The frequency of data breaches continues to increase worldwide, and this poses serious threats to the healthcare industry. The cost of data breaches can reach as much as $6.5 million for the industry and be related to factors such as breach detection and response and business lost due to lack of consumer trust. The cost of recovery can also reach $25 million, especially for smaller healthcare organizations.
Hospitals are more susceptible to data breaches because of unique security vulnerabilities that include old software having gaping security holes, hospitals being unaware of which systems are running on the devices they use, and organizations not having enough full-time cybersecurity employees. Thankfully blockchain has many promising applications in healthcare that can help prevent data breaches.
Blockchain can be used in several useful ways in healthcare. By incorporating blockchain into wearables, doctors can access real-time patient data with reduced complexity and errors while patients are able to receive the proper personalized care. Integrating blockchain with telehealth will also provide seamless exchange of secure data and allow doctors access to a full record of a patient’s medical history. Blockchain can also help healthcare experience the benefits of gamification, such as improving health results and minimizing losses for healthcare providers by strengthening focus and directing patients towards their goals. Gaining access to NFTs in healthcare using blockchain can better secure patients’ health records from theft as well.
With positive benefits of blockchain being further explored by both established and startup companies, why not let your organization secure a future with blockchain?