Blockchain is a distributed ledger technology that records given data into small bits of data sets called blocks, which are then chained by a consensus mechanism if the recorded data is genuine. The data is stored in a distributed storage environment based on a peer-to-peer system, which prevents anyone from modifying it arbitrarily because anyone can determine when a data change occurs.
Defining diseases has become easier through years of technology advancement and electronic health records, this life-log data from personal health records is used to deliver precision medicine to patients.
Due to problems relating to security, privacy, interoperability, and data quality, the deployment of personal health records for the collecting of life-log data through patient participation is still lagging. This is where blockchain is being implemented for Health Care. Through the use of a dynamic consensus system, the cost and time associated with managing patient participation shall be reduced. This can be achieved with smart contracts.
According to Jung SY, Kim T, Hwang HJ, the Token Model acts as an invisible hand in decentralized networks, encompassing tokens and market laws to regulate the Token Economy.
Token in Health Care has a vast amount of benefits. Needless to say, if a Token based system is breached, the information contained is still safe.
Benefits of Tokenization:
- PHI Security
- Virtually cancels risk of data theft
- Sensitive information can only be accessed by authorized parties. In case of a breach, hackers would have access to non-sensitive information only, not being able to steal or modify it.
- Compliance scope is improved
Tokenization in Health Care is the most efficient way to protect medical records, health information, and health records. This will not only ensure data security but significantly improve compliance, avoiding lawsuits and providing peace of mind to patientss.
