Healthcare industry is one of the most vital sectors of all. This is because, it fights for the survival of human race and eliminate any threats or vulnerable disease that may affect humans. But, what about the threats caused by humans to the industry? There are various malpractices that happen in this industry like money laundering, illegal drug testing, identify theft, etc. Such malpractices threaten the industry as a whole, making the physicians’ job more difficult in treating the patient. Using blockchain in healthcare for data security, such threats can be eliminated.
Blockchain and fraud protection in healthcare
Blockchain in healthcare today, support the healthcare network system with protected security over data, decentralized authorization and transparency over transactions that take place. It makes the job of the physician easier and also, they are able to place trust of the information and data required for any operative purpose. Blockchain brings trust in healthcare.
What happens if the physician themselves diagnose the disease wrong? Or prescribe a wrong medication? It can affect the life of the patient forever. It might traumatize the life of a patient and their loved ones forever.
This article discusses about how tech firm run by doctors use blockchain to fight fraudulent activities that take place in healthcare industry. Instant Access Medical (iAM) is a distributed system with a vast combination of experience and data, built by a team of doctors. It functions with blockchain as a platform over a decentralized network.
According to various sources such as Nulltx, CCN, Hitconsultant, etc., in the last few years, loss incurred by hospital industry due to medical crime alone have been reported to be more than USD 80 billion. These medical crimes involve false insurance claims or fraudulent insurance documents, identity theft, etc.
Instant Access Medical (iAM)
With Instant Access Medical system, doctors, physicians, any medical personnel are able to track data or information and identify fraudulent activities and practices. This eliminates the threat of manipulating the data or record of a patient.
Instant Access Medical and Blockchain
This is possible as Instant Access Medical system operates using blockchain. Blockchain today, is well known for its data security, transparency, and authenticity of data it provides. Since, blockchain operates over a decentralized network, it is impossible for anyone to change the data that is already recorded and stored.
Secured data storage
Blockchain encrypts the data before storing. This protect the data from being hacked or misused too. Since the data is encrypted and stored over a decentralized network, if a healthcare personnel has to change any data or information, the whole network system has to be shut down and changed. This is almost close to impossible as any downtime in network might influence or affect other operations and transactions.
There is no centralized authority who control or monitor the data and information stored. Thus, there is no wait time in order to get authorization for a particular transfer or transaction or operation take place. There is no queue for any process with blockchain. This also helps to accomplish successful surgeries at right time and right place.
Since, there is no central authority, all data and information stored is visible to all parties and personnel involved in the system. Thus, the chances of manipulating data is very low and it also helps to keep the operative task honest with any malpractice.
Identity is secured and verified
All parties who are a part of the Instant Access Medical system initially has to be verified by the validation process of the system by itself. Instant Access Medical uses Guardtime’s KSI technology in order to make sure that all identities are safely secured and no one can manipulate or use any identify for fraudulent practices.
Guardtime KSI technology is a blockchain platform operating system that functions as a digital ledger system where all data is stored safely with electronic encryption. This system is built with standards and rules which are pre-defined. Hence, data cannot be manipulated even by the government or healthcare administrators.
Integrates patient data and information
Doctors are able to make better, smarter decisions and all the patient data and information is stored digitally as log books and they can be accessed anywhere, anytime. Because of this, doctors are given the ability even to have a preview or full access to the medical history of the patient. Through this system, doctors are able to better understand their patients too.
Since, data and information are integrated, medical record of the patient is combined into one file without any cluster. Thus, the chances of misplacing any data or information is low. It also allows the doctor to cross verify different information, which could give them ideas for a better cure. As a reason, fraudulent activities of deleting data and information or miscommunicating data and information is eliminated.
It is system of clinical records maintained and stored by Instant Access Medical system. It has been used since 1990. According to Nulltx, HealthOne has been widely used in the Special Olympics healthy athletes program to ensure fitness and screening of the athlete for ensuring no mal-practice. It was used between 2003 and 2013.
Today, in Olympics, advanced treatment and monitoring procedures are followed to ensure supervised modeling techniques track athlete fitness. These advanced treatment procedures use agglomerative clustering algorithms to identify statistics and plot patterns across medical records of an athlete.
With Instant Access Medical system and Blockchain, every data and information stored is accountable. Doctors can also track the source of the data and information. This system provides evidence for the data and ensure authenticity of the information. Doctors, physicians, patients are able to intelligently share their data over a secured channel without having to worry about any security threat.
