Blockchain technology will not only revolutionize medical records. It will also create a patient-centric healthcare industry, dramatically different from what exists today. As discussed in previous posts, blockchain is a decentralized digital ledger of transactions. It records data in a way that prevents hacking and altering of data. This is achieved by duplicating transactions and dispersing them to “nodes” across the network.
“Blockchain possess the potential to revolutionize the healthcare industry by placing the patient at the center of the ecosystem. It amplifies interoperability, privacy, and security of health data,” write Vic Gupta and Harish Nanda, the Executive Vice President of Digital & AI and Chief Architect of Coforge, in ET Healthworld.com. “The technology is set to equip [the] healthcare industry with a more advanced Health Information Exchange (HIE) model. This could genuinely transform electronic medical records, making them significantly more secure, efficient, and disintermediated.”
However, the healthcare industry has been slow to adopt blockchain due to the sensitivity of the data handled.
Healthcare Blockchain Relies on Hybrid Technology Stacks
Because the healthcare industry needs to protect highly sensitive patient data, its blockchain technology must rely on a hybrid technology stack. This is necessary rather than a system in which data is delivered across blockchain nodes. This is according to Stuart Hanson, CEO of Avaneer Health.
“Instead, this technology can be used to help index the complex industry sources of data across a network. It makes this data more fluid and, therefore, valuable,” he told Healthcare IT News. “In other words, we need to figure out a delicate balance between blockchain and other technology components within the stack. This is in order to preserve the key value added from blockchain while making the entire system robust and optimized for the healthcare use cases.”
How Multiple-Signature Contracts Will Provide Solutions to the Healthcare Blockchain
According to Xudong Huang, a researcher at Harvard Medical School who was interviewed by Managed Healthcare Executive, healthcare blockchain is valuable to patients. This is because it simultaneously provides them with data security and data ownership. This is in comparison to traditional data management and security systems. He discussed this in a 2019 paper.
Blockchain-based systems would require patients to authorize retrieval of their data through what Huang and coauthors call multiple-signature, or “multisig,” contracts in healthcare blockchains. Using these signatures, both patient and healthcare provider use separate private keys to access the patient’s medical record in the network. While this means the provider can’t access the patient’s data without permission, it also means that only providers—not patients—can change the patient’s data.
While siloing data in such a way can create obstacles for big data analytics, researchers and healthcare companies often rely on these analytics to create solutions in the healthcare industry. However, Huang thinks it may actually help.
“An easy solution for this is any de-identified patients’ data can be released to a public database for easy access,” he told the publication. In other words, blockchain would allow wider, simplified access of data among vetted parties on the blockchain.
As the blockchain brings major solutions to healthcare, the industry will need to learn to adjust to a new, patient-centric network. Other industries will find themselves in a similar position. Has your organization prepared to adopt blockchain technology?
Designing Blockchain Solutions
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Resources
Gupta, Vic and Nanda, Harish. (24 March 2022). Blockchain Disrupting the Healthcare Ecosystem. ET HealthWorld.com.
Siwicki, Bill. (3 March 2022). Healthcare blockchain leader talks challenges and trends in DLT. Healthcare IT News.
Kaltwasser, Jared. (8 February 2022). Is Healthcare Ready For Blockchain? Managed Healthcare Executive.
The COVID-19 pandemic triggered a dramatic shift to digital transformation as millions of employees began to work from home. Now, with pandemic disruptions suppressing global supply chains; manufacturers, ship operators and importers are switching from paper to digital transactions using blockchain technology, reports Enda Curran in Bloomberg.
As discussed in a previous post, blockchain is a decentralized digital ledger of transactions that records data in a way that prevents hacking and altering of the data. Among its many benefits, blockchain provides secure data sharing that is necessary for trade. One organization already using blockchain technology to make trade easier is Global Shipping Business Network (GSBN), a Hong Kong-based nonprofit technology consortium that simplifies trade using blockchain. Its product Cargo Release has reduced the process of physical document exchange at Shanghai port from as many as three days to just two hours.
“There’s no more people going to a shipping line counter to present documents,” GSBN Chief Executive Bertrand Chen told Bloomberg.
