Data storage in healthcare industries is of critical importance. Security breaches in this sector will not only have an impact financially in terms of health insurance, but could also compromise patient safety. The new platform Timicoin aims to enhance patient data safety through blockchain technology. Describing themselves as the “Tokenized Healthcare Ecosystem,” Timicoin claims to offer a solution to the current fragmented and isolated nature of patient health data, which results in inefficient and ineffective use of the information. Timicoin propose that their blockchain solution will secure healthcare information within a Health Information Exchange (HIE).
The Timicoin white paper defines an HIE as “a reliable and interoperable electronic sharing of clinical data obtained by the patients, physicians, nurses, pharmacists and other health care [sic] providers across unaffiliated institutions which in turn creates a network effect.” The team claims that this will allow for the simple transfer of patient data, no matter where in the world they are being treated. This, in turn, would avoid wasting resources — for example, retesting patients when results have already been obtained elsewhere.
Timicoin claims there could be multiple benefits to this storage system. Firstly, in terms of authenticity, any tampering of network nodes in the blockchain can be easily detected by users, as the latest node hash will always be passively connected to the previous node hash. Secondly, patient information will be constantly available from anywhere in the world — in real time — from any updated node, once the patient grants permission. And finally, the Hyperledger system will enhance privacy by implementing a “permissioned blockchain network that will define user roles and access based on the type of user and the payment contracts.”