What You Should Know:

– The healthcare industry is poised for a seismic shift, powered by a disruptive technology: blockchain, according to the market.us, the Blockchain Technology in Healthcare Market report.

– This transformative ledger system is projected to propel the global Blockchain Technology in Healthcare Market to a staggering $750B by 2033, a 69.2% annual growth rate compared to its $3.9B valuation in 2023.

Unleashing the Power of Healthcare Blockchain

Imagine a healthcare system where data breaches are a relic of the past, where medical records flow seamlessly between doctors and patients, and where medication supply chains are transparent and secure. This is the future promised by blockchain, a decentralized digital ledger that guarantees data integrity and revolutionizes information exchange.

From Public Blockchains to Biopharma Applications

• Fort Knox for Medical Records: Blockchain’s encrypted blocks ensure data immutability, safeguarding sensitive information from unauthorized access or manipulation. This translates to enhanced security and peace of mind for both patients and healthcare providers.
• Interoperability Unchained: Incompatible systems have long plagued healthcare data sharing. Blockchain provides a standardized platform, breaking down silos and facilitating seamless information exchange between hospitals, labs, and doctors.
• Empowered Patients, Streamlined Processes: Patients regain control over their health data with blockchain. They can decide who accesses their records and benefit from streamlined administrative processes like billing and claims management.
• Supply Chains on Steroids: From tracking pharmaceuticals to verifying medical equipment authenticity, blockchain brings transparency and traceability to healthcare supply chains, combating counterfeiting and ensuring patient safety.
• Smart Contracts for Smarter Care: Automated agreements through smart contracts reduce administrative burdens and accelerate transactions like insurance claims processing, freeing up resources for improved patient care.

Global Giants Embracing Healthcare Blockchain

Europe leads the charge with a 33% market share, fueled by advanced healthcare infrastructure and data protection regulations like GDPR. North America and Asia-Pacific are catching up, with major players like HMS Holdings, Cerner, and Allscripts exploring blockchain’s potential to revolutionize healthcare.

Challenges to Overcome

Regulatory uncertainties, legacy system compatibility issues, and a lack of standardized protocols present hurdles. However, collaborative efforts and innovative solutions are paving the way for widespread adoption.

Future of Healthcare Blockchain

From personalized healthcare apps to secure clinical trial data management, blockchain’s applications extend beyond today’s boundaries. This transformative technology is poised to empower individuals, optimize healthcare operations, and ultimately, deliver better care for everyone.

What You Should Know:

• Briya, an end-to-end healthcare data exchange platform, today announced completion of an $11.5 million Series A round of financing, bringing the company’s total funding to $17 million. The round was led by Team8, includes existing investors Insight Partners, Amiti Ventures, and is joined by the George Kaiser Family Foundation.
• The funding will support Briya’s mission to transform how data is exchanged between healthcare organizations and life sciences organizations, with particular emphasis on supporting the United States health ecosystem. The company’s scalable data exchange platform enables hospitals to capitalize on their patient data. It has been implemented in healthcare systems and academic institutions, primarily in Europe and Israel.

 Leveraging Briya’s Data Platform to Efficiently Access Clinical Data Sets

“By implementing Briya’s data platform, we can now quickly access relevant clinical and radiological data from various sources in mere seconds,” said Dr. Jawed Nawabi, a radiology specialist at the Institute of Neuroradiology at Charité – Universitätsmedizin Berlin, a Newsweek Top 10 global hospital, and Digital Clinician Scientist Fellow at the Berlin Institute of Health at Charité (BIH). “This has not only increased our efficiency in clinical research but also improved our collaboration within our international research network, thanks to a decentralized approach, enhanced data security, and increased transparency in data processing. It ultimately enhances interoperability and data quality.”

The Briya platform connects clinics and hospitals with academic and pharmaceutical research teams, addressing the primary challenges faced by organizations in the collection and exchange of healthcare data. The highly secured data exchange empowers hospitals to effectively utilize their health data and safely share it, in compliance with all regulatory guidelines. At the same time, it provides life sciences organizations seamless access to high-quality, de-identified real-world data to expedite development and time-to-market for new therapies.

Briya’s scalable blockchain-powered system standardizes all forms of electronic health records, enabling streamlined access to and exchange of live, anonymized healthcare data for life sciences organizations. The technology facilitates optimal use of a range of AI and machine learning tools, real-world data, and health economics studies to optimize clinical trials, ensure regulatory compliance, and accelerate drug discovery. 

The timing of the funding highlights the confidence stakeholders have in the value Briya brings to the market by enabling healthcare organizations, researchers and pharmaceutical organizations to efficiently exchange real-world healthcare data. 

Trust is a crucial part of any society, and it is of the utmost importance within the healthcare industry. Ensuring the trustworthiness of healthcare providers is essential for patient confidence as they must be able to trust them to offer accurate information, make informed decisions, and act in their best interest, all while prioritizing privacy and anonymity. Although these tenants remain integral, trust is often broken in more ways than one. 