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.
Bitcoin is Sucking Liquidity Out of Every Major Market, Charts Show
On Wednesday, Bitcoin evangelist and Wall Street investor Raoul Pal published a series of charts that pitted the cryptocurrency against major financial markets.
Every graph appeared identical to one another, for they showed how the mainstream assets/indexes were trending lower against Bitcoin, to a point where they all tested a medium-term support trendline. They included gold, the Nasdaq Composite, and its sub-indexes/stocks, which include KBW Bank Index, Treasury Bond ETF Fund, silver, Amazon stock, and others.
Mr. Pal noted that every index/asset was looking to break bearish on the support trendline. The prediction pointed towards more strength for Bitcoin as it compared the crypto with a “supermassive black hole that is sucking in everything around it and destroying it.”
“You see, gold is breaking down versus bitcoin,” Mr. Pal added. “And gold investors will flip to BTC. The Nasdaq is next. Retail specs are going to flip to bitcoin as it eats techs lunch.”
Some of the Nasdaq’s sub-indexes already broke below the Ascending Trendline support. The KBW Bank Index (NASDAQ: BKX), a benchmark stock index of the banking sector, fell to its lowest levels against Bitcoin as worries over an increase in loan defaults stressed the financial corporations.
Read Further: 3 Biggest Bitcoin Takeaways from JPMorgan’s Q3 Earnings
Furthermore, the iShares 20+ Year Treasury Bond (NASDAQ: TLT) depreciated against the rising Bitcoin prices, adding to the speculation that the US economy is heading for a prolonged period of lower interest rates. The Federal Reserve has already committed to keeping them near-zero up until 2023.
The analogy was the same for the G4 Central Bank Balance sheet, the Refinitiv/CoreCommodity CRB Index, and Apple. Everything fell against Bitcoin.
“The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is Bitcoin,” wrote Mr. Pal. “I get this sounds a little evangelical but I’m struggling to see it any other way right now.”
Bitcoin to $20,000
As money keeps flowing into the Bitcoin market, Mr. Pal also indicated that the cryptocurrency could soon swell back to its previous record high of $20,000.
As per Mr. Pal, there is not any historically concrete resistance level above $14,000.
Earlier in 2017, it took BTC/USD only a week to pump from lower $13,000s to as high as $19,891 on Coinbase exchange. While the rally mostly took its cues from the infamous ICO boom, it left little hints for technical chartists to pick their ideal long targets on the next breakout above $14,000.
“I fully expect new all-time highs by early next year at the latest,” Mr. Pal predicted, nevertheless.
5 Reasons For Bitcoin’s Price Surge To New 15-Month High
At the beginning of October, Bitcoin’s price was particularly indecisive and trading slightly above $10,000, causing many to believe that the unfilled CME gap down at $9,600 would soon be closed.
Fast forward to the current date, October 27th, BTC is trading at $13,400, having just marked a fresh high for 2020. The cryptocurrency added around $3,000 to its value, representing an increase of around 30%.
With this said, this month was also quite eventful. Many things happened, and, as such, let’s have a look at five possible reasons that could have led to this substantial price increase.
PayPal Announcing Support for Bitcoin, Bitcoin Cash, Litecoin, and Ethereum
Undoubtedly, the most important piece of news that came out this month was PayPal announcing support for cryptocurrencies.
Now, PayPal is the world’s largest online payment processor. Data from Statista shows that for the second quarter of 2020, the company has processed over $221 billion. Moreover, the company has a network of over 26 million vendors, and it plans to enable users to spend their BTC at all of them, starting in early 2021.
Additionally, it’s worth noting that PayPal is a widely-accepted payment method, and most of the banks allow transfers from and to the platform. On the contrary, not a lot of banks support Bitcoin transactions, meaning that they would either have to reconsider their policy, or they would have to drop PayPal as a client altogether.
At this point, it’s unclear how this will be resolved, but it’s exciting to see how the situation develops. If one thing is certain, though, it would put Bitcoin and other cryptos at the forefront of an important discussion.
Major Banks Starting to Change Their Attitude Toward Bitcoin
There’s no clearer example here than JP Morgan – one of the world’s largest multinational investment banks.
The relationship between the bank’s CEO, Jamie Dimon, and Bitcoin is one worth following. In 2017, the high-ranked executive said that BTC is afraid and that if he saw any of his traders dealing with it, he would “fire them in a second.”
