Connect with us

Blockchain

Blockchain-powered data security: A prescription for renewed trust in healthcare

Published

on


Blockchain and data security in healthcare

One of the major challenges faced in healthcare industry is maintaining the data and information of a patient or any transaction or any operation for the reason of security and privacy. Some of the largest mal-practices in healthcare industry is identity theft, false insurance claims, manipulating data or information, etc. When such activities take place, the decision making of a doctor or a physician is obstructed too. This is because the data that is available to the doctor or physician if it is manipulated or miscommunicated, it may even lead to fatal consequences such as misdiagnosis or improper medication.

Blockchain in healthcare, today, is able to eliminate these vulnerabilities with the help of its features such as transparency, server less data storage using services like Amazon, accessibility, etc. According to a research study conducted by IBM, out of every hospital they conducted the research, 16 percent of the hospital institutions are either willing to use blockchain for security purposes. The research study states that by 2020, around 56 percent of the hospital institutions will be using blockchain in healthcare for data security and also enhance their interoperability.

healthcare blockchain

Enhancing data integrity with blockchain

One of the major difficulties faced by doctors and physicians in healthcare industry is integrating patient data from different hospital institutions. Everyday new patient comes in, new treatments are invented to better treat patients, which in turn increases the data involved in the process. Such data might be lab reports, patient medical records, doctor or hospital institution that treated the patient, medication prescribed, etc.

The data size keeps increasing every day and thus it also increases the need for large storage to maintain and handle the data efficiently. As the size keep increasing, traditionally verifying the stored data is difficult as there is either no orderly arrangement or the chances of a data not getting stored is high. This might result in problems in sharing data too.

With blockchain, this problem is eliminated as it provides the means to integrate data from different parties using a strong peer to peer connection without any restriction. Hence, doctors are able to trace back the source of data that is displayed too. This increases the integrity value, providing quality to the data.

Secured connectivity between disparate data

Achieving consensus between different parties within a hospital industry is one of the toughest jobs to handle. This is because various people are involved in various transactions to complete a particular operation. For example, when a patient uses a hospital ambulance service, various people come into the picture and multiple transactions take place. These group of people include ambulance drivers, doctors and tasks such as getting operating theatre ready, financial transactions, logistics support to make sure the ambulance arrives at the right time, etc.

With blockchain it is easier to coordinate all people involved in the transaction and coordinating different tasks. This allows all operative tasks to take place without delay or any error or miscommunication.

Secured identity with blockchain

What would happen if a person provides a false identity of a doctor and misdiagnose the disease or prescribe wrongful medications? It may traumatize the patient for life due to the consequences of the misdiagnosis. With false identify, the threat increases for data and private information of the patient of hospital institution stored, etc. If these data and information is manipulated, it might even lead mal-practice of laundering money or even fatal to the patient if the data manipulated is used in operative tasks.

With blockchain these mal-practices are eliminated. Since, blockchain operates over a decentralized network, the network provides the ability to store data with high encryption. Data is stored in the form of blocks and chunks cryptographically and thus, manipulating or changing any stored data is not easy. Patients, Doctors and Physicians are also able to authenticate license of any service provided as blockchain provides evidence to all data stored.

To change the data, the whole network system has to be shut down and changes to be made to the entire network. This is close to impossible in healthcare industry due to various transactions and operations that take place non-stop.

Compliance with legal regulatory standards

One of the major challenges faced by healthcare industry is complying with the legal rules and standards set by HIPAA. HIPAA requires every hospital organization to handle data over a secured channel which provides privacy and security to the identifiable information or records stored. HIPAA also focuses on the authorizing process that the hospital undertakes to ensure patient safety and operating efficiency.

Blockchain provides a decentralized authority than enhances faster transaction and stores data digitally with encryption over a decentralized network. Thus, with blockchain, healthcare industry is able to meet the regulatory standards set by HIPAA hassle-free without any obstacles. This creates trust between stakeholders and the hospital organization too.

Following are some healthcare startups according to the source medium that have started incorporating blockchain to ensure data security and also cultivate trust in healthcare.

