This is the first of my series on particular industries and their data. In this series, I am looking at the problems these industries have with managing and protecting their data and how the Loyakk Vega Enterprise Relationship Management Platform can solve these problems.
The health sector has typically had a myriad of problems related to its data over many years — principle among them being how to analyse it, how to track it and how to protect it.
In this article, I look at the advantages and challenges of Big Data — how it can cut costs, predict epidemic outbreaks and avoid preventable diseases. I also quickly dive into the thorny issue of how health sector data is scattered across an absolute plethora of media and locations. Then, I discuss the precarious question of security and how the health sector is still very open to attacks and breaches.
Penultimately, I look at how traditional supply chains are becoming ecosystems which are being re-termed as ‘value webs’ and finally, I consider the solutions that the Loyakk Vega platform brings to these major challenges and opportunities and how it can disrupt the health sector in its entirety.
Big Data — invaluable to overcoming historical pain points
Big Data is the analysis of enormous amounts of digitised data in order to predict trends and patterns. Obviously, the health sector is an area ripe with data that can be exploited for the good of all. If a patient’s data can be collected in a precise and real-time manner then it can provide critical insights and better care.
However, not having complete data to hand makes patient-centric care extremely problematic. The data is quite often spread across disparate medical facilities with different ideas on how to archive and store it. One needs to take into account private as opposed to national health facilities to say nothing of the vast array of alternative medical practitioners.
Cost reductions are another area where big data can be leveraged to make a real difference. Typical long-running issues include that of under and overbooking of staff, while another is that of bed shortages. Predictive analysis of data can certainly reduce the load on budgets.
So yes, big data is helping to achieve efficiencies in the health industry by reducing costs across operations and administration. Also, and most importantly for patients, big data is enabling far more precise and helpful analytics that can predict disease outbreaks and behaviours.
However, all this wealth of data needs to be protected and managed as a matter of urgency and data providers need to work and collaborate together. What do we have out there at the moment that can guarantee the kind of security needed on such a huge scale?
Health system security
Healthcare continues to be one of the most open and vulnerable industries across the board as phishing, ransomware and misconfigured databases do their damage. If it’s not attacks from the outside it’s human error from within.
According to the Jama Network Research Letter ‘Temporal Trends and Characteristics of Reportable Health Data Breaches, 2010–2017’, the trend in data breaches has moved from paper and laptop to server and email. Furthermore, every year with the exception of 2015, the number of reported breaches has continued to rise.
With this in mind, the health industry is in the position of being able to compile the most complete data on patients yet envisaged but at the same time, it is having to weigh up these benefits against the possible repercussions of being hacked — a dilemma that begs to be resolved.
Even the cost of lost revenue caused by any particular compromise of a health organisation can pale into significance compared with the financial and reputational cost. Consumers have decided to change their doctors, hospitals or insurers following hacking incidents and obviously, such an incident would make future consumers very wary of using this same organisation.
Health data supply chains are becoming ‘value webs’
Patient experience is paramount in the health industry and the sooner health organisations realise this the better. It’s about integrating patients into the system and giving both them and the health professionals the confidence to be able to both contribute and receive better value data.
As data flows within supply chains become ever more complex they are breaking away from the traditional linear supply formation and are morphing into value webs — a collection of value chains that intersect in order to become a web.
Even though value webs will put the patient in the middle, and therefore the best position to be in, the unpredictable nature of these value webs makes them extremely difficult to manage with existing technology. Data is bouncing around between ever-increasing third parties as more services and organisations become inter-connected.
The Loyakk Vega platform is designed for exactly this kind of scenario and whether it be the health industry or any other large enterprise ecosystem what Loyakk has developed will give health providers and patients the peace of mind to know that the data being transacted is being tracked and protected every step of the way.
The Loyakk Vega solution
Loyakk is a data solutions provider out of Silicon Valley with existing blue-chip clients with multi-billion dollar revenues. In response to their own conclusions and also to the demands of their clients they are building a blockchain version of their already successful platform. Blockchain has many advantages over existing processes as data written to the blockchain is immutable and therefore cannot be altered or deleted.
The Loyakk Vega Enterprise Relationship Management tokenised container is used to wrap all data being sent from one party to another therefore completely ensuring that it is secure. Permissioning is built into the container and this controls who is able to see the data and who is able to react with it.
Furthermore, business rules can also be applied which incidentally could enforce GDPR compliance. ‘The right to be forgotten’, a rule enshrined in GDPR is perfectly adhered to given that all data is tracked no matter where it goes outside of a health provider’s firewall and can be instantly erased if a client should demand it.
The healthcare industry is one of the biggest in the world and it can be argued that it has some of the biggest challenges to overcome in order to provide real-time and effective treatment to its patients and at the same time manage and protect their data. The company that solves these challenges should become one of the most successful companies globally and I would propose that Loyakk is primed to do exactly that. The platform will launch in Q3 this year and I would hope to see some big health providers making use of it. Once this use case is proved the floodgates will likely open and the entire health industry could look to avail itself of a most wonderful solution to its historical conundrums.
Disclaimer: I have a varied portfolio which does include LYKK tokens. All the above views are my own and should in no way be taken as financial advice. All those wishing to invest in the crypto market should do their own research or use the services of a fully certified financial advisor.
About Laurie Dunn
I’m a writer who gets a genuine thrill from writing about new, up and coming crypto projects. The cryptoverse is this new frontier full of mad excitement and potential that keeps me coming back for more and inspires me to inspire others. This revolution is happening right now – join me in becoming a part of it.
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