Blockchain Applications: The Solution to Data Breaches in Healthcare
Data breaches are increasing in frequency in businesses across the country, and the healthcare industry is no exception.
The Cost of Data Breaches
These data breaches cost hospitals about $6.5 million on average. This number is made up not only for the cost of the initial breach, but the costs of solving the problem as well as the lost revenue from damaged trust. Hospitals have to hire lawyers, cybersecurity experts, as well as pay a team to send out patient notifications. Once patients know about their information being compromised, they are more likely to change providers and that can also have financial consequences to the hospital. With all of the moving parts to solve data breaches, small to medium sized healthcare...