Blockchain technology has been disrupting many industries since its inception. Its immense success in various industries has fostered the need for such a technology in the healthcare sector too. The main issues concerning with the healthcare sector is the lack of security for the healthcare data of an individual, it is in such a pity condition that it can be easily corrupted and illegally used by any invader. This is a subject of individual privacy relating to human rights.
With the advent of blockchain technology, things are more secure even with the absence of the central administrator. Since patient healthcare information is highly confidential matter, blockchain can help enable the sharing of such data with more restrictions applied on it like providing access only to the healthcare institutions. Such file data are secured using an encrypted key by the individual, which is required for any edit pertaining to update or insert new data.
The most important benefits of the blockchain technology in the healthcare industry are Single & longitudinal Patient records, Master patient indices, Claims adjudication, Supply chain management, and Interoperability.
Here is our list of the top 10 blockchain-based Companies working in the Healthcare industry:
As per the latest Company reports, Guardtime and partners launched the World’s first blockchain-supported Personal Care Record Platform. This platform is currently live with up to 30 million NHS patients which can be used through smartphone and it is expected to escalate medication adherence with potential savings of at least 800M GBP in the UK and 290BN USD in the US. The main feature of the platform is “immutability” of the health data provenance and integrity.
Started in 2014, the Company has offices in key locations of the World. It believes that if Google organizes the world’s information and makes it universally available then Guardtime validates that information and makes it universally reliable. The Company is made up of a team of 150 Cryptographers, Developers, and Security architects, possessing decades of experience defending networks from nation-state attack.
Medicalchain uses blockchain Technology to develop a user-focused electronic health record at the same time maintaining a single true vision of the user’s data. The mission of the company is to improve care for people by placing the patient at the center of the digital transformation of Healthcare. Medicalchain is a decentralized platform that enables secure, fast and transparent exchange and usage of medical data.
The medicalchain platform is developed using a dual blockchain structure. The first blockchain control access to health records with the underlying Hyperledger fabric. The second blockchain is powered by an ERC20 token on Ethereum. To combat identity fraud medicalchain has partnered with Civic. The technique uses Civic’s user authentication services to easily and securely manage the identities of users in a decentralized way.
The solutions of the Company run on blockchain technology – DokChain which is a distributed network of transaction processes that operate on financial and clinical data in the Healthcare sector. The goal of the company is to deploy the distributed ledger Technology across multiple ranges of industry participants to bring up smart and dynamic automation to mainly 4 core use cases that the healthcare industry has been struggling over: context-relevant identity management; autonomous transaction validation and processing; prior authorizations; and event-driven supply chain management.
The company had begun with the vision to put patients in charge by bringing and e-commerce experience to Healthcare. As a company started to grow the officials observed that there were two big obstacles which tried to hinder their growth: data silos that prevented the free exchange of information, and legacy infrastructure that couldn’t accommodate modern healthcare applications and services. The company has successfully solved the issues and is recently having over 700 trading partners to access real-time transactional data at scale.
Patrice Coutard, who has been the fitness coach for the UAE football team for 16 years is the founder of Bodyo. He monitored the performance of the players using heart rate monitors on them. He could collect various important player-specific information like body fat, muscle mass, bone density, and hydration. Using all the collected information, Patrice was finding success in improving the stamina of the players by implementing player specific nutrition programs. The players were now able to view the data in a more interactive format than the earlier excel data format. The Company is the development and extension of the same.
The Brand product of the Company is “AiPOD” which is Safe, Easy and Accurate. The product monitors blood pressure, blood sugar, height, weight, fat mass, muscle mass, bone density, and hydration.
This is the end of Part 1 of the article, we will come up with the rest top 6 blockchain-based Companies working in the healthcare industry in the next part of this article.
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