Blockchain technology can provide better healthcare

Blockchain technology can provide better healthcare

The majority of healthcare systems and services across the globe face severe issues. As per the Institute of Medicine, the number of deaths in the U.S. on account of medical errors is higher than those from breast cancer, AIDs or motor vehicle accidents. The US spends over three trillion dollars a year on healthcare, but around 10% of its population are uninsured.

Much of the healthcare costs are unnecessary and wasteful. High administrative cost, unnecessarily lengthy hospitalizations, and absence of uniform guidelines to provide the optimal quality of care drive up the overall cost.

Complex insurance coverage guidelines and excessive paperwork impede smooth healthcare delivery. Healthcare data is invaluable; its privacy and security remain a challenge with ever-increasing instances/attempts of hacking and fraud. Lack of transparency on the unit cost of medical interventions, hospital cost, and charges imposed by physicians and providers further aggravate these inefficiencies.

Demand for efficient service is rising all the time with growing geriatric population. More efficient healthcare is both a cause and an effect of emerging technologies. The healthcare system awaits transformation to digitization and inter-connectivity. A great place for transformation to occur is in patient medical data. Currently, different health groups store this information centrally, forcing patients to provide the same data to various providers manually. It is long past time for a mutually shared repository for that data.

Blockchain technology is the way to provide this solution by enabling Health Information Exchanges (HIE) with improved privacy, security and inter-operability of  data. HIE’s on the blockchain allow network participants to store, view and share their health information without succumbing to the inherent hurdles and red tape that go hand in hand with centralized control.

Furthermore, recent developments in the field of genetics and personalized medicine require advanced technologies to store and analyze data for an individual’s genetic composition, environmental factors, and lifestyle changes which also requires more equipment and computing power. Blockchain has the ability to combat some of these unavoidable consequences of advancement by leveraging the computing power of the network supporting the respective blockchain.

The CareX team devised a blockchain-based platform to reduce inefficiencies and improve overall health outcomes. The CareX HealthVault stores a patient’s medical data and converts into the cryptographic form on blockchain. The health data stored on blockchain is highly secure, accessible and inter-operable. It aims at bridging the gap between differential medical costs based on the location of the patient, the hospital, the nature of the medical intervention, etc.

The CareX platform is working to provide affordable and efficient solutions by connecting different fragments of the healthcare system that currently work in isolation. We believe efficiency will be a direct result of operating in unison for delivering better healthcare services to the patients. This will streamline the medical data transfer within the healthcare network groups. Aquiring this data would then be quick and easy, which empowers medical professionals to make fast and accurate decisions. The CareX platform plans to integrate the data analytics platform with artificial intelligence software trained to support medical practitioner’s decisions.

The CareX medical blockchain platform provides for HL7 integration in its blockchain solution. This allows transfer of electronic medical data with healthcare providers, payers, and patients in a HIPAA compliant manner. With our innovative platform, healthcare participants can exchange health records using HL7 standards to support clinical practice management and healthcare services delivery.

CareX realizes that with new technology comes new training. CareX is designing a chatbot to be efficient and user-friendly in assisting you on the platform. Our chatbot is aimed at improving healthcare affordability and transparency by granting real-time health data access to patients and providers. This innovation in Artificial Intelligence is the next step in creating a platform that offers personalized care.

Blockchain and the CareX team are leading the way towards offering a secure, robust platform for efficient healthcare solutions. Our roadmap is provided in the link below.



OECD (2013), Health at a Glance 2013: OECD Indicators, OECD Publishing.