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Key Blockchain Healthcare Use Cases to Watch

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Of the many many challenges the US. healthcare system is or isn’t working, it’s become abundantly clear not one is going

  • frequent medical data breaches, 
  • counterfeit drug distribution, 
  • or forging of the results of the clinical trials. 

Blockchain solutions can trigger positive changes in the industry and provide recurring opportunities for further domain development. 

So, we are going to find out how blockchain technology can help handle each of the challenges mentioned above and which ready-made solutions already exist on the market.

Medical Data Breaches

In March 2019, the healthcare industry has faced a 14% increase in the volume of data breaches compared to the average rate of the last 6 months. This has led to an increase in the number of exposed health records.

A healthcare provider, Navicent Health, has reported that 278,016 of their medical records have been accessed via phishing. One more case has taken place at ZOLL Services LLC. Their network has been attacked which resulted in the exposure of 277,319 records.

PhrOS Records System

Phros is a healthcare records system introduced by Taipei Medical University in partnership with the Digital Treasury Corporation in 2017. To achieve higher transparency between medical institutions and increase data security, PhrOS leverages blockchain technology for securing medical data. 

By using a mobile PhrOS app, doctors and patients can securely exchange data. For example, a patient can input the information about their current health condition, and the doctor will immediately see it in real time. This significantly improves doctor-patient interaction.

MedicalChain

MedicalChain proves partnerships are a key stepping stone to broader adoption. One can not write about this topic without mentioning Medicalchain in cooperation with a private clinic chain Groves Medical Group is MyClinic. Similarly to PhrOS, MyClinic provides the opportunity for transparent doctor-patient interaction by using decentralized ledger technology (DLT).

The service aims to protect the process of transferring electronic healthcare records (EHRs) between patients and doctors. By using MyClinic, patients can securely send their data to the doctors and get real-time remote consultation for a smaller fee while there is no need to spend money on office rent and transportation.

Prescription fraud abuse

About 10% of all drugs in the world are fakes. This statistics mostly relates to such locations as Latin America, Europe, and Africa. More than a million people annually die because of these forged medications. 

Moreover, it has been reported by the Organization for Economic Cooperation and Development (OECD) that the counterfeit drug area costs governments approximately $200 billion per year.

Blockchain technology can help eliminate the risk of forgery and, thus, save lots of people’s lives.

Data placed on blockchain can’t be altered in any way. This allows you to accurately trace every single phase of the drug delivery – from the producer’s storage to the consumer. For this, it is better to use private encryption keys which block all attempts of getting into the system for medication forgery.

SAP focused on counterfeit medicine

SAP has recently introduced its blockchain software for reducing counterfeit medicine. According to their product, drug makers have to note down the information about each drug item they produce on the ledger. They also have to transfer their XML messages through the SAP’s cloud so that they can occur on blockchain. This ensures that these messages will be accessible only to the supply chain participants, and no third parties could access them for forgery.

AsliMedicine is tracking drugs using blockchain technology

One more ready-made solution is AsliMedicine aimed at tracing drugs across the entire healthcare chain and detecting fakes. This solution assigns a specific coding model for every medicine. It may include a unique ID number, location of the manufacturing, name of the company, etc. All these details help track the item throughout the chain and identify counterfeit ones. 

Blockchain Technology for Clinical Trials

The purpose of any clinical trial is to determine the effectiveness of a newly produced drug. A common process consists of three key stages. At the first stage, the medicine is distributed among the small group of volunteers; at the second one – among the bigger group; and at the last stage the medicine is provided for testing by the largest group.

This process is expensive and time-consuming. This is why many manufacturers can forge the trial results to be able to put the drug for sale faster. 

Blockchain again comes to the rescue. To add new information to blockchain, the participant has first wait until the data about the tested drug placed in the previous blocks gets confirmed. Thus, the technology ensures the authenticity of the document which, in turn, confirms that the results of the trial are true. 

BloqCube ensuring integrity for clinical trials

One of the ready-made solutions powered by blockchain in BloqCube. It facilitates clinical trials, aims to accelerate the entire process and ensures medical information integrity. 

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Source: https://blockchainhealthcarereview.com/key-blockchain-healthcare-use-cases-to-watch/

Blockchain

TrustToken and Syscoin Partner on a Stablecoin Bridge

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Decentralized marketplace and e-commerce protocol Syscoin has partnered with the stablecoin platform TrustToken.

The goal of the collaboration is to speed up payments and to provide further solutions to Ethereum’s blockchain. It also means that the five stablecoins of TrustToken, namely TUSD, TGBP, THKD, TCAD, and TAUD, will run on Syscoin’s blockchain and be available for users.

A Collaboration Between Syscoin and TrustToken

According to a release shared with CryptoPotato, the popular decentralized marketplace and e-commerce protocol Syscoin has teamed up with stablecoin platform TrustToken.