Well, fast forward a few years, and now the bank is posting bullish predictions on that very same cryptocurrency that Dimon labeled a fraud.
Just a few days ago, JP Morgan said that even a modest switch in capital from gold to Bitcoin could see its price triple.
Number of Publicly-Listed Companies Which Buy Bitcoin Increases
Perhaps as a direct consequence of the above, we can already see an increased involvement from publicly-listed companies.
The biggest buyer who put Bitcoin on its balance sheet became MicroStrategy, with its massive $425 million investment. Its CEO, Micael Saylor, has been particularly vocal about BTC’s merits.
Jack Dorsey’s Square also jumped on the bandwagon, purchasing $50 million worth of Bitcoin earlier this month.
Below is a list of all the publicly-listed companies and their holdings in BTC.
Publicly-listed companies putting BTC on their balance sheet is a huge deal for the nascent cryptocurrency, and industry experts have it that this effect will only snowball.
Singapore’s Biggest Bank Reportedly Launches a Bitcoin Exchange
As CryptoPotato reported just today, DBS Bank, a Singaporean multinational banking and financial services corporation and the city-state’s largest bank, has reportedly launched an exchange that offers fiat-to-cryptocurrency trading pairs.
Purportedly, the new exchange would support the “top digital currencies in circulation,” namely Bitcoin, Bitcoin Cash, Ethereum, and Ripple’s XRP. Traders would be able to exchange them against SGD, HKD, JPY, and USD.
More interestingly, the exchange would supposedly only accept financial institutions and professional market makers, as its users. The venue would be regulated by the Monetary Authority of Singapore, which is also its de-facto central bank.
Needless to say, a central bank-backed and regulated exchange aimed at institutional investors should, in theory, facilitate the involvement of larger players in the field.
Uncertainty Around the Upcoming 2020 US Presidential Elections
Undoubtedly one of the most important moments for the global macroeconomic outlook is the upcoming US Presidential Elections, set to take place on November 3rd.
CryptoPotato did a survey, and it turned out that the elections are the biggest concern for Bitcoin investors in 2020.
It is, perhaps, no surprise that billionaire Paul Tudor Jones III came up with a statement, saying that he likes “Bitcoin even more now than then [when he bought BTC in May].” He also said that it’s going to be the best inflation trade.
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Miners begin offloading Ethereum holdings as it continues underperforming BTC
Ethereum has been severely underperforming Bitcoin throughout the past few days and weeks, with the second-largest cryptocurrency by market capitalization currently trading far below its yearly highs.
Meanwhile, Bitcoin’s price is currently trading at the highest price seen in well over a year, with bulls vying to break the $13,800 level and bring the crypto to fresh post-2017 highs.
Its current strength has only created a slight tailwind for ETH and other major altcoins, with investors currently shifting all of their focus onto the benchmark cryptocurrency.
Many analysts have speculated that there will, at some point, be a rotation of capital away from BTC and into altcoins like Ethereum, but it remains unclear how high it may climb before this takes place.
One reason why Ethereum could be underperforming its larger counterpart at the moment is due to a single on-chain trend.
An analytics platform noted in a recent tweet that Ethereum miners have been selling their ETH holdings rapidly, which could be why it has been severely lagging behind Bitcoin.
Ethereum struggles to match Bitcoin’s momentum
Ethereum has been hovering within the lower-$400 region for the past few days as Bitcoin slowly continues to push higher.
Yesterday, a sharp selloff seen by BTC sent Ethereum plunging to lows of $380, but the buying pressure seen at this region allowed bulls to quickly revert its downtrend and send it rocketing back up past $400.
Ethereum still needs to climb roughly 20 percent before reaching its 2020 highs of $490 that were set at the peak of the DeFi hype cycle.
Unless Phase 0 of ETH 2.0 is released shortly, it remains unclear what could catalyze any shift in its waning momentum.
ETH miners begin offloading holdings as technical strength degrades
One reason why Ethereum has been underperforming Bitcoin is due to miners offloading their holdings over the past few days.
“The Ethereum miners have been dumping, and it appears that last week’s increased on-chain activity and trader FOMO has slowed.”
Until miners stop offloading their balances, Ethereum may continue lagging behind the benchmark cryptocurrency.
This could have far-reaching implications for the aggregated market, as most major altcoins have been taking Ethereum’s lead as of late. Until ETH can gain some momentum, other altcoins will likely stagnate.
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