How Blockchain Creates Transparency in the Food Supply Chain
Blockchain is doing more than helping companies cut back on paperwork. It’s also creating better transparency, safety, and traceability, according to Maclean’s. Particularly within the food supply chain, blockchain’s digital ledger provides consumer insight into the products they purchase from farm to table. Before they find their way into kitchen pantries, food products make their way through a long chain of stakeholders: farmers to truckers to manufacturers to importers and exporters to government agencies to grocery stores. If anything goes wrong, such as a food recall, locating the offending product can be near impossible. As a result, producers and suppliers in these situations are often forced to throw away the entire product inventory, constituting an enormous waste.
However, Erik Valiquette, president of the Canadian Blockchain Supply Chain Association, told Maclean’s that replacing the current process with a blockchain-enabled system that can store “timestamped activity and verify transactions throughout the food supply chain,” in conjunction with “artificial intelligence, robotics, scanners and the internet of things” will create a more “efficient and transparent” infrastructure.
How Blockchain Prevents Fraud in the Supply Chain
Blockchain can also reduce and prevent fraud. As various stakeholders input data along the supply chain, any inaccurate or fraudulent data is tracked and stored, which can be used to hold accountable anyone who inputs bad information. This accountability makes altering or melding with product data much more difficult.
“All players will be forced to take a step back, look at their processes and make sure that the data-entry mechanisms are accurate,” says Valiquette. “Will that keep an actor from putting in bad information? Probably not. But by automating certain processes, talking with industry partners, and building a system together, the chances of bad information are greatly reduced.”
The global supply chain’s adoption of blockchain is just taking off. As companies continue to struggle, the need to integrate this emerging technology into the supply chain will only become greater.
Preparing Your Industry for Blockchain Technology
In addition to the supply chain, many fields can benefit from distributed ledger technology. Check out Enterprise Blockchain for Healthcare, IoT, Energy, and Supply Chain to learn about highly anticipated use cases.
Developed by leading experts in blockchain technology, this five-course program is ideal for managers, professional engineers, and business leaders.
Contact an IEEE Content Specialist to learn more about how this program can benefit your organization.
Interested in getting access for yourself? Visit the IEEE Learning Network (ILN) today!
Resources
Curran, Enda. (15 November 2021). Blockchain to Ease Logjams as Supply Chains Ditch Paper for Digital. Bloomberg.
Sing, Nathan. (11 November 2021). How blockchain could revolutionize food supply chains—and lower your grocery bill. MacLean’s.
From patient-centric hospital networks to higher quality medicine, blockchain technology is revolutionizing healthcare in a number of ways. As discussed in previous posts, blockchain is a decentralized digital ledger of transactions that records data in a way that prevents hacking and altering of data by duplicating transactions and dispersing them to “nodes” across the network.
According to Jose Morey, Chief Executive Officer of Ad Astra Media and Chief Health Officer of Ever Medical Technologies, the secure and transparent nature of blockchain means that it has a number of potential applications in the medical industry. Writing in Forbes, he notes a number of ways that blockchain is already transforming healthcare.
Blockchain Applications That Could Revolutionize Healthcare
Blockchain will allow the medical industry to share and access patient data securely: The technology will “facilitate finely customizable openness while upholding only the best security standards for true interoperability,” Morey writes. This will allow health information systems to “work together within and across organizational boundaries” to enhance healthcare delivery. Chronicled is one company that is already using blockchain to secure patient data.
Blockchain will improve contract negotiations: In the healthcare industry, contract negotiations often get quite complex, which can take up a lot of time as a result. Blockchain, however, is already providing a solution. A company called Curisium uses the technology “to create a platform for rebate negotiation and contract management,” Morey writes. He adds that the platform streamlines traditional processes by allowing “providers and payers to take part in innovative contracting arrangements.”
Blockchain can foster innovation and connect large hospital networks: For example, a company called Ever integrated a “blockchain, data-driven, patient-centric network” within Thailand’s medical system. The technology connected more than 170 hospitals and 5 million patients. “It enables best-in-class security for all connected data and parties while maintaining close and easy communication with trusted parties— all on a flexible, future-proof, scalable blockchain foundation,” Morey says.
