This is interesting and banks are just barely trying to get into this themselves with using the technology in the financial area so waste no time here with the suggestion of using the technology to secure medical records.
So what’s next, a BitCoin wallet to store your medical records? It’s an interesting idea that has yet to unfold so stay tuned as the war to protect privacy continues. BD
Even though the benefits of creating and maintaining electronic medical records of patients has been established (it is found that maintaining records considerably increases the quality of care provided to patients) the exorbitant cost of managing and maintaining the system has put many hospitals off from implementing it.
Blockchain technology, the lifeline of the Bitcoin network has the potential to address the concerns regarding access, security, scalability and privacy of electronic medical records. A centralized platform that decentralizes healthcare data is not too far. Conceptually, patient’s data can be stored on the bitcoin blockchain or similar technology creating a multisig address for each patient’s records. The patient can be provided with a private key and a multisig address for his data. In addition, each healthcare provider using this record keeping system can be assigned a universal signature. Using the same multisig principle used by bitcoin wallets, a patient can choose to grant access to any healthcare provider of his choice by using his signature along with that of the hospital. This way, the patients will have full access to their own data and they can choose the healthcare provider they would like to share it with. It will also save hospitals from the huge costs associated with setting up and maintaining patients’ electronic records.