Through a partnership between leading blockchain firm Bitfury Group and Longenesis Data Company dedicated to the health sector, doctors together with patients now a have a highly reliable consent management solution platform based on blockchain technology. The latter was launched on 4th April 2019 in Amsterdam and is in place to get rid of the cumbersome consent management system that is in place.
Medical sector depends on data from patients to carry out research and analysis which led to new medications among other techniques of treating patients. However, the current systems in place are cumbersome challenging to operate for the various organizations and most importantly patients don’t have the control over their rights and can’t withdraw their data from research with ease. However, through the just launched blockchain based consent management solution, patients can withdraw their consent with ease. On the other hand, doctors have a reliable and easy way to store and access data. Apart from that, for medical practitioners and their firms, the new solution will come in handy at helping them comply with regulation from HIPAA and GDPR. Failing to compline with any rules in place attracts a fine of 20 million euros, or the entity has to part with 4% of their annual earnings.
Benefits of the Blockchain Based Solution
First and foremost, it will be easy for patients to withdraw consent from any medical trial without a hustle. Besides withdrawing from the medical trials, patients will have the liberty of changing the terms of their consent. On the other hand, for medical practitioners, now they have a reliable way to track and manage approval from patients for therapeutic trials and individual studies. In addition to the latter, the new blockchain solution will help reduce paperwork for medical practitioners.
In addition to all the above advantages, the new solution will be based on Exonum™ blockchain which comes with various benefits. Through Exonum™ blockchain algorithm, the new solution can be deployed as a new stand-alone system or can be added on to the existing digital solution in place. Moreover, Exonum™ blockchain comes with timestamp feature which comes in handy during auditing. Similarly, Exonum™ blockchain will make every process transparent through streamlining the whole medical sector when it comes to consent management. The new blockchain solution is in compliant with regulations from the HIPAA and GDPR meaning no fines.