceptance in the healthcare sector, something Bernard believes will significantly boost subscriptions to QuantH.
“We are pioneering blockchain-as-a-service in the healthcare sector and expect QuantH to enhance data protection and introduce new levels of efficiency in healthcare data management,” he noted. “In view of our HIPAA compliance, and the pressing need for more effective ways to secure healthcare data, we expect positive market reception,” he continued.
“I am optimistic about the number of subscriptions as demand for a more secure way of sharing and managing healthcare data is at an all-time high. Medical blockchain has been identified as a game changer, but there has been no HIPAA compliant blockchain to date. We are breaking new ground with our HIPAA compliant blockchain, something that competitively positions us to gain market leadership,” said Bernard.
Medical blockchain is viewed as a game-changer in the healthcare sector due to its ability to enhance data protection in a way cybersecurity companies have not been able to do. Blockchain decentralizes data storage, making the data available to all players in the health system in a timely manner. This streamlines data sharing, lowers data management costs and improves overall service delivery.
Likewise, data on blockchain cannot be changed once it has been recorded. This boosts transparency, which is an important ingredient in healthcare. Most importantly, data on blockchain is encrypted and the real identities of parties on the ledger are replaced with unique identifiers, eliminating the risk of linking information on the ledger back to individuals such as patients and institutions such as clinics.
3 key reasons why blockchain is ideal for healthcare data protection
Owing to its merits, blockchain is gaining more acceptance in the healthcare sector. According to , 56% of surveyed healthcare executives have solid plans to implement a commercial blockchain solution by 2020. DRWN is therefore an early mover in a fast-growing space.
An notes that decentralized databases (blockchain) promise to revolutionize medical records, but not until the healthcare industry buys into the idea. HIPAA compliance is what will allow QuantH to get that much needed buy-in from the healthcare industry, underlining its massive commercial viability. This commercial viability is perhaps the core reason why QuantH has already aroused the interest of some of the largest tech companies on the planet, despite still being in the development stage.
A small player may emerge as a giant in the medical records data management space with a patented technology where everyone must pay to play. To learn more about this technology visit