Startup Service provided with blockchain
Guardtime Securing the healthcare records of the patient. Read more…
Cyph MD Building a secured communication between different healthcare service providers. Read more…
Gem Promoting collaboration of healthcare with blockchain.
Read more…
Med
Rec
Secure patient medical records. Read more…
IRYO Medical research management. Read more…
blockchain provides efficient prescription to healthcare industry

Blockchain helps to overcome healthcare concerns raised in relation with privacy, accessibility, security of medical and healthcare data. Blockchain also helps to prevent security breach and proves to be a reliable technology that will benefit the patient and healthcare industry as a whole. Most of all, blockchain provides digital protection to healthcare.

subscribe

Source: https://blockchainhealthcarereview.com/blockchain-powered-data-security-a-prescription-for-renewed-trust-in-healthcare/

Blockchain

Bitcoin investing interest up 19% compared to 2019, Grayscale report says

Published

on

Crypto investing firm Grayscale recently released its 2020 Bitcoin Investor Study. The report used data from a survey which digitally polled a sizable number of individuals in the U.S. between June and July. Grayscale found the majority of the surveyed people were keen on buying Bitcoin (BTC).

“In 2020, more than half (55%) of survey respondents expressed interest in Bitcoin investment products,” Grayscale wrote in its October 2020 report. “This marks a significant increase from the 36% of investors who said they were interested in 2019.”

The numbers in Grayscale’s report come from data compiled by research company 8 Acre Perspective. The firm asked 1,000 U.S. persons about their Bitcoin investment interest, or lack thereof. The digitally polled group ranged from age 25 to 64, with minimum household earnings of $50,000 and a minimum of $10,000 of capital at their exposure for investment.

Similarly, Grayscale’s 2019 report used data from 1,100 Americans, polled in March and April 2019 under the same monetary and age parameters. 

“Among those who reported investing in Bitcoin, 83% have made investments within the last year, indicating that digital currencies are an increasingly attractive component of modern investment portfolios,” Grayscale’s 2020 report detailed. 

The report’s findings show Bitcoin’s popularity has increased in the U.S. “Based on this year’s survey, the market of potential Bitcoin investors is 32 million strong — compared to 21 million investors just one year ago,” the report explained.

“This year, 62% of investors reported that they are ‘familiar’ with Bitcoin, compared to 53% in 2019. In addition, nearly half of those surveyed predicted that digital currencies will be regarded as mainstream by the end of the current decade.”

The report also noted that parties interested in BTC were similar to mainstream market participants, although those keen on Bitcoin purchases run about seven years younger, on average. 

Additionally, the report pointed out a correlation between interest in Bitcoin and the COVID-19 pandemic. 

Source: https://cointelegraph.com/news/bitcoin-investing-interest-up-19-compared-to-2019-grayscale-report-says

Continue Reading

Blockchain

Despite Minor Sell-Offs, Bitcoin [BTC] Inches Closer to $14K, What’s Next?

Published

on

advertisement


Bitcoin has been riding quite high of late. Despite a rather dull performance by Ethereum and the rest of the altcoin market, Bitcoin has shown clear bullish signs and was currently up by 12.39% over the last week. It was being traded at $13,588, at the time of writing which marked a new 16-month high for the world’s largest cryptocurrency.

Advertisement

1xbit

A crucial level of resistance for Bitcoin now stood at $14,000, a level that was last seen in the second week of January 2018. If it manages to break this mark, BTC could soar higher and target its ATH level close to $20,000. However, if this coveted level is breached, it could potentially hit $65,000-$80,000 by mid-2021. This bold price prediction was made by one of the most interesting and popular strategist, who goes by the name ‘Magic Poop Cannon’.

One of the most prominent reasons for Bitcoin’s immense success was the massive institutional foray. MicroStrategy, for one, happens to be one of the largest publicly traded business intelligence firms in the world. The company made a series of huge purchases in Bitcoin in August and September this year. With the latest gains, MicroStrategy was currently sitting on more than $89,000,000 in profit from its BTC investments.

Michael Saylor, the Chief Executive of MicroStrategy had earlier asserted that Bitcoin was a better store-of-value asset class than fiat currencies. This comment was made in the backdrop of the company purchasing 21,454 Bitcoins at an aggregate purchase price of $250 million. Noting the growing pandemic-triggered havoc and the global economy taking a plunge, Saylor had earlier stated,

“Since its inception over a decade ago, Bitcoin has emerged as a significant addition to the global financial system, with characteristics that are useful to both individuals and institutions. MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy”

Is A Setback Ahead?

