As part of its tech initiative, Cyprus has announced the implementation of Distributed Ledger Technology in one of its hospitals to manage medical data from patients. According to the announcement, VeChain has co-develop a blockchain-based medical data management platform with I-Dante, a digital healthcare solution firm.
The E-NewHealthLife application aims to modernize the technological infrastructure in the healthcare sector, by solving problems that include the administrative and technical difficulties of pooling data from different digital systems, the increasing cost, and the balance of health imperatives and privacy concerns. With proven advantages in terms of secured data storage and efficient information sharing between multiple parties, blockchain technology has emerged as one of the best options available for medical providers worldwide.
The Mediterranean Hospital of Cyprus will be the first hospital to test the application. With over 300 employees and around 38,000 outpatient visits during 2019, this hospital could see great benefits from the implementation of the app. As detailed in the announcement, patients will receive a Digital Healthcare Passport powered by VeChain ToolChainTM. This encrypted NFC Card can be assigned to any patient of the hospital, serving as an identification method at the Emergency Room registration desk. In addition, the app will provide information about their queue, and manage their own medical records safely with the E-NewHealthLife Web App.
The app is designed to serve both the hospital and the patients. It is also fully compliant with GDPR and hands over complete control of the data to the patient. Data can only be shared with others if the patient approves it.
Blockchain technology could bring significant benefits to the healthcare sector, providing visible solutions to existing data management issues. According to a report by BIS Research, the global healthcare market spending and investment in blockchain-based technologies is expected to hit $5.61 billion by 2025. The adoption of blockchain technology could save the healthcare industry up to $100-$150 billion per year by 2025.