A Closer Look at Block Chain Technology
Blockchain Community Leader, I am part of the Innovation & Digital...
Blockchain: The Paradox
Blockchain Is it Really Worth the Hype?
Why CXO's cannot ignore Blockchain?
Jagruti Solanki, CPA, MBA, CGMA, and Assurance Partner, Aprio
Blockchain, the real benefit behind the technology
Rebecca Hofmann, Manager of Innovation, Equinor Chairman, OOC Blockchain Consortium
Blockchain for Personalization, Opportunities and Challenges for...
Giridhar Tatavarty, VP, Data Science at 84.51˚
Blockchain Rising: Have You Considered Blockchain for Your IoT...
Gavin Whitechurch, EVP Product & Strategy, KNect365 TMT
Thank you for Subscribing to CIO Applications Weekly Brief
Creating Data Privacy with Blockchain
Blockchain has become the rage in the security sector as the encrypted distributed ledger has now become the best possible technology to maintain privacy and prevent data breaches. Healthcare, as a matter of fact, is not far behind in adopting blockchain to protect confidential patient data. As the patient data is decentralized, the information is secured to provide personal ownership, interoperability across several channels, and creates a trust among the users.
Blockchain can effectively reduce the cost of data storage and cybersecurity, as the patient information can be viewed across the world through different channels and reduces the friction between intermediaries. Moreover, data is backed up across several systems thus prevents data loss due to unforeseen disasters.
The confidential records stored and exchanged through the blockchain platform cannot be changed or tampered with by an external entity and therefore is hack proof. The digital ledger creates various touchpoints throughout the journey as well as streamlines data. Blockchain provides an encrypted platform for identity verification and authentication for all the entities that are using the records or associated with it within the chain.
Blockchain provides the security mapped out in HIPPA Act and is compliant with TEFCA (Trusted Exchange Framework and Common Agreement). Data Scientists are now in the process of developing and incorporating the encryption technology to the data shared through emails between various parties.
In fact, the patients can create private key links to share identity and information with various healthcare organizations of their choice. The organization can then use the private key to decrypt the data, which will stay unidentifiable to the entities without the key. This technology will effectively eliminate data breaches and leakages of confidential data on the black market.