Right off the bat, this means that the stablecoins provided by the platform will now run on Syscoin’s blockchain as well. These are TUSD, TGBP, THKD, TCAD, and TAUD.

Stablecoins have grown in popularity over the past few months, mainly because of the DeFi boom, where they are used to enable staking, liquidity provision, and so forth. However, there was also an obvious challenge with all of it – scaling. Supposedly, Syscoin is intended to help with that. Using Z-DAG (Zero Confirmation Directed Acyclic Graph), the protocol claims to be able to settle transactions in less than 10 seconds with comparatively low fees.

The partnership will also enable users to mine two cryptocurrencies at the same time – SYS and BTC.

Distribution of the Roles

While Syscoin’s task would be scalability, TrustToken comes in for the stablecoin part. It’s a platform that aims at an open financial system through a selection of stablecoins.

The stablecoins it offers are collateralized, and it has also partnered with Chainlink, as well as other protocols.

The overall partnership is aimed at creating a solution for scalable and secure token payments at a lower risk interoperability with Ethereum’s network. It should make TrustToken’s stablecoins function quicker and cheaper following the enabling of the bridge.

Speaking on the matter was Syscoin’s Foundation Chairman Jag Sidhu, who said:

“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”

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Source: https://cryptopotato.com/trusttoken-and-syscoin-partner-on-a-stablecoin-bridge/

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Visa And BlockFi Partner To Release A Bitcoin Rewards Credit Card

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  • The US-based cryptocurrency lending company BlockFi has partnered with the American multinational financial services corporation Visa to bring Bitcoin to the masses.
  • Bloomberg reported that the two US companies will offer a credit card that rewards clients’ purchases with the primary cryptocurrency, instead of traditional options such as cash and airline miles.
  • Dubbed the Bitcoin Rewards Credit Card, it will allow customers to receive 1.5% of their purchases back in BTC. 
  • Should the user spend more than $3,000 in the first three months after receiving the card, he will be entitled to a bonus of $250 in bitcoin. However, the innovative card will come with a $200 annual fee.
  • Evolve Bank & Trust, a subsidiary of Evolve Bancorp Inc, will be the card’s issuer. All three parties involved plan to launch the card in early 2021.
  • Founder and Chief Executive Officer (CEO) of BlockFi, Zac Prince, commented that his company is “excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of customers.”
  • With the BlockFi partnership, Visa has doubled-down on its endeavors with bitcoin-related collaborations. Earlier this year, the US giant and the BTC-friendly shopping app Fold launched a Visa co-branded debit card that rewards users with up to 10% of BTC back for every dollar purchase on retailers like Hotels.com, Nike, Starbucks, and Uber. 
  • BlockFi raised $50 million in Series C funding earlier this year, and Morgan Creek Capital’s Anthony ‘Pomp’ Pompliano joined its board of directors.
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Source: https://cryptopotato.com/visa-and-blockfi-partner-to-release-a-bitcoin-rewards-credit-card/

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Australian Crypto Exchange Accidentally Exposes Over 270,000 Customer Emails

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The Australian cryptocurrency exchange, BTC Markets, has inadvertently exposed more than 270,000 emails of its customers. The company apologized for the inconvenience and reassured that all other data, including users’ funds, is safe.

BTC Markets Exposes Customers’ Emails

A user going by the Twitter handle Stevosxrp.crypto took it to Jack Dorsey’s social media giant and Reddit to first complain about BTC Markets’ screw up. The Australian-based exchange later confirmed the breach on its official Twitter account.

The statement explained that BTC Markets “uses an external system to send client-wide emails.” Although the exchange has used this service for years “without an incident,” including sending test mails, this time, the testing “didn’t pick up that the sample email addresses in the batch were added to the same email, rather than sent individually.”

Consequently, the names and email addresses of account holders were exposed. BTC Markets claimed that this process was instant; therefore, “it was not possible to stop the batch send once the error was realized.”

The CEO of BTC Markets, Caroline Bowler, later revealed that all account holders were affected because the emails were sent in batches.

Funds Are SAFU, But The Damage Is Done

The exchange said that it will “self-report” to the Office of Australian Information Commissioner and “fully comply with the data breach reporting requirements.” Furthermore, the company plans to conduct an internal review.

Despite the data leak, BTC Markets reassured its users that the platform is still secure, no passwords were revealed, and all customers’ funds are safe.

Nevertheless, the exchange suggested that users’ should enable two-factor authentication (2FA) to enhance the security of their accounts.

None of those reassurances seemed to have an effect on the users, though. The Twitter thread explanation was met with numerous complaints from customers.

While most highlighted their disappointment with having their personal emails and names revealed, some took it a step further. One user claimed that the BTC Markets’ name is “now as good as dog s**t.”

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Source: https://cryptopotato.com/australian-crypto-exchange-accidentally-exposes-over-270000-customer-emails/

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