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Blockchain: The Rise of Patient Security

Digital privacy and data protection has been the concern of the year across all industries, as consumers are waking up to the number of abuses that have occurred from tech giants like Facebook to breaches of sensitive information held by banks and other institutions. Reacting to the need for modernized consumer protection, California is leading the privacy conversation by passing the statewide CCPA — companies holding data on more than 50,000 people will be obligated to comply with the new laws — and stands to set a larger precedent throughout the US. In an election year, we expect the privacy conversation to be front and center throughout 2020.

In the healthcare sector, Blockchain technologies could be key in providing solutions when it comes to patient security. After the breach of LabCorp and Quest Diagnostics earlier this year, where over 26 million patients had their medical records exposed. Blockchain technology could solve this issue and provide a secure and accurate method for patient storage, while also giving patients full ownership of their own records for the first time. Looking to take control of the value in their personal data, this could be a welcome shift for consumers.

For HCPs, Blockchain presents the opportunity for the industry to efficiently process medical data by storing all patient records in one place. The heightened security offered by the technology means records could be easily shared, benefitting hospitals, doctors, patients, and insurers. HCPs could also benefit from blockchain’s traceability, eliminating the possibility of edited, falsified, or simply unknown medical history. The healthcare industry must show they’re leading in next-gen privacy innovation as security concerns mount in the coming 5/6G decade. In the wake of the fake news, institutional distrust, and one breach after another, trust will be difficult to win back.

The Shift: Consumer concern around privacy and data protection has reached a tipping point where action from the largest collectors will be held accountable.

The Takeaway: Blockchain technologies could provide the necessary security and centralization to protect consumer records and allow them to have control of their own data.

Consider: How can you be at the forefront of this technology and serve up with right amount of consumer safety and savings?