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Blockchain-powered data security: A prescription for renewed trust in healthcare

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Blockchain and data security in healthcare

One of the major challenges faced in healthcare industry is maintaining the data and information of a patient or any transaction or any operation for the reason of security and privacy. Some of the largest mal-practices in healthcare industry is identity theft, false insurance claims, manipulating data or information, etc. When such activities take place, the decision making of a doctor or a physician is obstructed too. This is because the data that is available to the doctor or physician if it is manipulated or miscommunicated, it may even lead to fatal consequences such as misdiagnosis or improper medication.

Blockchain in healthcare, today, is able to eliminate these vulnerabilities with the help of its features such as transparency, server less data storage using services like Amazon, accessibility, etc. According to a research study conducted by IBM, out of every hospital they conducted the research, 16 percent of the hospital institutions are either willing to use blockchain for security purposes. The research study states that by 2020, around 56 percent of the hospital institutions will be using blockchain in healthcare for data security and also enhance their interoperability.

healthcare blockchain

Enhancing data integrity with blockchain

One of the major difficulties faced by doctors and physicians in healthcare industry is integrating patient data from different hospital institutions. Everyday new patient comes in, new treatments are invented to better treat patients, which in turn increases the data involved in the process. Such data might be lab reports, patient medical records, doctor or hospital institution that treated the patient, medication prescribed, etc.

The data size keeps increasing every day and thus it also increases the need for large storage to maintain and handle the data efficiently. As the size keep increasing, traditionally verifying the stored data is difficult as there is either no orderly arrangement or the chances of a data not getting stored is high. This might result in problems in sharing data too.

With blockchain, this problem is eliminated as it provides the means to integrate data from different parties using a strong peer to peer connection without any restriction. Hence, doctors are able to trace back the source of data that is displayed too. This increases the integrity value, providing quality to the data.

Secured connectivity between disparate data

Achieving consensus between different parties within a hospital industry is one of the toughest jobs to handle. This is because various people are involved in various transactions to complete a particular operation. For example, when a patient uses a hospital ambulance service, various people come into the picture and multiple transactions take place. These group of people include ambulance drivers, doctors and tasks such as getting operating theatre ready, financial transactions, logistics support to make sure the ambulance arrives at the right time, etc.

With blockchain it is easier to coordinate all people involved in the transaction and coordinating different tasks. This allows all operative tasks to take place without delay or any error or miscommunication.

Secured identity with blockchain

What would happen if a person provides a false identity of a doctor and misdiagnose the disease or prescribe wrongful medications? It may traumatize the patient for life due to the consequences of the misdiagnosis. With false identify, the threat increases for data and private information of the patient of hospital institution stored, etc. If these data and information is manipulated, it might even lead mal-practice of laundering money or even fatal to the patient if the data manipulated is used in operative tasks.

With blockchain these mal-practices are eliminated. Since, blockchain operates over a decentralized network, the network provides the ability to store data with high encryption. Data is stored in the form of blocks and chunks cryptographically and thus, manipulating or changing any stored data is not easy. Patients, Doctors and Physicians are also able to authenticate license of any service provided as blockchain provides evidence to all data stored.

To change the data, the whole network system has to be shut down and changes to be made to the entire network. This is close to impossible in healthcare industry due to various transactions and operations that take place non-stop.

Compliance with legal regulatory standards

One of the major challenges faced by healthcare industry is complying with the legal rules and standards set by HIPAA. HIPAA requires every hospital organization to handle data over a secured channel which provides privacy and security to the identifiable information or records stored. HIPAA also focuses on the authorizing process that the hospital undertakes to ensure patient safety and operating efficiency.

Blockchain provides a decentralized authority than enhances faster transaction and stores data digitally with encryption over a decentralized network. Thus, with blockchain, healthcare industry is able to meet the regulatory standards set by HIPAA hassle-free without any obstacles. This creates trust between stakeholders and the hospital organization too.

Following are some healthcare startups according to the source medium that have started incorporating blockchain to ensure data security and also cultivate trust in healthcare.

Startup Service provided with blockchain
Guardtime Securing the healthcare records of the patient. Read more…
Cyph MD Building a secured communication between different healthcare service providers. Read more…
Gem Promoting collaboration of healthcare with blockchain.
Read more…
Med
Rec
Secure patient medical records. Read more…
IRYO Medical research management. Read more…

blockchain provides efficient prescription to healthcare industry

Blockchain helps to overcome healthcare concerns raised in relation with privacy, accessibility, security of medical and healthcare data. Blockchain also helps to prevent security breach and proves to be a reliable technology that will benefit the patient and healthcare industry as a whole. Most of all, blockchain provides digital protection to healthcare.

