The modern health landscape is quite fragmented. There are various medical systems, fitness and activity-tracking devices, and an expanding list of connected products. All of these collect data and store it in central repositories. History has shown us that central data storages are not reliable. They are prone to single points of failure and cyber-attacks.
It leads to creating of a confusing consumer experience as an attempt is made to gather data and make use of it in an effective and personalized manner. The Helix3 project developers understand these issues and they want to create a solution.
Facts About The Current Healthcare Ecosystem
The healthcare system, specifically, how it stores and utilizes data is what some have referred to as a status of chaos. In fact, almost everyone in the US has had their personal health data breached. Here are some facts about the current state of affairs.
All Security Is Reactive
A recent study shows that there were over 477 security breaches in the US, more than one daily. The law mandated that all health records be digitized. However, there was no requirement that a huge investment in security is made. In most cases, hackers find some obvious security flaws, which they exploit to gain access to medical records.
In most cases, it takes a breach to occur for new measures to be implemented. In essence, it means that hackers will always be ahead of the security. Besides that, once data is moved to a central point to secure it better, its value goes up. That means hackers are willing to invest more to access the data.
Your Data Is Being Monetized By Others
While it is not as violating as having data hacked due to lax security, someone is making money off your medical data. In the world today, data is king and without it, AI and machine learning would simply fail. It is also used to improve how the medication is delivered and help prevent chronic illnesses, which make up for a huge chunk of medical costs.
Most of your data is often sold as de-identified data to companies, which they use for research or to learn demographic patterns so that they can sell you more products. However, you do not get any compensation for offering your data.
The US Healthcare System Incurs Waste Of About $1 Trillion
Right now, the cycle of regulation to protect against data breaches has become a problem in itself. Today, about 10 percent of all expenses in the US healthcare system are because of fraud. This represents about $3000 billion a year. When administrative costs and other costs to protect against this fraud are added up, they come to about $1 Trillion.
This mainly happens because providers and those that store your data have unrestricted access to it. For instance, health providers will make claims on behalf of the patients. Thus, they need to access personal health data of patients. Besides that, they answer questions from insurers that patients cannot answer.
With the high amount of fraud, each step has to be documented, verified, and recorded. It makes it hard to process claims in real time. Thus, most of the data entry is completed at a later date and requires access to the healthcare records.
The Vision Of Helix3 Blockchain Health Rewards Platform
In the Helix3 vision, the data is owned and controlled by the owner. Only the current owner and the creator can access all the data. The owner may share read-only access to various sets of data for given durations and later revoke access. To view data, executable contracts will be utilized.
Any sensitive data will be broken up into pieces, encrypted, and then spread across multiple services. All the transactions around the data are recorded in the blockchain, which is able to mitigate any fraud before it occurs. Besides that, people will be paid once they submit their data to research centers. Besides that, there will be a reward if people utilize their data to improve their health and wellness.