Due to the lack of regulation and vigilance over the medical records of millions of patients, a multi-million dollar industry has grown out of the selling of those medical related records, and the industry keeps on GROWING.
Although most of us are unaware of this but it has been proven many times that our healthcare data is being sold off knowingly and even worse unknowingly, the worst part of this is we have absolutely no control over it. It’s not like we can simply pull out from our local doctors and go somewhere else as this happens all over (In the western world). Regulators and government bodies have been trying to combat this by attempting to implement legislation or laws but let’s face it, no one is expecting things to change on any meaningful level.
What can they do with our medical data?
The same way companies who collect data on your internet activities can track and predict your spending habits and overall online behavior, thus placing relevant products and services on your screen (often without your permission). Medical data can be used in similar ways by pharmaceutical companies, to create drugs that are aimed at certain ailments or they can simply create new drugs that relieve a small symptom making them inordinate amounts of money. (and obviously it’ll be marketed like it’ll save your life)
How can DLT/Blockchain remedy this?
Similar to how it can solve the conundrum of having one true form of Identity, which we discussed in last crypticle (Click here) and having full control over it (Access rights and permission etc). Distributed ledger technology with it’s immutable (can’t be changed) nature can be extended into the healthcare industry particularly with our healthcare data. Picture a future where you will have FULL ACCESS to your medical information at your fingertips such as blood type, past illnesses, dna information, family health information chances of contracting certain conditions etc. And picture having exclusive access to that health information as you should.
We don’t have any investment in this project nor are we sponsoring them however they have a working model of this future we pictured. Full ownership of your medical data as well as being able to give access to certain parts of it to other health professions as and when you choose. See video below for more information! However we must state, it WILL take some years before this technology in healthcare is adopted on a global scale, these things don’t happen overnight.
As mentioned in our previous ‘Crypticle’ on ID’s, ALL our healthcare data will be available in one location at the touch of a button in the future. The only downside is it will take quite a few years until we get there on a worldwide level.