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Week ending 08-03-2018: U.S. Healthcare companies and hospital systems are turning to Blockchain Technology
Hu-manity is launching blockchain-based apps that will allow patients to send their data directly to pharmacologists. Many patients are unaware that their personal medical data is already being sold, and as a result, middlemen are profiting from patients’ data instead of the patients themselves. Hu-manity wants to utilize blockchain in order to enable patients to benefit from the ownership of their healthcare data. Read more.
“The sprawling U.S. health care industry has trouble managing patient information.” Patient records are often scattered, unorganized, and outdated, and doctors sometimes have trouble locating them in time. Blockchain could be the answer to the industry’s problems–with it, the security, privacy, and efficiency of patient data could skyrocket. Realizing the potential, healthcare companies in the U.S. are branching out and exploring blockchain technology, following in Europe’s smart footsteps. Read more.
The report projected Blockchain technology in the healthcare market to reach $829M by 2023. Healthcare blockchain was introduced to the market by application, end user, and region. Based on the application, the market is divided into segments including supply chain management, clinical data exchange, and interoperability, claims adjudication and billing management, and other applications. However, lack of understanding of the use of blockchain technologies is still a key issue in the healthcare industry. Read more.
Research estimates that blockchain in healthcare will grow by over $5.61bn by the end of 2025. Because of blockchain’s many benefits across industries, the Icahn School of Medicine at Mount Sinai and the Institute for Next Generation Healthcare has launched the first center for biomedical blockchain research. “We see the potential for blockchain and related technologies to enable applications that support more unified health care ecosystems and serve the greater goals of realizing national and global precision health networks,” says Dr. Dudley, Executive Vice President of Precision Health at Mount Sinai. Read more.
Many healthcare organizations are taking steps to improve their data protection strategies to meet regulatory requirements. In response to a challenge put forth by the Chinese Academy of Sciences, Hex Innovation is applying blockchain technology to protect patients’ data. In this effort, Hex teamed up with the Singapore-based ASTON and TPLUS in order to integrate its large volume of medical information and develop the blockchain-based platform. Read more.