Blockchain in the healthcare industry has the potential to save Trillions of dollars in entire World.
Blockchain is most recognized as the technology that drives cryptocurrencies like bitcoin, Ethereum and etc however, blockchain has the potential to disruptively change the medical industry by saving Trillions of dollars and Millions of lives.
--By Dr.Rubern, BioStem Technologies CEO
Medical Industry blockchain is expected to emerge as a valuable tool to add to health IT infrastructure in 2019. However, Medical industry blockchain is still so new that the practical applications of the technology becomes the major task for BioStem.
Blockchain And The Biotech Industry.
- BioStemCoin is a blockchain-based initiative used within the biotechnology community. It is a cryptocurrency that can be either earned or bought. For example, patients are rewarded “BioStemCoin” for sharing about our stemcell banking technology and can potentially use the BioStemCoin reward for Stem Cells or Anti-Ageing services. Purportedly, some Treatment centres will be accepting this currency soon.
- The creators of BioStemCoin plan to expand their scope of services. In the future, it might be possible to set up a contract with your stem cell bank provider using the service.
A challenge for our stakeholders was to determine where to apply the technology. Rather than adopting blockchain and searching for an application, life sciences and our healthcare research centre identified the challenges first, and then planned for a blockchain to solve it in a transformative way.
While health care might be a step or two behind other sectors, there is interest. In a survey last fall, about 70% of health plan and health system IT executives said blockchain holds significant promise for health care interoperability.The Deloitte Center for Health Solutions came to a similar conclusion when its researchers examined the potential use of blockchain for health plans.
From the perspective of the patient, medical records will be immutable and will not be able to be altered when using this technology. Any attempt at access or alteration can be immediately tagged and identified throughout the blockchain. This is not only good for patient privacy but also significantly hinders criminal activities involving identity theft or falsification of records.
Furthermore, authorized medical record sharing and viewing will be much easier. When a patient visit takes place, it can be viewed by all of that patient’s providers nearly immediately. Using appropriate patient safety algorithms, treatment schedule, progress after treatment, and billing can be reconciled across all blockchain ledgers near-instantaneously, without the need for time-consuming treatment reconciliation processes. The use of blockchain technology will thus help facilitate enhanced access to care, immediate clinical data verification, increased safety, and overall more efficient provision of care.