Top 10 companies using blockchain for healthcare security

Copyright © Blockchain Council www.blockchain-council.org
Top 10 Companies Using Blockchain For
Healthcare Security
Introduction
One of the main reasons for healthcare providers to turn to blockchain technology
is security. An increasing number of healthcare organizations manage health
records through digital solutions to improve the efficiency, quality, and
transparency of the healthcare system.
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According to news reports, between the years 2009 and 2017, 176 million patient
records have been exposed in data breaches. Though a blockchain is transparent,
it does not compromise the privacy of data as it conceals the identity of an
individual by way of complex and secure codes which prevents the sensitivity of
medical data.
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A blockchain is a distributed decentralized ledger which is spread across a
network which is shared over a peer-to-peer setup. This means that data
exchange happens directly and there is no central authority which controls or
manipulates it. A block in a blockchain refers to a collection of data. A blockchain is
immutable as it is impossible to change data once it is added to the blockchain.
The blocks are linked to form a chain and this is what makes a blockchain so
trustworthy. It is this decentralized nature of blockchain, which makes doctors,
patients, and healthcare providers to gain access to the same information quickly
and safely.
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Let us now analyze the top 10 Companies Applying
Blockchain In Health
1. BurstIQ
It is a health-focused global network which leverages blockchain to connect
people and businesses. It uses a global health data network platform which
enables individuals and businesses to control, access, monetize, and gain insights
from health data. It helps in secure management of large amounts of patient data.
Its blockchain allows the sale, share, safekeeping, or license of data with script
compliance to HIPAA rules. It helps avoid the abuse of prescription drugs. It
provides updated information about the healthcare activity of patients.
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2. Medicalchain
It is used for securely storing health records and maintaining the integrity of
records by establishing a single point of truth. Pharmacists, hospitals, doctors, and
laboratories need to ask permission to access a patient’s records Medicalchain
helps in secure storage and sharing of electronic health records. The
blockchain-based platform protects patient identity and maintains a record of
origin. In May 2018, Medicalchain announced the release of its telemedicine
platform, ‘MyClinic.com.’ Here, patients can have doctor consultations via video
and use ‘MedTokens’ to pay for consultations.
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3. Factom
It helps store digital records which can be accessed only by hospitals and
healthcare administrators. Physical papers are equipped with special Factom
security chips which hold patient information. It is stored as private data and can
be accessed only by authorized users. It helps create a medical identity around an
individual and solves trust and accuracy problems affordably and practically
through the Factom blockchain. A patient’s medical information can be recorded
on a blockchain through a portable medical wallet.
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4. Guardtime
Guardtime uses blockchain for cyber security applications. It helps healthcare
companies and governments to implement blockchain in their healthcare systems.
It bridges the gap between patients, payers, providers, life science companies and
regulators by enabling data sharing across multiple stakeholders. It delivers a
single truthful version of health records.
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5. Iryo
This Central-European enterprise creates a participatory and global healthcare
ecosystem. Established two years ago, it ensures the security of sensitive medical
data, which is free from cybersecurity hacks and breaches. Iryo helps unify health
records. Iryo allows to store and share medical history from anywhere in the world.
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6. Chronicled
It is a San Francisco-based blockchain company which uses blockchain
technology to improve accountability and traceability combined with IoT systems
to supply chains which are critical in healthcare and pharma industries. In the case
of vaccines which are sensitive to time and temperature, using a blockchain
solution will help speed up logistics, improve product visibility, add transparency,
save costs, and minimize discrepancies. MediLedger project which chronicled has
partnered with in 2017 aims to prevent counterfeit medicines from entering the
supply chain. 10

7. EncrypGen
It helps people sell DNA information for cryptocurrency tokens. It plans to build a
unique blockchain platform which will enable people to share genomic data
securely for cryptocurrency in the genomic data market. Genomic data refers to
the complete set of DNA, which includes all the genes.
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EncrypGen launched the My-Gene Chain market in the year 2018. Individual
customers can share, secure, and remarket their de-identified genomic data.
However, certain experts have warned that the de-identification process would
reveal other private data.
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8. SimplyVital Health
ConnectingCare is a product of SimplyVital Health which connects different
medical providers onto the same platform. This allows viewing of the same data
for shared patients. Clinical and financial algorithms which are powered by artificial
intelligence offer users with actionable strategic opportunities. It helps conduct
patient follow-ups, which lower the duration and cost of care. SimplyVital Health is
now working on its second product called HeathNexus, which is a blockchain
protocol safety that can be adopted by healthcare.
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9. Blockpharma
This French startup uses blockchain technology to fight drug counterfeiting. Drug
counterfeiting is a worldwide challenge. As per reports, every year, more than
8,00,000 die due to the consumption of counterfeit drugs. Counterfeit medicine
refers to a fake medicine which is contaminated, contain the wrong ingredients, or
have the right active ingredients at the wrong dose.
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Using blockchain technology aids in drug traceability. It allows participants to
interact with the supply chain and alert labs in case of fake drugs. Blockpharma
developed an app which will control the origins of purchased medication.
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10. Coral Health
It is a Canadian enterprise looking to leverage the power of blockchain to make
personalized medicine a reality. Coral Health plans to create a platform which
helps patients share health records securely with stakeholders. This facilitates a
broader application of personalized medicine. The demo of its medical records
was released in 2018. Using this, users can add their medical health records,
request health habits, and choose the doctors with whom they wish to share their
data.
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Conclusion
Blockchain is a novel technology which solves certain security issues. Making use
of blockchain for enhancing electronic Health Information Exchange (HIE) would
aid in faster data exchange across a wide range of healthcare applications which
are efficient and cost-effective. With a blockchain, patients can choose to share
specific medical data, for a defined period,
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Top 10 companies using blockchain for healthcare security

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