Data plays a different dynamic in the healthcare industry. From clinical trials to solving the cure to life-threatening diseases to a patient’s medical history playing an important role in an emergency — healthcare data management can cost or save lives. Despite having extreme importance, healthcare data is also the most compromised form of data.
Healthcare breaches continue
In the year 2020, data breaches affected 26.4 million records in the US alone. More than 40 million patient records were compromised in 2021. Additionally, healthcare data breaches cost more than any other industry. The average cost per healthcare record breach increased from $429 in 2019 to $499 in 2020, costing healthcare organizations around $13.2 billion in 2020.
Not only security breaches, but even tech organizations are also leveraging healthcare data for their personal gains without any of our knowledge. In 2019, Google faced controversy over selling patient data in a program dubbed “Project Nightingale”. What is worse, is that it is not alone. There’s a multi-billion dollar industry built around collecting our healthcare data to use it for research but without any awareness.
Immature data infrastructure
If leveraged properly, healthcare data can represent a rich resource with the potential to improve care, find solutions to life-threatening diseases and open up possibilities for us to control our data. For instance, your personal healthcare data is worth $1000 to hackers. Can we even imagine the stream of possibilities that open up not only for us but also for the overall healthcare industry.
But, the immature data infrastructure has led to security breaches and a fear amongst patients that the data may be used against them. To reduce inefficiencies and enable value-creation in the healthcare industry, we must abandon the existing structure and put the customer first.
Inery’s decentralized infrastructure for healthcare data sharing
IneryDB, powered by Inery’s layer-1 blockchain solution, is a decentralized distributed database solution encompassing blockchain characteristics like immutability and transparency.
Its features will enable value-creation for healthcare data sharing on a decentralized infrastructure. Some ways in which IneryDB will enable benefits to the overall medical industry includes:
- Single truth — Instead of an immature and inefficient data infrastructure, the entire healthcare data will now be managed on a single blockchain. This facilitates a single version of truth amongst all the stakeholders of the healthcare industry.
- Privacy — Health records can only be accessed by the patient. For anyone to access the record, they need permission from the patient or the user.
- Accessibility — Different stakeholders including doctors, insurance companies and laboratories, can request access to patient’s information by the user approving transaction using private keys.
- Transparency — A trust network that will enable stakeholders, including healthcare professionals and companies to track the entire patient’s history enabling interoperability in the entire healthcare system.
- Security — Since the data is stored on a layer-1 blockchain solution and on a distributed infrastructure, it ensures optimum security of healthcare records.
Ultimately, Inery opens a new paradigm for the healthcare industry when despite having multiple stakeholders and multiple data sources, there is one single source of truth.
Inery is the first-ever layer-1 blockchain offering the solution of decentralized database management with the vision to enable a new paradigm for data. Inery is designed to enable cross-chain communication of data, greater speed and better security. It specifically addresses database management integrated with blockchain functionalities and distributed database management properties.
The Inery database management solution (IneryDB) allows a secure, low-cost and immutable way for database management where the control of private information remains in the hands of users and enterprises. It sets the base for the web3 future to enable value creation by seamlessly connecting with other systems, applications and layer-1 networks.
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