Blockchain allows organizations to create both secure and transparent networks: With blockchain technology, hospitals can quickly and easily share patient data in a way that is fully secure. “Protected by state-of-the-art security solutions, attackers would require vast computational capabilities to even attempt targeting a blockchain-powered network, severely limiting the frequency, possibility and effectiveness of attacks,” states Morey. One company utilizing blockchain in this way is Patientory, which develops “patient-centric applications” that provide up-to-date patient histories and data, pandemic tracking and reporting, and secure communication with verified healthcare personnel.
Furthermore, blockchain has the potential to greatly improve the quality of medicine. According to Pharmacy Times, OCEASOFT, a company that makes atmospheric monitors for supply chains, and Chronicled, an Internet of Things- and blockchain-focused supply chain technology business, are working together to implement blockchain for atmospheric monitoring in the drug supply chain. These monitors glean information such as CO2, temperature, and humidity, which is stored in a decentralized ledger. Buyers and sellers can use this secure ledger to monitor the quality of drugs across global supply chains. Such a system would also help prevent fraud and the purchase of expired drugs.
These blockchain transformations are only the beginning. It’s only a matter of time before more industries are harnessing this revolutionary technology.
Preparing Your Industry for Blockchain Technology
In addition to the healthcare industry, many fields can benefit from distributed ledger technology. Check out Enterprise Blockchain for Healthcare, IoT, Energy, and Supply Chain to learn about highly anticipated use cases.
Developed by leading experts in blockchain technology, this five-course program is ideal for managers, professional engineers, and business leaders.
Contact an IEEE Content Specialist to learn more about how this program can benefit your organization.
Interested in getting access for yourself? Visit the IEEE Learning Network (ILN) today!
Resources
Kenney, Skylar. (28 October 2021). The Case for Leveraging Blockchain to Improve the Global Health Supply Chain. Pharmacy Times.
Morey, Jose. (25 October 2021). The Future Of Blockchain In Healthcare. Forbes.
The Internet of Things (IoT) has the power to connect all devices through a cloud-based ecosystem. In the future, it could potentially undergird the infrastructure of smart cities. This would make communications far more streamlined and efficient than they are today. However, a major obstacle for IoT is that it still depends largely on centralized platforms. This can make sensitive data vulnerable to hackers.
Blockchain technology has the potential to fix this problem. As discussed in a previous post, blockchain is a decentralized digital ledger of transactions. It records data in a way that prevents hacking and altering of the data. It does this by duplicating transactions and dispersing them to “nodes” across the network.
Blockchain would allow contracts known as “smart contracts” to be completed autonomously in a decentralized manner. This creates a web of connected devices that gives users control over their own data.
Unfortunately, there are obstacles preventing a full merger between blockchain and IoT. Currently, all IoT devices that “talk” to each other must be on the same blockchain. Similar to how the internet runs on a vast web of servers, a future IoT will need to rely on a network of blockchains. As such, scalability is a major obstacle to merging IoT and blockchain. Current blockchains have yet to reach this level of maturity.
While there are obstacles, the integration of blockchain and IoT would be revolutionary. It would create a record of every transaction made on the IoT, which cannot be altered, making data far more secure. Additionally, it would streamline the entire supply chain—from manufacturing lines to consumers. This would give every stakeholder access to documentation when required. Furthermore, a fully integrated blockchain and IoT will make industries that rely on one another, such as insurance companies and supply chain logistics, interconnected and seamless.
How IoT and Blockchain Can Revolutionize Healthcare and Finance
COVID-19 has created a logistical nightmare for both vaccine distributors and health care workers worldwide. Two of the most common vaccines, Pfizer and Moderna, must be kept at below zero degree temperatures or they will degrade. This vaccine challenge is a primary example of how blockchain and IoT can work in tandem to streamline operations and enhance distribution.
As discussed in a previous post, vaccine manufacturers can place IoT sensors on vaccine packaging or even on individual vials. These sensors allow distributors to track and monitor their location and temperature during delivery. They also help quickly spot and fix problems as they arise. When the vials arrive at vaccination centers, health care workers can scan the packages to get immediate access to important information about the quality of vaccines.
