Four important facts about the development of medicine with the help of blockchain

medicine blockchain

The technology designed for recording and secure storage of information finds employment in unexpected fields of implementation. Experts esteem that blockchain will change the sphere of medicine and healthcare dramatically, and vast sums of money raised via ICO only prove that. Today we are telling you about the most interesting blockchain projects and startups created for the effective functioning of healthcare organizations and development of medical science.

1.  Medicine of the Future

The reputable ‘Global Health’ says that with the use of blockchain in medicine ‘the era of universal fairness in healthcare and medical service’ starts. Pharmacologic productions and medical startups gain access to financing, and transactions will be safe and made without resorting to third parties. Investors can invest money in the development of medicine with more confidence, because with the use of blockchain they gain access to all the data on the research they will want to invest in.

National healthcare can also use blockchain for the effective operation of its medical services. This is already being implemented in some countries. For example, Chinese government bans cryptocurrency transactions, but the owner of Alibaba is financing the switch of Changzhou healthcare system to blockchain.

Hospitals can specify their orders of equipment, medications and expendables. Pharma giants can set fast and transparent logistics going worldwide. Besides, people can expect that the data on their health, previous test results and treatment will be secured, and safe from disclosure and hacking.

Lastly, we can forget about the elite sport doping and test falsification scandals. Blockchain will guarantee the validity of the data recorded in the system.

blockchain medical

2. Confidentiality with the help of blockchain

American ‘Forbes’ has published the column of Marty Anderson, Babson college professor and senior lecturer in innovation. Not only the author believes in blockchain wholeheartedly, but also provides an example of its use in fitness trackers. Today smartphones and smartwatches collect all the data of the owner: number of steps per day, pulse rate, location, blood type and possible health complications.

This can help in case of trauma or sudden deterioration of health. However, it is a big problem: the data on our health can be obtained without our permission. Blockchain can fix the problem of health data storage upon condition that the access to these data will be granted to the owner of the keys only.

Healthcare startup Patientory offers blockchain developments for medical companies. The website of the project informs that blockchain will help big companies store and exchange the patients’ data maintaining the confidentiality of the clients. Besides, blockchain system is impossible to break which means it is hack proof.

3. Blockchain for Health Insurance

Blockchain will also change health insurance. First, the use of blockchain will help to create a health insurance certificate valid worldwide. Today it is impossible due to very slow data validation and possible forgery of the document itself or the data of the owner.

Hashed Health consortium has already received the American government approval and defined the advantages of technology: speed, safety, cost saving, eliminating the risks of forgery and mistakes. United Health, one of the U.S. largest insurers, is implementing blockchain for the validation of the clients’ data.

4. Blockchain and Medical Discoveries

Medicine as a science only benefits from the use of blockchain in many ways. Regions secluded from civilization suffer most from the shortage of experienced doctors and other medical staff. At the same time, new discoveries are constantly made in vaccination and disease treatment and prevention.

Today new blockchain projects for scientists and doctors emerge ensuring free access to the latest researches for specialists. This can help precisely the most outlying regions secluded from civilization. A doctor can work away from major clinical laboratories and scientific institutes but keep up-to-date of the latest innovations. Sci Hub and Bitmark startups believe in precisely this way of medicine development.

Investors are also enthusiastic about investing money in the latest developments of medical technologies. But ICOs of the companies which suggested the modernization of medicine have not thrived yet. For example, the BlockRx Project offers the use of blockchain for integrating the companies working in medical research and taking on the big pharma. The examples of investors believing in such startups and the startups, in their turn, proving the investments were worth making, are lacking yet.

Another reason for it is that the development and approbation of new medications, vaccines and treatment methods are time consuming, although such startups have undeniable advantages. Such researches are usually conducted for the benefit of the consumer mostly, and not the big pharma.

At the same time, the investors’ cautiousness is understandable. Most medications require a few years to be tested with no guarantee to be approved. There is also a risk that new researches will undo the previous ones, and this can happen over the next year. Therefore, it is hard for such startups to compete with the big pharma that are capable to finance its researches.