Sonal Mehta is a Content Lead at SoluLab, a leading Enterprise Blockchain, Enterprise Mobile Apps and Web development company, started by ex-vice president of Goldman Sachs and ex-principal software architect of Citrix. SoluLab Inc provides full spectrum, 360-degree services to enterprises, startups and entrepreneurs helping turn their dreams into awesome software products.

Source: https://blockchainhealthcarereview.com/blockchain-powered-data-security-a-prescription-for-renewed-trust-in-healthcare/

Blockchain

Chinese Police Confiscated $3.8 Million in Crypto After Arresting EOS Gambling dApp Team

$3.8 million in bitcoin and EOS seized in China from a team of developers operating a decentralized gambling platform built on the EOS blockchain.

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Chinese police officers have confiscated nearly $4 million in various cryptocurrencies after a raid against several developers that operated a decentralized gambling app built on the EOS blockchain.

$3.8 Million in Crypto Seized

After receiving tips of suspected illegal activity involving the developers of the dApp called Biggame, the Jiangsu police department opened an investigation. Ultimately, this led to the arrest of 15 people.

During the raid, the authorities found and seized 1.3 million units of EOS and BTC. Converted in fiat currencies, this amount equals 26 million yuan or $3.8 million.

According to the report, this is the first criminal case the police solved in connection with illegal online gambling inside China.

The dApp’s structure allowed it to attract players to games such as Dice and Texas Hold’em. The customers placed their bets using EOS smart contracts.


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The Chinese officials reported that in the period between June 2018 and December 2020, the group behind the dApp allegedly gained profits from the operations with crypto assets worth 60 million yuan or about $10 million.

It’s not the first time Chinese police go after fraud related to blockchain-based applications and platforms. As reported last year, the authorities arrested 109 people connected with the cryptocurrency pyramid scheme PlusToken. The well-known Ponzi scheme has defrauded investors of more than $5.7 billion.

”Internet Cleansing Movement”

The biggest economy in Asia – China – appears to be one of the leading countries regarding cryptocurrency mining and distribution but has also had tons of experience with illicit activities coming within its borders.

The arrest in Jiangsu highlights the Chinese law enforcement’s goal to neutralize any illegal online activities – from gambling and telecommunication fraud to money laundering. The mission was referred to as ”Internet cleansing movement.”

Furthermore, the end of last year saw an increasing number of court rulings in this field. According to the officials, nearly 100 individuals have been convicted for laundering money via crypto deals that involved more than $30 million worth of the most widely utilized stablecoin – Tether (USDT).

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Source: https://cryptopotato.com/chinese-police-confiscated-3-8-million-in-crypto-after-arresting-eos-gambling-dapp-team/

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$10 Billion in Liquidations as the Crypto Market Cap Evaporated $360B in Hours

Record-setting liquidations worth $10 billion in the past 24 hours as the entire crypto market plummeted by double-digit percentages. 

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The enhanced volatility in the past day caused nearly $10 billion in liquidations in less than a day as bitcoin, and all altcoins fell hard. Naturally, over 90% of the liquidated amount came from long positions. 

  • CryptoPotato reported earlier today the adverse price developments in the cryptocurrency market. Bitcoin fell by more than $9,000 in hours, Ethereum lost $400, and so on. With most digital assets plummeting by double-digits, the cumulative market cap lost $360 billion at one point. 
  • As it generally happens, the community speculated for possible reasons. One theory outlined rumors indicating that the US Treasury Department plans to charge numerous financial institutions for laundering money using cryptocurrencies. 
  • While the reason is still debated, the severe price drops caused pain for traders. Data from Bybt shows a whopping amount of $9.98 billion liquidated in the past 24 hours alone. Somewhat expectedly, over $9 billion were from long positions – meaning 91%.  
  • Most of the liquidations took place on Binance, which is somewhat expected as it’s the leading exchange by volume. Following were Huobi and Bybit.
  • More interestingly, the largest single liquidation order happened on Binance and it had a face value of a whopping $68.73 million.
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Source: https://cryptopotato.com/10-billion-in-liquidations-as-the-crypto-market-cap-evaporated-360b-in-hours/

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Did Power Outage and Bitcoin Hash Crash Cause Markets to Bleed?

Bitcoin prices hemorrhaged over the weekend pulling down the entire crypto asset market as usual but the cause may have been related to a sharp slump in hash rates.