Blockchain and IoT also have the power to revolutionize finance through smart payments. For example, JPMorgan Chase & Co recently piloted blockchain payments between satellites orbiting Earth. As an experiment, the bank worked with a nanosatellite supplier called GOMspace, which gave them the ability to run software on their satellites. The test revealed that blockchain networks can fuel transactions between devices. It also demonstrated that it’s possible to build a marketplace where satellites send data to one another in exchange for money. Such a system, for example, could allow a smart refrigerator connected to the IoT to order food from an e-commerce site when it runs low. It could also give an autonomous vehicle the ability to buy gas.
While obstacles for blockchain and IoT remain, a merger between the two has the potential to radically impact our world.
Understand Enterprise Blockchain for Your Industry
What other industries can benefit from blockchain technology? Get Enterprise Blockchain for Healthcare, IoT, Energy, and Supply Chain, a five-course program from IEEE, to find out. Developed by leading experts in blockchain technology, this advanced program provides business use cases across key industries and sectors. It’s ideal for managers, professional engineers, as well as business leaders.
Contact an IEEE Content Specialist to learn more about how this program can benefit your organization.
Interested in getting access for yourself? Visit the IEEE Learning Network (ILN) today!
Resources
Chai, Raullen. (7 May 2021). Internet of Trusted Things: Democratizing IoT. IoT for All.
(24 March 2021). The Future of the Internet Of Things with Blockchain. Manufacturing Business Technology.
Kavinsky, Marc. (10 March 2021). How Are Blockchain And IoT Helping COVID Vaccine Shipments? IoT Business News
Irrera, Anna. (24 February 2021). JPMorgan’s blockchain payments test is literally out of this world. Reuters.
As anyone responsible for supply chain management can tell you, the demand for accountability and tracking at every step of the supply chain just continues to grow. For example, consumers want to know where their vegetables were sourced, how they were grown, handling methods, refrigeration temperatures in transit, how long since they have been harvested, etc. However, that’s only the beginning of the information required of supply chain management professionals.
With increasingly sophisticated tracking and handling of the entire supply chain, both sensitive financial and confidential data can be shared between the supplier and the customer. And that’s where blockchain comes in.
How It Works
First, what is a blockchain? At its core, a blockchain is simply a distributed record-keeping system. Each encrypted transaction record is added to the blockchain, securely linked to the record before it. Because everyone on the blockchain has access to an encrypted copy of the record, it is almost impossible to alter. This greatly enhances the security of records, and it also has massive security implications.
Securing the Supply Chain
David Higgins shares a perfect example of the need for enhanced digital security of the supply chain in his article Supply Chain Meets Blockchain: A Perfect Match. He writes, “Following allegations of nation-states targeting the supply chain at the chip level to embed backdoors into both B2B and consumer technologies, organizations are increasingly embracing blockchain to secure their supply chains and reduce the risk of fraud. The distributed nature of blockchain makes it very well suited to validate every step in the supply chain – including the authenticity of hardware and software.”
Blockchain’s secure nature offers a number of interesting use cases in the supply chain field. A number of industry leaders, including Carrefour, Target, and Panalpina, are exploring blockchain pilot programs to see how the technology can be leveraged for supplier certification, trade document digitization, and more.
Paperless Supply Chain
Another benefit of using blockchain for supply chain is the potential for a completely paperless process. Not only is this process more secure with better data provided at every step, it’s also good for the environment. Samsung recently demonstrated the potential for this type of transaction when they received the very first paperless shipping container ever delivered. This transaction was financed through the blockchain, and every step was tracked.
“The first shipments to use the platform gave us a good insight into the possibilities of large-scale implementation. As cargo recipient, we benefited from real time information and advance availability of digitized cargo documentation. We can re-design our processes more efficiently, enabling us to act based on real-time events and trusted data. Ultimately, this will strengthen our service proposition to customers,” said Robert van der Waal, Deputy President of Samsung SDS EU/CIS.
It is clear that blockchain represents an important future for the supply chain industry. In fact, the global blockchain supply chain market size is projected to reach nearly $10 million by 2025 according to a report published by Global Info Research.
