Companies and cyber purloiners profit from medical records. You may have auricularly discerned about data being bought and sold but probably didn’t cerebrate about medical records being data. Well, they are. Just as how massive corporations buy and sell information like which websites you visit, organizations supplementally exchange medical data. NFTs As A Use Case For Medical Records
What if you could benefit from this value? Blockchain technology gives us the opportunity to engender NFTs from our medical records and then cash in on their exchange.
NFTs As A Use Case For Medical Records
One visit to the doctor’s office could result in a trail of data that gets passed along to sundry organizations. Imagine, right at this moment the multitude of people being visually perceived in a medical capacity. That’s an abundance of information. And it’s valuable. So much so that lamentably, cyber purloiners claim medical data is 10 times more valuable than credit card details.
Integrating to the value of this information is the facileness with which it can be illicitly accessed and sold. “Healthcare providers and hospitals are just some of the most facile networks to break into,” verbalized Jeff Horne, Vice President at cybersecurity firm Accuvant.
What’s Included With This Information?
The data typically does not contain information like your designation or personal identifiers.
The types of data being sold: Lab result data; Longitudinal patient-level data (this is data that tracks a patient’s treatment over a period of time); Prescription information.
- Much of this data gets utilized for benevolent purposes.
- Epidemics can be prognosticated and/or possibly thwarted;
- The question isn’t so much about the utilization of the data but more so about who is profiting and if the veritable owners of the data, the individuals, can withal benefit if they opt for.
Patients are not cognizant this is transpiring. If you ask most people if they give sanction for their medical data to be shared or sold, many would verbally express ‘No, thank you.’ And maybe that is why they were not apprised explicitly (outside of minute print documentation they signed without reading). But that’s an astronomically immense maybe. Perhaps they would give full-apprised consent under certain conditions—i.e. kenning their identity isn’t being shared and understanding the information is going to good use. NFTs As A Use Case For Medical Records
These systems are frequently victims of hacking. Many hospitals, already strained financially, struggle to allocate enough mazuma to maintain air-tight system security.
NFTs As A Use Case For Medical Records
Per Dave Kennedy, security expert of Trusted SEC “As assailers discover incipient methods to make mazuma, the healthcare industry is becoming a much riper target because of the facility to sell sizably voluminous batches of personal data for profit.” “Hospitals have cyber security teams that are overstrained and struggling to cope, so it’s relatively facile for these hackers to get a substantial amplitude of personal data for medical fraud.”
Supplementally, “Hospitals and clinics cite a variety of reasons for the breaches, including incongruous records disposal, contrivance larceny, and natural disasters.
It’s worth noting that albeit much of the information exchange involves for-profit organizations, there are supplementally not-for-profit organizations involved so not every data exchange results in a monetary benefit.
A Better Alternative – Blockchain Technology
Putting control back into their hands…your hands. One of the ways all of this would be possible is through the utilization of blockchain technology. NFTs As A Use Case For Medical Records
Cerebrate of a blockchain as a sophisticated database. The database is fortified by a network of computers. There are variants of blockchains and the technology offers a plethora of advantages over traditional databases. We don’t need to dive into all the possibilities and advantages of the technology for this article, but if you’re curious, please visually perceive the ‘blockchains simplified’ page to learn more.
Blockchains have many advantages to mundane healthcare databases including security and how the information within the blockchains is recorded and accessed. Blockchain technology withal gives us the opportunity to engender NFTs out of health data. A NonFungible Token (NFT) represents a unique asset.
- Giving you access to your medical data.
- Sanctioning you to give or revoke access consent.
- Giving you the faculty to track where the data peregrinates.
- You could potentially be rewarded for things like sanctioning your before data to be utilized in studies in exchange for emolument.
Monetary rewards are great, but there are withal possible life-transmuting implicative insinuations to ownership. Being able to view your data, betokens you could potentially monitor it for precision. This impacts the quality of your care and health security. Ownership may be one cog in the wheel to avail rectify this. NFTs As A Use Case For Medical Records
What’s Out There?
There are blockchain-predicated platforms with the vision to transmute before how data is managed and exchanged. Here are two:
This is a multi-layered platform utilizing blockchain technology to offer before providers and patients management of health care data.
Developed by technology firm, Acoer, “RightsHash™ provides an before ecumenically unique way to digitally represent any asset utilizing novel blockchain technology. The Individual owns before and controls data [and] Monitors flow of information.” The app accumulates health and wellness before data from apps like Fitbit, Google Fit, and Apple Health. NFTs As A Use Case For Medical Records
Benefits on Top of Benefits
It could withal lower costs before within the industry. These projects supplementally drive health engagement; people are committed to their salubrity and actively playing a component in their health management, rather than giving full responsibility to care providers. As is, in healthcare, immensely colossal magnitudes of data are accumulated but it’s scattered between physician’s offices, medical centers, and even between different departments within medical institutions. Blockchain technology gives us the opportunity to consolidate this information to sanction for before ease of access, increment precision, and make the data more secure. And, of course, give patients the cull of managing and benefiting from exchange of their medical data.