Securing Wearable Data
The success and efficiency of the rapidly growing wearable medical device market are contingent on the development of secure and efficient data-sharing methods.
The global wearable medical device market is predicted to sit at $12.14 billion by 2021, an increase from $5.31billion in 2016, representing a CAGR of 18%.
Context & Challenges
The wearable medical devices market is built on the growth of IoT, which will connect wearables such as Apple Watch and Android Wear to sophisticated biometric devices in order to monitor health conditions and share data.
As such, its growth is the dependent on the development of secure and efficient data sharing methods. The data collected by devices is highly sensitive and personal and is currently stored within the device, leaving it vulnerable to hacking and malicious use. Biometric measures are the main security mechanism for wearables, and by 2020, 100% of wearables will have biometric capabilities.
However, biometric data can be hacked and, once possessed, will be permanently usable as, unlike passwords, fingerprints and faces do not fundamentally change. As such, it can present a massive security risk and is better suited to being a supplement rather than a primary security measure.
Given that wearable medical devices collect at least 250,000 data points a day, they can be powerful tools for learning about health and developing algorithms. For example, researchers at Stanford hopes to create an algorithm to predict illness from data provided by wearables.
As Telehealth gains momentum, the wearable medical device market will own a greater significance in the medical supply chain. Through wearable medical devices, doctors can remotely track a patient’s health and progress. This revolutionizes individual treatment but also positions the industry to be able to do things like virtual clinical trials.
Healthcare data breaches result in an average of $2500 out-of-pocket costs for patients, not to mention emotional and time costs.
- Healthcare Providers
Healthcare providers must endure laborious processes to identify, limit, and address the damages of breaches. They also suffer significant reputation costs and customer losses, with 25% of those who suffered breaches switching healthcare providers.
- Healthcare Insurance
Healthcare insurance companies handle a huge amount of healthcare records and suffer similarly to providers in the event of a breach. Additionally, 21% of individuals who suffer a breach change insurance providers.
- The Government
Government institutions like the FBI are responsible for identifying and treating breaches, processes which are burdensome in today’s environment.
The Good News
STRATO facilitates the secure transfer of health and biometric data from wearables to necessary parties.
The IoT that powers wearables involves a huge amount of data, which blockchain can store in a single consolidated ledger to ensure all parties have real-time access to the same information, driving more immediate and accurate healthcare to the financial and social benefit of all parties.
STRATO reduces costly clerical errors, increases transparency, and provides a traceable record of a patient’s health activity. Pairing STRATO’s capabilities with Biometric security measures ensures that the wearable market can be financially successful as well as secure and efficient.
- Store all wearable data in one consolidated, secure ledger
- Spin private chains to immediately and securely provide access to selected data to new permissioned devices and parties, such as providers
- By building a traceable and immutable system, drive security
- Encrypt data to ensure only permissioned parties have access
Any STRATO insurance solution leverages STRATO’s enterprise-grade features
- RESTful APIs for direct connection of IoT devices such as provider’s iPads to the blockchain network
- Identity Management, OAuth, and SSO capabilities for simplified IoT authorization and user login
- Privacy via private chains to keep sensitive data private and give individuals control over their data
- Digitize processes to enable effective remote treatment and research