Is Your Organization Ready for Blockchain?
To help your organization better understand blockchain use cases at an enterprise level, IEEE has recently released a 5-course program series called Enterprise Blockchain for Healthcare, IoT, Energy, and Supply Chain. Learn about the importance of blockchain in applications beyond just finance as well as how they may affect your organization.
Interested in a license for your organization? Let us know and we’ll connect you with an IEEE Account Representative who can give you the details.
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Resources:
Higgins, David. (25 Jul 2019). Supply Chain Meets Blockchain: A Perfect Match. SecurityBoulevard.com.
Green Car Congress. (26 Jul 2019). First Blockchain Container Shipped to Rotterdam; DELIVER. GreenCarCongress.com.
VMR. (25 Jul 2019). Blockchain In Supply Chain Market Is Thriving Worldwide, Business Status and Industrial Outlook till 2024. RiseMedia.net.
The current technologies used in the healthcare industry face limitations in areas security, privacy, and full ecosystem interoperability. Although several challenges must be addressed before any large scale adoption can be attempted, a healthcare blockchain could transform the industry through the secure nature of distributed ledger technology.
A blockchain-powered health information exchange has the potential to improve the challenges providers face, such as cost, with current intermediaries. Blockchain can connect the systems to produce enhanced insights and better assess the quality of care, giving patients a better outcome in the long run.
Promising use cases for blockchain technology in healthcare include:
1. Drug Traceability
One of the top issues in pharmaceuticals today is counterfeit drugs, that can be lethal to patients. Counterfeit drugs are not produced similarly to the real product, meaning they may not treat the intended disease. The difference in ingredients and dosage can lead to side effects that can cause death. The World Health Organization (WHO) estimates that “16% of counterfeit drugs contain the wrong ingredients, while 17% contain the wrong levels of necessary ingredients”. Furthermore, WHO estimates that “1 in 10 medical products circulating in low- and middle-income countries is either substandard or falsified.”
How can blockchain help? Blockchain technology would improve product tracking as they move along from product production to the consumer. This would make it difficult for counterfeits to come into the marketplace. It would also allow stakeholders and labs to identify the exact location of their drugs should a problem arise.
2. Clinical Trials
It usually takes several years to test the tolerance and effectiveness of a product in a clinical trial. Because the outcome is critical for the future of the drug, falsified results are not uncommon. Additionally, the sheer number of people involved in clinical trials produce considerable amounts of data. This makes it difficult to track and far too easy to make mistakes— whether unintentional or not.
Using blockchain technology in clinical trials would reduce the risk of data fraud. By weeding out studies with seemingly unreliable protocols and results before they’re published, other professionals can focus on replicating more trustworthy studies, thereby facilitating further collaboration in the scientific community.
3. Patient Data Management
The two biggest issues for patient data management are that each patient is unique and sharing patient information amongst the medical community is sensitive and highly regulated. Because what works for one patient may not work for another, access to complete medical records is essential in order to adapt treatment and provide personalized care.
The use of blockchain technology inpatient data management would provide a structure for secure data sharing. Querying the blockchain would allow healthcare stakeholders to determine the location of the desired data without revealing patient identity. One of the main advantages of adopting blockchain in healthcare is that the technology allows individual patients to have full control over who can access his or her medical records. Through a smart contract, the patient defines conditions on when data can be accessed on the blockchain. For example, a patient can select one or more third parties who are able to grant permission to the healthcare provider in case of emergency.
Use Cases Beyond Healthcare
Healthcare isn’t the only industry that can benefit from blockchain technology. Enterprise Blockchain for Healthcare, IoT, Energy, and Supply Chain is a new five-course program coming soon from IEEE. Developed by leading experts in blockchain technology, this advanced program provides business use cases across key industries and sectors. It’s ideal for managers, professional engineers, and business leaders.
Resources
Yukhymenko, Constantin. (17 Dec 2018). What are the use cases for blockchain tech in healthcare? IBM.
(August 2016). Blockchain: Opportunities for health care. Deloitte.
(28 Nov 2017). 1 in 10 medical products in developing countries is substandard or falsified. World Health Organization.