Source: Twitter, Jameson Lopp

Despite the surging price, there is one setback. Bitcoin’s hash rate which saw a drop of 45% over the past three days. This could be attributed to the end of the rainy season in China’s Sichuan province. Here, the Bitcoin miners seasonally migrate to obtain the benefits of cheap hydro-electric power primarily because rains cause an increase in water levels which, in turn, profits BTC miners’. However, the end of the rainy season essentially meant that the miners are likely to leave.

Advertisement

Cryptocoincoach

Having said that, other on-chain data of Bitcoin appeared optimistic with no signs of investor trepidation. This was further validated by the increasing number of Bitcoin whale addresses as unrealized profits recently touched its yearly highs.


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Author: Ketaki Dixit




Experienced writer and editor with a demonstrated history of working in the industry. Skilled in Copywriting, Web Content Writing, Copy Editing, Writing, Cryptocurrency News Writing, and News Editing.

Source: https://coingape.com/bitcoin-despite-minor-sell-off-bitcoin-inches-closer-to-14k/

Continue Reading

Blockchain

Bitcoin Whale Wallets With 1000+ BTC Or More Spike To Highest Levels In History

Published

on

Bitcoin price is only a mere few hundred dollars away from setting a higher high and confirming a new bull market. Coinciding with what appears to be a breakout ready to happen, whale-sized wallets holding more than 1000 BTC have surged to the highest level in the asset’s history.

Is this it – is the next cryptocurrency bull market based on Bitcoin’s block reward halving as the stock-to-flow model predicts, finally here?

Big Buyers Prepare For Crypto Bull Run By Accumulating Bitcoin

Bitcoin has been bullish all throughout 2020, even becoming the best performing mainstream asset beating out gold, stocks, and more. The leading cryptocurrency by market cap started off the year bullish, leading into the block reward halving in May.

But before the day arrived, the pandemic struck and the stock market selloff on Black Thursday caused Bitcoin’s uptrend to collapse.

The cryptocurrency and stocks have been on a tear since, with Bitcoin only recently decoupling due to network effect and adoption metrics rising.

bitcoin btc whale

Whale wallets over 1000 BTC grow to historic levels | Source: Glassnode, via Arcane Research

For example, non-zero BTC wallets and active wallets have recently reached new highs, and now, even whale-sized wallets holding 1000 BTC or more have spiked to the highest levels ever.

Related Reading | Bitcoin Could Be Just One Week Away From A New Monthly All-Time High Close

But what exactly is behind the sudden surge?

Whale-Sized Wallets With 1000 BTC Or More Reach New Highs, Is Price Next?

According to data, BTC addresses with a balance of 1000 BTC or more have grown to the highest level ever. These whales hold enough Bitcoin, that if the cryptocurrency ever reaches prices of $1 million per BTC as predictions reach, they’d have $100 million USD worth of the cryptocurrency.

Related Reading | Paul Tudor Jones: Bitcoin Is In First Inning, Like Investing In Apple Or Google Early

And that could be precisely the reason for the number increasing. With the expectation that Bitcoin’s valuation could rise to such levels, whales are preparing for the long haul. At current prices, that sized wallet worth of BTC would be valued at over $13 million today.

bitcoin whale btc wallet higher high

Bitcoin closes in on setting a higher high for the first time since 2017 | Source: BTCUSD on TradingView.com

Another theory for the increase in 1000+ BTC wallets could be more corporations following suit suddenly, and buying BTC on OTC markets to hedge against inflation and the dying buying power of the dollar.

The pandemic and resulting stimulus money has wreaked havoc on the monetary supply and caused a rapid imbalance further against the scarce supply of just 21 million BTC.

Currently,  just 23 companies alone hold over 786,000 BTC or more than 3% of the total supply. The more 1000 BTC whale-sized wallets there are, the even less Bitcoin there will be to go around for small fish investors.

Featured image from Deposit Photos, Chart from TradingView.com, Arcane Research, and Glassnode

Source: https://www.newsbtc.com/analysis/btc/bitcoin-whale-wallets-with-1000-btc-or-more-spike-to-highest-levels-in-history/

Continue Reading

Trending