Is there a Blockchain Future for Healthcare?
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Blockchain is a distributed ledger technology that enables decentralized approaches without intermediaries. It has several potential healthcare applications including medical banking to disintermediate counterparties, distributed electronic health records, inventory management, and new models for collaborative data sharing and crowdsourcing. However, challenges remain around transaction throughput, security, regulatory uncertainty, and developing business models to implement blockchain in healthcare.
Is there a Blockchain Future for Healthcare?
- 1. Is there a Blockchain Future for Healthcare? Jody Ranck, DrPH, CEO of Krysalis Labs, CSO of health bank December 2, 2015 HL7 Policy Conference Precision Medicine: Innovation, Interoperability and Policy
- 2. The Next Evolution of IT?
- 3. What is Blockchain? • Distributed, cryptographic transaction ledger • Platform that Bitcoin is built upon • Tech protocol layer similar to TCP/IP • Transactions posted (transparent) and verified with time stamp • Encryption Keys but ledger is transparent • Enables decentralized approaches to databases, organizations, transactions without intermediaries • Trustless networks
- 7. IoT Use Case Source: IBM
- 8. New Forms of Collaboration • Smart contracts-remove trust intermediary and execute upon completion of task, ie. Programmable web • Distributed Applications (DAPP)- app that executes a contract on Blockchain (Ethereum) eg. Storj, a file storage app like Dropbox • Decentralized Autonomous Organization/Corporation: AI and smart contracts, potential applications to insurance, adjudicating claims
- 10. Health Use Cases (Swan) • Medical Banking: disintermediating counterparties • Distributed EHR: trust? • Inventory management • Research Commons and Remunerative Models for Data Sharing • Notarization/Identity Verification (insurance) • Open bazaar for services/transparency in pricing/health property exchange • Collaborative tool/crowdsourcing • health bank 2.0: remunerative commons • Peer-to-Peer insurance
- 14. Privacy & Security on Blockchain • Decentralize storage of record • But centralized platform for certification/recording transactions • Multi-sig address for each patient record • Patient has private key • Every provider has a universal signature with hospital having same
- 17. Applications Outside of Health • IoT- micro/nano-payments • Counterparty clearance in finance • Smart Property- track provenance/anti- counterfeit • Real-time/contextual forms of insurance • DNA.bits: integrating genomic and clinical data, sharing securely, HIPAA compliant
- 18. Challenges to Blockchain • Throughput- processes 1 transaction per second • 51% attack- one mining entity takes control • Sidechains and interoperability • Confidence in storing data in decentralized fashion • Regulatory uncertainty • Business models
- 19. The End • Contact: jody@krysalislabs.com • Jody.ranck@healthbank.coop