Now understand some uses in the health sector of the greatest of inventions after the internet: the blockchain. A system based on trust, anti-fraud and with relative efficiency. Read on! Follow my blog clicking here.
It’s basically a shared, low-cost record book with no middlemen. Thus, some countries call the blockchain “internet of value”. In addition, the technology solves problems faced by businesses in various sectors, such as the health sector. The revolutionary blockchain technology is brilliant. Understand the reason with us!
Blockchain Transforms the Healthcare Sector
Blockchain technology provides more confidence and speed in negotiations between your system's shared network. Thus, the network becomes more efficient over time, and this happens based on trust between the parties involved.
Thus, the efficiency of the blockchain provides its recognition in the market. For this reason, it is being studied in several countries and economic sectors worldwide. Some companies are learning to use blockchain technology with more assertiveness, thus bringing more innovation to the market.
The revolutionary blockchain technology transforms information management and organization of personal, pathological, physiological, psychological and clinical data. The system's trust protocol does away with third-party intermediation, which is why some companies in the health sector reinvent themselves.
Blockchain Solves Current Problems
In this way, they can use blockchain for a wide range of things, besides allowing you to trade cryptocurrencies without borders, certifying the authenticity of documents, and in addition, verifying the origin of products and information.
We can see that blockchain is full of possibilities and has the power to transform many business models. Therefore, healthcare companies are aware of the incredible technology behind bitcoin.
So I listed 6 companies in the healthcare industry that are developing blockchain-based systems. In a very short time, a hospitalized patient will have the possibility to know all his medical history, health problems, allergies and all the medicines that he has taken in his life, besides hospitalizations, and with a faster way to list his personal and medical information.
In addition, through a microchip implanted in the skin, wearables, or otherwise, but using blockchain technology. And of course, something will fully decentralize everything in the next few years.
The Health Industry Will Benefit Through Blockchain
Thus, it will help the health sector to register recipes, carry out scientific research, and it will reduce bureaucracy and logistical problems.
The drug labs themselves will control all patients who have taken their substance and the most common supposed side effects, thus allowing research to be more detailed and rational.
Some companies have a higher maturity than others, but it is noticeable that we are experiencing transformative moments. The farce and falsification of medicines and frequent supply errors will resolve. Absurdly, the isolated farms are estimated to cost pharmaceutical companies $200 billion a year.
Thus, the blockchain could bring more transparency and organization to the pharmaceutical sector, reducing human problems and errors. In fact, clinical tests may have more integrity in the data generated, maintaining patient privacy and making it easier to interpret information.
Through an integrated network of information, the doctor, the laboratory, the pharmacist, the hospital and the health plan will get data on their medical records in a decentralized, organized and safe way.
Despite everything, blockchain needs a professional quality technical base, so that everything works perfectly in the routine of a company. Follow us and get to know the following companies better. Also, understand your revolutionary business models.
1. MIT Media Lab - MedRec
Years of heavy regulation and bureaucratic inefficiency have slowed down innovation in electronic medical records (EMR's). Now, we face a critical need for such innovation as personalization and data science drive patients to get involved in the details of their healthcare services and to restore the management of their medical data.
The new decentralized records management system for dealing with EMR's, using blockchain technology. Thus, the system offers patients a comprehensive and immutable record and easy access to their medical information at providers and treatment sites.
Leveraging unique blockchain properties, MedRec manages authentication, confidentiality, accountability and data sharing - crucial considerations when dealing with confidential information. The modular design integrates with providers' existing local data storage solutions, facilitating interoperability and making the system convenient and adaptable.
This gives them access to aggregated and anonymous data as mining rewards, in exchange for sustaining and protecting the network via proof-of-work. MedRec thus enables the emergence of data economics, providing big data to empower researchers and involve patients and providers in the choice of releasing metadata.
2. Beth Israel Deaconess Medical Center
Advances in technology - including deep learning, tele-care and listening to the environment, such as Siri and Alexa - are transforming healthcare around the world. Today, Beth Israel Deaconess Medical Center (BIDMC) launched the Health Technology Exploration Center (HTEC), the first of its kind, to speed up research and innovation in the field.
The center will build on the BIDMC's reputation for leadership in health technology and the exploration of alternative solutions to some of the world's most urgent health challenges.
