Blockchain is the Future of Healthcare

Everything we know about health care can benefit from blockchain technology. Especially when it comes to medical records, sharing patient information, and making data more interoperable. Right now, there are a lot of intermediaries involved in sharing patient data as very few systems are compatible with one another. The blockchain will effectively create a new model for the exchange of health information. Electronic records are the way forward. However, they need to be made more efficient, secure, and no longer reliant on intermediaries.

Overcoming all of those challenges will not be easy, though. A blockchain-powered healthcare ecosystem would raise the bar as far as interoperability is concerned. Eliminating friction and reducing costs associated with using current systems will create a healthier ecosystem for all parties involved. Now is the time to capitalize on this technology and its momentum.

Additionally, using blockchain will help in generating valuable insights. Being able to see the proverbial bigger picture will benefit both patients and healthcare personnel alike. Moreover, it will help improve the value of care as well. All of this will require a universal blockchain system connecting health care facilities from all over the world. Using private blockchains which only require approved partners to examine and share data is not a viable strategy for the healthcare sector by any means.

Dr. Rhea Mehta, the founder of Bowhead Health, a blockchain-based personalized health platform, spoke to NewsBTC about such possibilities, stating:

Dr. Rhea Mehta, Ph.D., CEO of Bowhead Health

“While digital technology has dramatically transformed the management of our financial information and transactions, most of us have not seen such gains when it comes to our health data. As the world watches the adoption of blockchain as a new model of decentralization and security for financial services, we believe the time has arrived when the health sector can finally offer the freedom to own our health data using a smart wallet to manage private and public keys with different levels of permission. This will enable patients to share data on an as needed basis with trusted providers.”

– Dr. Rhea Mehta

There are indeed economic, technical, and behavioral challenges that are faced by the current healthcare models. No one has built a large-scale blockchain ecosystem for the healthcare sector to date. That situation will come to change sooner rather than later, with companies (like Bowhead Health) working toward bringing blockchain technology to the medical sector as we speak. These unique opportunities need to be taken advantage of with properly developed proofs of concept.



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IBM, International Business Machines Corporation, (NYSE:IBM) has established its first Centre for Blockchain Innovation in Singapore with the assistance from the city-state’s Economic Development Board and Monetary Authority.

The center will aid and accommodate Singapore’s blockchain startups and entrepreneurs to collaborate with the city-state’s reputable and well established institutions in the finance and trade industries.

Utilizing the Linux Foundation Hyperledger platform, IBM and notable Singaporean financial establishments, banks, and fintech firms will develop various blockchain-based technologies and conduct pilot tests to improve the state’s banking sector.

By implementing innovative financial technologies and offering newly designed financial services, Monetary Authority of Singapore (MAS) chief fintech officer Sopnendu Mohanty explained that the technologies tested by IBM’s Centre for Blockchain Innovation will pave the path Singapore’s vision to become a Smart Nation.

“The financial sector is well-placed to play a leading role in Singapore’s vision of being a Smart Nation,” stated Mohanty. “Given that technology is a key enabler of financial services, MAS is pleased to continue to work with companies like IBM to promote technology innovation in finance, and encourage the adoption of safe and efficient technology with the financial industry,” he continued.

Through a strategic partnership with the Port Authority of Singapore (PSA), IBM further announced that its researchers in the center will collaborate with the world’s largest container transhipment port located in Singapore to establish a trade ecosystem.

The PSA, which handles global trade and logistics, will cooperate with IBM to merge emerging innovative financial technologies with logistics and trade data.

“We believe new technologies such as blockchain have the potential to reinvent multi-party business transactions and that Singapore is the right innovation hub to carry out field trials of such technologies across a variety of uses,” explained PSA International CEO Tan Chong Meng.

The launch of IBM’s Center for Blockchain Innovation will secure IBM’s position as a leading blockchain research group and Singapore’s vision to optimize the country’s banking sector and digitalize vital operations.

Source: Finextra

Cover Image via IBM