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Bitcoin dumped 12.5% in a matter of hours over the weekend sliding from $61,450 in late trading on Saturday to bottom out at $53,750 the following day according to Tradingview.

Monday morning Asian trading has seen the asset recover somewhat but analysts are looking at what may have caused the cascade that resulted in $10 billion in liquidations.

Some have suggested that rumors regarding the U.S. Treasury Department charging several financial organizations for laundering money with cryptocurrencies may have caused the crash. Others have looked on-chain to seek answers there and it appears that hash rates also plunged before the markets did.

Power Related Bitcoin Hash Crash

Analyst and chart guru Willy Woo noted that the single largest one-day drop in mining hash rate since November 2017 occurred on April 17. He added that the hash rate on the network essentially halved, causing mayhem in BTC price as it crashed.

The plunge was also recorded by Bitinfocharts which observed a fall from an almost peak average hash rate of 157.58 EH/s to 105.43 EH/s – its lowest level since December 2020.


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Woo attributed the hash crash to a power outage in Xinjiang province, one of the dominant areas for Bitcoin mining operations. He added that this was known before the BTC price crash on the 18th, citing local news on the 15th.

He stated that 9,000 BTC was sent into Binance on April 16 in light of this news, adding:

“I’d note that Binance serves volume from Asia more than the West. It’s likely this was sent in from a whale with closer knowledge to happenings in China.”

Woo added that the selling pressure of these two events combined was enough to tip the price below liquidation levels around $59K which triggered a cascade of automatic sell-offs as stop losses were hit.

Strong holders bought into that dip which has since recovered around $4,000 since the bottom on Sunday.

Monday Morning Market Recovery

At the time of press, Bitcoin had recovered to $57,500 during Asian trading but a slight pullback saw the asset change hands at a little under $57,000 a few hours later.

Fundamentally, markets are still very strong and this minor on-chain blip wasn’t enough to rouse the bears. Over $10 billion has been added back into total market capitalization since the dip pushing it back over $2 trillion.

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Source: https://cryptopotato.com/did-power-outage-and-bitcoin-hash-crash-cause-markets-to-bleed/

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China Studies Bitcoin as an Alternative Investment, Central Bank Deputy Governor Says

China says it’s looking into Bitcoin as an alternative investment. However, the country will maintain its current practices for now.

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China is a country well-known for its support toward the ‘blockchain not bitcoin’ narrative. The country attempted to clamp down on cryptocurrencies more than once, but it appears that it’s now softening its stance, even taking a somewhat positive approach towards Bitcoin.

Bitcoin as an Alternative Investment Tool

Speaking at the Boao Forum for Asia on April 18th, the former central bank governor of China, Zhou Xiaochuan, and the current central bank deputy governor Li Bo opined on the matter of Bitcoin and cryptocurrencies.

We believe that crypto assets should play a major role in the future, either as an investment tool or as an alternative investment. Many countries, including China, are also studying it as an investment tool.”

Adding to the matter, Zhou Xiaochuan said that people don’t necessarily need to know whether the technology behind digital currencies is centralized or decentralized because “ordinary people don’t necessarily understand what the system behind it is like.” He also ascertained that whatever the case may be, digital currencies must not be used for illicit activities such as money laundering, tax evasion, drug or weapon trafficking, or gambling.

Furthermore, Li Bo said that bitcoin, as well as stablecoins, are “encrypted assets” and that they are an investment option but not a currency.

If it is used as an investment tool, many countries, including China, are also studying what kind of regulatory environment should there be for such an investment method. Although this regulatory  rule is the minimum regulatory rule, there are still regultory rules.”

The high-ranked official doubled down on the importance of legislation which ensures that “speculation in such assets will not cause serious financial risks.” Ultimately, despite the hints of a more positive approach towards bitcoin and other cryptocurrencies, Bo said they would continue to maintain the current measures and practices.


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Positive Market Reaction

Yesterday we saw a serious market-wide crash throughout all cryptocurrencies. As CryptoPotato reported, bitcoin dipped below $52,000, Ether went below $2,000, and so forth, resulting in more than $10 billion worth of liquidations across the board.

Today, however, things are looking brighter. The majority of cryptocurrencies are on the path of recovery, with BTC testing $58K already.

ETH is trading at around $2,250, BNB reclaimed $500, while other large- and mid-cap altcoins also chart substantial increases.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/china-studies-bitcoin-as-an-alternative-investment-central-bank-deputy-governor-says/

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