The Blockchain technology is currently being implemented across a wide range of services and industries as we enter 2018. One of the biggest industries in need of a transformation is healthcare, where Blockchain can prove to be highly valuable as there are plenty of opportunities where it can be used, from medical records to pharmaceutical supply chain and smart contracts for payment distribution.
However, despite 2018 looking very promising, great things have been achieved in 2017 and in this article we will look at three different projects which have been very successful so far and have a promising future. These companies address immediate issues in healthcare using an existing business model opportunity.
The MediLedger Project
The MediLedger Project started in 2017 and its goal is to bring competing pharmaceutical manufacturers and wholesalers to the same table. Led by The LinkLab and Chronicled, MediLedger designed and implemented a way to use Blockchain technology to improve the track-and-trace capabilities for prescription medicine.
Additionally, MediLedger is also working on building an electronic, interoperable system for identifying and tracing certain prescription drugs. The system is built under the requirements of the U.S. Drug Supply Chain Security Act (DSCSA), so it satisfies both the legal requirements and operational needs of the healthcare industry. The teams involved developed a Blockchain solution that allows full privacy, no leakage of business intelligence whilst still allowing the capability of drug verification and provenance reporting.
In 2018, the team will continue working on the implementation and also intends to launch a commercial solution which would potentially be used to transform the pharmaceutical supply chain.
Read more about this project here.
SimplyVital Health started off with the implementation of an audit trail using the Blockchain technology. ConnectingCare is a medical platform where all the data for shared patients is stored and where different clinical organisations can access this data. Financial and clinical algorithms powered by AI provide actionable strategic opportunities for all users.
By working together, providers will be able to drive down the cost of care and in exchange they will be reimbursed for their efforts. This is where the audit trail comes in, as it can provide proof that these providers have been joining forces.
The team is currently working on another solution – Health Nexus – which is the Blockchain infrastructure and protocol that is built to be adopted by the healthcare systems around the world. A fork of ethereum, the offering combines a new validation and governance protocol focusing on HIPAA compliance and a key pair system built into the protocol for safe data sharing.
Read more about SimplyVital Health here.
Robomed Network is a decentralized medical network that connects healthcare service providers and patients using smart contracts. The project is designed to provide the most effective medical care using these contracts, where the patient population will be evaluated based on the clinical pathways.
This is a brand new concept for the healthcare market – it is the first system in the world where the patient pays for the end result rather than for the medical process itself, a shift towards a value-based healthcare.
Robomed was first launched in Russia and Dubai and currently boasts almost 9,000 patients using 30,500 services which are worth approximately $2 million. The healthcare system is slowly shifting to a value-based system, where patients will pay for results rather than for the number of procedures or services and Robomed is a suitable solution for this transition.
Read more about Robomed Network here.