Two Healthcare Flaws Which Healthureum Can Eradicate

Healthureum is the answer to the potential risks of data mismanagement and the rising expenditure in the healthcare sector. Through the implementation of a transparent network find out how this revolution will eliminate two major flaws in the healthcare industry.

The increasing healthcare expenditure

The provision of adequate medical care has been a big challenge for most healthcare providers and affiliated stakeholders. A recent case study has shown that the universal healthcare spending will increase by 2.4% to 7.5% by the year 2020. Some of the rationales for this expected expenditure rise include the HIV/AIDS epidemic, chronic illnesses like diabetes and obesity, aging population, etc. According to the study, life expectancy might increase by one year, although the natural aging progression will present its challenges. It has further been estimated that $4 trillion dollars will be used for the treatment of cancer and cardiovascular conditions, now that obesity is escalating as a result of poor nutritional habits and inactive lifestyles. Some of the countries which will be most affected by diabetes include China and India (69-110 million cases are expected). Another debilitating condition that might double each year is dementia whereby 17.4 million cases are projected by the year 2030. 

In order to minimize health care expenditures, various measures are being put in place to mitigate bureaucracy in resource management, data storage, medical operations, and drug supply. In large-scale health management, incentives have been introduced in preventative measures such as the METI program in Japan which reward institutions that take part in health management. Preventative measures such as disease screening will only be productive if population data is monitored properly. However, the main barrier is the availability of medical funds to facilitate better data sharing and evaluation.

Limited resources, higher labor costs, and lack of expertise in healthcare sector lead to insufficient medical care. As such medical institutions are seeking new service approaches particularly technology-driven systems such as online consultations and implanted monitoring devices. The benefits of technology-enabled healthcare are not just for improving the accessibility of healthcare but also to reduce medical costs and improve the management of resources.

Lack of data security and privacy  

Traditionally, medical data is maintained in a centralized EHR system which differs from one provider to the next. This typical storage system provides a fragmented approach that hinders data access and sharing between institutions or healthcare providers. In other words, EHR prevents interoperability. The data in silos becomes a major bottleneck which frustrates patients, health providers, researchers, and regulators. The EHR system is not standardized, causing two major flaws: insecurity and lack of privacy. 

Healthureum, through blockchain technology, wants to eradicate these bottlenecks. Data stored on blockchains is immutable and distributed across a network. All digital transactions are available in write-once and read-only options. On this networked database system, a single entity cannot change information, unless all participants on the platform agree to it. The responsibility of securing data and maintaining its integrity lies in the hands of all participants. Time stamps are used for authentication of information changes. Any form of editing or addition of information can be tracked, and that is why blockchain is suitable for EHR record management. Every step and process carried out on the Healthureum platform is accountable, transparent, and accurate. Therefore, both patients and physicians can retrieve up-to-date information regarding prescriptions, medical test results, diagnoses, medical bills, and services provided. They can also edit, share, and view real-time information.

Through blockchain technology, Healthureum provides a coordinated mechanism for the management of EHR data with more structured privacy controls and information access. So, this is the ideal solution for the trust issues associated with healthcare data, e.g. patient consent, user authentication, patient identification, medical fraud, and erroneous bills. Healthureum is introducing a chain of trust which will boost peer-to-peer accountability. 

The smart contracts of Healthureum have an added security benefit. The on-chain and off-chain data (information stored outside blockchains) can be accessed only by authorized users. Data is also encrypted for optimal privacy and security. The distributed ledger respects patient's privacy because the only things that appear for public view are the transaction hashes and information that is encrypted. Data encryption provides an extra level of security.

If a patient wants to give out their medical records, at any time or any place, they must give permission to the third party who could be a doctor, a researcher, or a paramedic to access the information. But, when the patient cannot verify access, for instance, due to unconsciousness, s/he may choose a trusted person to give access. Therefore, the patient must regularly check who has been given access to their information.