Blockchain is a digital technology that refers to all way secure, transparent, and publicly available ledger that allows you to make transactions securely in a systematic way. You can transfer credits to others using a private key. It also records all the information secure and confidential from hackers. However, you will need to look forward to the ways to implement blockchain in your fine technology application.
Blockchain is made up of three digital parts of data and information.
- Blocks that store data about the information on transaction details like amount, date, and time.
- Blocks that store information about the transaction doer.
- Blocks that store data that differentiates it from other blocks in the form of codes. Those are termed as “hash” under the blockchain domain.
Blockchain In Healthcare
This technology is not limited to Cryptocurrencies. Now, blockchain is widely in use in different industries such as automotive, financial services, public sectors, and also healthcare. Organizations are investing much in this area. According to the stats, the healthcare sector has got the awareness of blockchain technology, and companies are investing a lot in this healthcare industry.
Companies Applying Blockchain Technology To Healthcare
Let’s explore the companies which are applying blockchain technology in MedTech.
Description: Factom is a company that is working on blockchain technology. Its vision is to allow you to see the work differently with the help of innovated technology of blockchain. It is located in Austin, Texas.
Progress: It is working on creating products that help the healthcare industry to manage patients’ records. You know that hospitals have a lot of data to manage. However, it was really a challenging job to manage all the data securely before. Factom also got two lacs dollars as a grant from the Department of Homeland Security US to work further on securing data.
Name: Patientory, Inc.
Description: Patientory is based in Atlanta. It is known for providing advanced apps that allow users to create profiles allowing them to monitor their health history with many other features. Users can also track their doctors, personal medical information, and medications.
Progress: It enables clinicians, patients, and organizations to transfer information safely. Patientory played a vital role at the time when NHS digital privacy was attacked by ransomware. Patientory advised the UK government to implement blockchain in your IT systems to avoid any further attacks.
c) Medical Chain
Name: Medical Chain
Description: It is located in London, England. Medical Chain electronically manages healthcare records by using blockchain technology. It has made a digital revolution in medical technology.
Progress: They have advanced on innovated ideas and worked on areas such as telehealthcare. In 2018, Medical Chain introduced one online portal named MyClinic.com that allowed patients to get consultancy from the desired doctors online via video chat. Patients can pay their debts (consultancy fees) with “MedTokens”.
d) Coral Health
Name: Coral Health
Description: This company is based in Canada. It empowers users to access their medical information. They claim that it is a basic right of every patient to have their medical data available whenever they need it.
Progress: It is a common practice in different sectors of health that they do not care about health records properly. Coral Health has provided a secure platform from where the patients can control their health information. Users are allowed to add their information related to medical health and can get consultancy tips from their doctors. Coral Health is also open for suggestions if anything can be improved in their applications.
Description: Guardtime has developed software that has been installed by many enterprises and governments. It is located in Irvine, California. The blockchain technology of Guardtime works for cybersecurity applications and also for healthcare.
Progress: Guardtime has a great role in implementing blockchain technology in the healthcare systems of Estonia. It helps healthcare companies in cybersecurity methods. The progress of this company can be judged as it has recently signed MoU with UAE (United Arab Emirates) private healthcare providers to implement blockchain in their data privacy systems.
Description: It works of AI (Artificial Intelligence), Medical, and blockchain industries. It is located in Palo Alto, California.
Progress: Doc.ai use applications of artificial intelligence to control medical records on the blockchain. Its progress is proof of how blockchain is bringing revolution in the mobile application industry. Their security measures are appreciable as Doc.ai does not save any data of patients after it is encrypted on the blockchain. Doc.ai has made a partnership with Anthem (A healthcare insurer) to work further on AI in forecasting allergic responses.
Name: Chronicled, Inc.
Description: It is located in San Francisco. It uses combined blockchain, and IoT applications in the healthcare industry to develop accountability.
Progress: Medical items like medicines, vaccines, metals and other valuable things are prone to expiry. Chronicled helps in improving logistics operations to avoid such incidents. It also helps in facing 2020 challenges and blockchain transformation for business leaders. Chronicled has also signed a partnership with the mediledger project, which works on compliance with the drug supply chain security Act.
h) Burst iQ
Name: Burst iQ
Description: Burst iQ‘s headquarter is in Denver, Colorado, US. It works in cybersecurity and big data industries. Its motive is to use blockchain technology to enhance methods of healthcare data handling.
Progress: Burst iQ provide its features to help companies of healthcare and manage big data of patients securely. The blockchain technology of Burst iQ allows companies to keep data safe, share, and make sales with maintained compliance. It records all the data of the patients, including the health of the patient and other healthcare activities.
Description: Blockpharma is a French company which uses blockchain technology to assist in facing drug forging.
Progress: It can be a part of the 2020 Fixtures of Technical Innovation in Medicine, as drug counterfeiting is a global challenge. Blockpharma takes its part in improving drug traceability by using blockchain technology. It can reduce the consequences of drug abuse.
Blockchain technology is more beneficial than our thinking. We can use this innovation to save the lives of many humans. There is an immense need for concern authorities to make the healthcare sector aware of blockchain technology. It can help in managing health records, improves supply chain, and access to plenty of information.
Author Bio: Amanda Jerelyn is working as a Technical Head at assignment writing services. She is a passionate blogger as well. Amanda has a very deep insight into the innovation in technology. Also, she has a keen interest in research on the healthcare delivery system.