Menu
en
Get in Touch
Data Tokenization in Highly Regulated Industries

3 Key Benefits of Data Tokenization in Highly Regulated Industries

Given the immense potential data tokenization has for the way assets are managed and secured, its impact on certain industries is of particular interest.

By integrating blockchain technology with real-life assets, data tokenization essentially streamlines the asset management process. Here, we will investigate how tokenization solutions are affecting healthcare, finance and real estate.

Data Tokenization Improves Patient Security

Healthcare is one of the most important industries for data security and patient protection. Specifically applying tokenization solutions to situations covered under HIPAA , healthcare enterprises can benefit from the specific security access provided by such technology.

By replacing electronic protected health information (ePHI) and non-public personal information (NPPI) with a tokenized value, administrators can more easily comply with HIPAA regulations that pertain to employee access to ePHI and protection of electronic patient information.

When patients feel secure and government standards are followed, healthcare institutions benefit. Data tokenization solutions are the key to achieving both.

Tokenization Solutions Are Making Card Payments Safer

Within the finance industry, the payment card sector comes with extensive government regulations and concerns over data security. However, tokenization solutions offer a means of protecting cardholder data, such as the primary account number and magnetic swipe information. This then makes it easier for finance companies to comply with industry standards and ensure the best security for their clients.

"The process of data tokenization has immense consequences for how both individuals and businesses store, manage, and process assets," says Anatoliy Lytovchenko, Head of Software Engineering and Development Office at ELEKS.

With the security of blockchain at their disposal, financial institutions can apply this innovation to real-world assets and embrace the ways tokenization solutions improve both the cardholder’s experience and institutions’ own abilities to more easily adhere to card data regulations.

As described by the Payment Card Industry Security Standards Council in their tokenization guidelines, “Storing tokens instead of PANs is one alternative that can help to reduce the amount of cardholder data in the environment, potentially reducing the merchant’s effort to implement PCI DSS requirements.

Tokenizing Real Estate Investment Enhances Accessibility

Currently, the black box of real estate investment prohibits only those but the most wealthy and well connected from entering the market. Leveraging tokenization solutions that transcribe real assets into tokenized values of any denomination is transforming this practice into something more accessible and easy.

Tokenization solutions mitigate the high costs associated with investment by providing the ability to convert assets into any token value. Blockchain technology allows assets to be divided into as many as eight decimal points. This way, real estate investors can purchase even a tiny property share.

When it comes to dealing with property sharing and transferring regulations, tokenization also helps by putting the power into the hands of individual owners. There is less red tape to wade through and fewer intermediaries to deal with when tokenized assets are controlled only by their owner.

In practice, tokenization solutions in real estate are already seeing use: Ukraine’s government seeks to blockchainize real estate titles as of 2018. The country needed a solution for “establishing a comprehensive, transparent and secure registry.” Thus, they turned to tokenization of real-world assets — in this case, real estate titles.

If you want to learn more about how ELEKS can help your business increase efficiency, improve security, and set yourself apart from the competition, contact us today.

Contact Us

  • We need your name to know how to address you
  • We need your company name to know your background and how we can use our experience to help you
  • We need your phone number to reach you with response to your request
  • We need your country of business to know from what office to contact you
  • Accepted file types: jpg, gif, png, pdf, doc, docx, xls, xlsx, ppt, pptx.
(jpg, gif, png, pdf, doc, docx, xls, xlsx, ppt, pptx)

We will add your info to our CRM for contacting you regarding your request. For more info please consult our privacy policy
  • This field is for validation purposes and should be left unchanged.

Our Achievements

IAOP The Global Outsourcing 100 2018
ISO 9001
isoiec 27001
GSA
Horizon Interactive Awards
Stevie
The Webby Awards
it europa awards finalist
Clutch Global 2017
EBA
Get in Touch
Our website uses cookies to personalise content and to analyse our traffic which may also result in profiling. We may as well share information about your use of our site with our social media, advertising and analytics partners for advertising purposes. You may delete and block all cookies from this site as described here. Check our privacy policy to learn more on how we process your personal data. Ok