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Can blockchain help in healthcare?

The healthcare sector is one of the most important areas where blockchain is expected to add tangible value. The technology is foreseen to utterly redefine processes in the sector.
β€œBy decentralizing patient health history, tracking pharmaceuticals, and improving payment options, blockchain is becoming a valuable tool for healthcare, revolutionizing the industry worldwide.” Brian Weinberg

Brian Weinberg is one of an emerging technologies journalist, he lists fourteen major use cases, and four of them are demonstrated in the article below, that are envisaged to overhaul the healthcare system.

Improving medical records: MedRec’s blockchain (in collaboration with MIT Media Lab and Robert Wood Johnson Foundation) allows different health providers and pharma-ceutical companies to share patients’ medical records from the blockchain ledger as a single source of truth. This way, when a patient uses a certain health provider and then switches to another one, it becomes easy for the new provider to know the full medical history of the patient. The project is in the testing stage.

Cutting cost, saving time, and enhancing connectivity between providers: SimplyVital Health developed two blockchain-based applications (ConnectingCare and Health Nexus) that help providers to enhance processes and cut cost.

Improving medical record-keeping: through a collaboration between Taipei Medical Uni-versity and Digital Treasury Corporation, a blockchain project named phrOS is finalized and running. The project claims to be the world’s first hospital-wide blockchain integration project that aims to tap into the benefits of health data sharing while ensuring data privacy.

Enhancing the security and control of healthcare transactions: Change Healthcare company announced its enterprise-scale blockchain in the claims management system. Neil de Crescenzo, the president, and chief executive officer of the company, says, "We are excited to work with customers and partners on applying blockchain technology to improve how pa-yers and providers interact and conduct business, starting with the revenue cycle and pay-ment process". The company says that its blockchain already processes 50 million transactions daily.

Intelligent Network of Change Healthcare with blockchain Source: CISION

Blockchain attracted the attention of not only enterprises and venture capitalists, but also major public agencies. The U.S. Food & Drug Administration, for example, has an open eye on the blockchain, especially in the supply chain process. In a press release dated February 07, 2019, the agency announced that it is engaging in a pilot project that is β€œβ€¦ intended to assist FDA and members of the pharmaceutical distribution supply chain in the development of the electronic, interoperable system that will identify and trace certain prescription drugs as they are distributed within the United States.”

Vlastimil Bijota is a co-founder of investro.com, who has been dealing with financial markets and blockchain for more than seven years. He is an investor in several fintech compani...

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