Security, trust, traceability, and control – these are the promises of the blockchain, the technology with the most potential in healthcare at the moment. As these are highly attractive traits for storing sensitive health data or for the operation of supply chains, many companies aim to leverage its powers for healthcare. We collected the most promising enterprises here.
What the hell is blockchain?
As we tried to explain the technology behind cryptocurrencies in more detail here, in a nutshell, it is a system of complex code for building trust without any middleman.
When The Medical Futurist asked Ivo Lohmus from Guardtime, an Estonian company developing K.S.I. blockchain technology, he said to imagine it as a shared book of records, or in more technical terms, a distributed database that’s designed in such a smart way that whatever is added to this database, that is immutable. As if it is carved into stone. Any change becomes immediately evident. Moreover, there is no central authority to decide what’s right or wrong. No bank, no regulator, no oversight. The participants need to signify they accept a shared consensus.
So, why is it a win for healthcare? As the blocks are impossible to change you cannot delete or change anything without leaving a trace. That is critical in case of health data. It could secure health records, clinical trial records or ensure regulatory compliance. In pharma, the most apparent use of blockchain is securing the supply chain and fighting against counterfeit drugs. Now, let’s see how individual firms and companies turn blockchain’s advantages into beneficial solutions in the healthcare sphere.
Below you can find the list of the 12 companies which are running new solutions based on the Blockchain technologies.
In a report titled “The 5G Business Potential,” networking and Telecommunications Company Ericsson has found wearable devices and artificial intelligence will improve resource efficiency and meet consumer demands for greater convenience and freedom of choice in the healthcare sector.
The report analyzed the 5G business opportunity that comes from industrial digitalization in eight key global industries. According to the report, there’s a US $76 billion revenue opportunity in 2026 for operators addressing healthcare transformation with 5G.