"Now is the time to think more broadly about how different technological tools can improve all aspects of healthcare - from clinical advances to medical communication and decision-making." said Kevin Tabb, executive director of BIDMC and Beth Israel Deaconess.
“Our goal in creating this new center is to build Beth Israel Deaconess’s history of innovation to help make patient care more efficient, accessible and integrated.” - Kevin Tabb.
In exploring new and emerging technologies, such as the Internet of Things and Blockchain, the Health Technology Exploration Center plays a vital role in the beginning of a new era in the provision of health services. The center is ready to unleash the technological and systemic transformations in healthcare delivery that will allow providers to maximize the opportunities of 21st century medicine.
By promoting relationships with partners around the world through telemedicine, the center improves the quality of health care, promotes new treatment options and shapes patient care.
In addition, it will leverage the power of emerging cloud services to support medical decision-making and innovative new mobile apps that empower patients to manage their own health while improving overall communication between patients and service providers of health.
3. Medicalchain
Medicalchain uses blockchain technology for secure store health records and maintains a single authentic version. Medicalchain is a decentralised platform that enables secure, fast and transparent exchange and usage of medical data.
Different organizations, such as doctors, hospitals, laboratories, pharmacists and health insurers, can request permission to access a patient's record to serve their purpose and record transactions in the distributed ledger.
Medicalchain provides solutions to current health record problems. They created the platform for secure storage and shared electronic health records. By digitizing health records and empowering users, we can leverage many industry synergies.
4. PokitDok
PokitDok, based in San Mateo, California, is a developer of API’s for the healthcare industry, such as claims, pharmacy solutions and identity management. PokitDok was launched on the market initially through the technology created by them, based on blockchain, called DokChain in October 2016. DokChain is a distributed network of transaction processors that deal with both financial and clinical data for the healthcare sector.
In this way, the goal is to provide a secure network for all patient data sources. Thus, identity information, EMR’s (electronic medical records), besides medical devices and interconnection between pharmacies.
PokitDok has several API’s (application programming interface) and also those provided by others and are completely removed from the hospital or pharmacy central, and thus, connected by a distributed blockchain network. In September 2016, PokitDok showed how DokChain can be used in the healthcare industry, besides running an insurance claim eligibility check in seconds.
5. Patientory
Patientory is headquartered in Atlanta, Georgia. Initially, the company is building a health information exchange (in English, HIE or health information exchange) in a HIPAA-compliant blockchain (Health Insurance Portability and Accountability Act) that aims to enable interoperability (capacity of a health insurance system). communicate transparently with another EMR system (electronic medical record) with enhanced security protocols.
Thus, the company launched its product on the market in 2015 and intends to launch an application for patients this year. In addition, PTOY is a cryptocurrency offered by Patientory and provides users with a platform to store and protect their health information.
Patientory empowers patients, clinicians, and healthcare organizations to secure access and transfer protected health information while providing actionable insights to improve health outcomes. Patientory uses blockchain technology via the PTOYMatrix to ensure end-to-end encryption while adhering to regulatory guidelines and compliance requirements.
According to the Patientory white paper, the patient becomes the primary intermediary in sending and receiving health information and does not need frequent updates or the help of software to solve problems. The patient as the main intermediary, any health institution that grants access to the data, will add new records (visits to the emergency room, medical images, etc.). That will be visible to any other institution with access granted.
6. Guardtime
Guardtime, based in Estonia, is one of the largest providers of blockchain-based security systems. They headquartered it in Amsterdam, California, Estonia, Singapore and the United Kingdom. The company operates in several sectors, including advertising, defense, health, government and financial services. Unlike using the Ethereum or Bitcoin protocols, Guardtime technology uses a Keyless Signature Infrastructure (KSI) to provide large-scale data authentication.
In the healthcare field, Guardtime partnered with the Estonian Electronic Health Authority in March 2016 to secure over one million patient records. Guardtime's relationship with the Estonian government dates back to 2011, when they were selected to secure public and internal government records. Estonia's unique approach to health data makes the country an ideal place for blockchain to be deployed. As Estonian citizens already have unique identity credentials that link back to their health records, a blockchain layer can now record and protect all interactions with their data.
I hope to help you understand better about the transformation that blockchain is developing in the health sector.
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