Blockchain is the buzzword of the year, and as this new technology slowly matures, it seems clear that from banking to supply chain-logistics, it is ready for disruption. And in healthcare, in particular, there’s a massive opportunity for the blockchain revolution to disrupt and lead a digital transformation. From medical records to pharmaceutical supply chains, to smart contracts for payment distribution, there are plenty of opportunities to leverage this technology.
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Here are the three ways, how
blockchain will change healthcare as we know it.
1.) Health Records:
Electronic
medical records are the backbone of every modern healthcare system. But your
medical records grow longer and become more complex with each visit to your
doctor. And since every hospital and every doctor’s office has a different way
of storing them, it’s not always easy for healthcare providers to obtain them. There
are already some companies out there, like Patientory, Medibloc, or Medical chain
that aim to solve this problem. The goal is to give patients authority over their
entire medical history and to provide one-stop access to it for patients and
physicians as well. Blockchain would not only simplify and make access more
efficient but inherently bring data security to the field as well.
2.) Supply Chains:
The pharmaceutical industry has one of the highest standards for product safety,
security, and stability, it’s ripe for disruption. For example, supply chain
management with blockchain can be monitored securely and transparently. This
can greatly reduce time delays and human mistakes. It can also be used to
monitor costs, labor, and even waste in emissions at every point in the supply
chain. It can also be used to verify the authenticity of products by tracking
them from their origin, combating the counterfeit drug market that costs 200
billion dollars in losses to the market annually. Companies like Chronicled,
Blockpharma and Modum are already working towards more efficient blockchain
logistic solutions. Modum in particular works in compliance with EU laws that
require proof that medicinal products have not been exposed to particular conditions,
especially certain temperatures, which may comprise their quality. Modum’s
solution was to develop a sensor that records environmental conditions while physical
products are in transit and permanently record it on the blockchain.
3.) Genomic Market:
Companies EncrypGen and Nebula Genomics are building blockchain platforms to enable people
to share genomic data safely and securely on a new emerging market. They bet
that in the future, opportunities around personal genome sequencing will create
a data market worth billions of dollars. And what’s the best technology to
solve data security issues and to ensure that data gets from the source to its
end-user without any middlemen? You are right; it is the blockchain. These
companies aim to use blockchain technology to enhance genomic data protection,
enable buyers to efficiently acquire genomic data, and address the challenges of
genomic big data. These companies are just a few of the dozens of startups that
aim to use blockchain to disrupt healthcare. And as it usually is, their
marketing is great, they promise big, but the jury’s still out on which ones
will remain only promises, and which are the few that will become the next big
thing.
Coming days
cryptocurrency like Bitcon, GDC, etc., will help in healthcare.
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