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.
There is a veritably deafening buzz around blockchain at the moment as it’s the technology du jour. And rightfully so, as it ticks a lot of boxes: it’s decentralized, anonymous, and immutable. It also promises security through truth and transparency.
Amid the excitement about it, brands are rushing to embrace the ledger technology. Upon announcing that they’re working with, or will soon incorporate, blockchain technologies, their stock price skyrockets.
The Blockchain Bounce Phenomenon
This is called blockchain bounce.
Don’t believe us? Take Overstock, for example, whose share price rose +200% post-announcement of a loyalty plan built on blockchain.
Or restaurants like Chanticleer Holdings (whose brands include American Burger Co. and Little Big Burger) and Hooter’s. Both stocks became hot simply because of their association with blockchain.
It also happened to Kodak recently, when it partnered with WENN Digital to launch a blockchain-powered image rights platform, called KODAKOne. Shares of Eastman Kodak’s stock surged more than 30% on the announcement, closing at $6.80.
As the New York Times noted, these bold gambles have had mixed reactions among investors: some are excited, others confused, with a majority curious about “wading into dubious business deals” in search of instant growth through blockchain bounce.
Are businesses that attach themselves to blockchain merely a fad? Or will utilizing blockchain to provide the building blocks for a company’s future have an Amazon-like effect, as Starbucks Chairman Howard Shultz predicts? Could the blockchain bounce make a difference for your company? Share your thoughts in the comments below!
Coming Soon: IEEE Introduction to Blockchain Technology
It’s clear blockchain isn’t going away anytime soon. Which is why it’s in your business’ best interests to learn as much as possible, as soon as possible, about it. To make sense of the recent blockchain revolution, you’ve got to understand what a blockchain really is and what it’s capable of doing. The best place to start is with the new IEEE Introduction to Blockchain Technology 3-course program. Pre-order for your company now and save.