The widespread feeling of distrust has been widely documented within the healthcare system, and when coupled with increasing breaches and the commercialization of patients’ personal information, it’s clear something needs to change. But with a behemoth of an industry to mobilize, what can actually be done to restore patients’ confidence and can blockchain bring trust into the heart of healthcare’s narrative?

Breaches, Sales, and Silos 

Regrettably, the healthcare infrastructure falls short in keeping pace with the rapid evolution of technology, which has left patient data susceptible to countless breaches. Most recently, NextGen Healthcare revealed that over 1 million patient records were breached by hackers. Meanwhile, other health providers like GoodRx have been caught deceptively sharing details on users’ illnesses and medicines with tech giants like Facebook and Google. Given how patient data remains parsed out across separate apps and databases, it’s nearly impossible for doctors and administrators to access critical patient data at times when they require it the most. 

These big cons present a tremendous challenge within the healthcare space. Not only is effective communication essential for rebuilding trust on a patient-physician level, but the whole system must become more formidable, transparent, and user-friendly. Healthcare providers must also create a system of open, secure communication whereby patients feel comfortable asking questions without fear of breach. 

By using blockchain technology we have the potential to empower patients, giving them autonomy and confidence – changing them from passive patients to engaged participants. Renewing trust could be as easy as providing patients with tools to manage their own health and involving them in the decision-making process right from the beginning.

Trustless Systems + the Blockchain

To restore authenticity and security in healthcare, we must consider trustless consensus mechanisms. A trustless system does not rely on actors to behave in a certain way for an intended result. It executes an action or reaches an agreement without relying on humans, a central authority, or an intermediary by using code and decentralized applications (dApps). 

This varies greatly from the trust-based systems baked into healthcare and society at large. You trust that your doctor has certain credentials, that certain treatment plans and health records will be accessible to the right physicians, and that your sensitive information will remain protected from unauthorized eyes – but trust-based systems are susceptible to fault. By minimizing the amount of trust solicited from any single entity, we can actually enhance the speed and efficiency of transactions, as well as provide greater transparency and security. Doesn’t that sound like what the healthcare industry is in need of most? 

To serve the unique requirements of a sensitive industry that is bound by stringent regulations, we require a customized healthcare system that grants legitimacy to all participants within the blockchain. 

What is Proof of Competence (PoC)?

First came Proof-of-Work (PoW) with the genesis of Bitcoin when blockchain technology was primarily used to conduct financial transactions. Proof-of-Stake (PoS) later emerged to complete more complex tasks through the power of smart contracts. Although both consensus mechanisms may be appropriate for facilitating cryptocurrency transactions, they are not well-suited for addressing the unique concerns of healthcare providers. That’s where Proof-of-Competence (PoC) comes in. 

PoC is a consensus mechanism approach that can be used to suit the healthcare industry’s firm, yet necessary qualifications, as patients need to trust that healthcare providers are capable of providing certain assessments, diagnoses, or procedures. 

As it stands, healthcare providers must complete rigorous education, training programs, and certifications to become licensed. They must also seek membership in professional associations in combination with seeking accreditation for their respective facilities, demonstrating ongoing training, adherence to ethical standards, and commitment to quality improvement. Through a PoC system, we can leverage blockchain’s transparency to ensure that a physician’s competencies are verifiable, giving patients an added level of assurance that the healthcare provider they are consulting with is capable of meeting their needs.

NFTs (non-fungible tokens) can also be used in healthcare to provide secure and verifiable records of medical guidance. NFT’s can be stored on a blockchain and can be easily accessed via a marketplace, creating a peer review system that allows physicians to receive feedback on their competencies from fellow doctors as well as connecting competent physicians with patients.

The added security of the blockchain ensures that the right information is accessible to the right parties due to the conditions of the relationship, virtually eliminating the concerns of breaches or leaks that could leave patient information unprotected.

Overcoming the Obstacles

It would take a major cultural shift to move most healthcare institutions and practices onto the blockchain due to their inherent fragmented nature – especially within the U.S. Providers vary greatly in their approach to handling patient records, especially since some players view patient data as a competitive advantage that can be gated and monetized. Regardless of these ulterior motivations, without a streamlined system and organized effort, pulling all entities together to adopt blockchain as the new framework for operations may feel impossible. 

Updating the healthcare system in the US would take a dedicated focus at best – a focus that is ever changing and susceptible to challenges with every new administration elected into office. Healthcare leaders are not going to adopt blockchain technology until they see a proven use case, but with more and more organizations enduring breaches, it doesn’t feel like such an improbable thought.

Amidst the backdrop of a Congressional health data breach that affected more than 56,000 members and their families, access to care is becoming a bigger focus for consumers. If it can happen to Congress, it can surely happen to any of us.  

Why Now is the Time for Blockchain

The telehealth push of 2020 proved that the traditional health model wasn’t serving everyone, but due to the fragmented and unsecure nature of Web2, it opened up a slew of new issues concerning data access and data vulnerability for patients and practices. 

There needs to be a better way, and leaning on blockchain technology could rehabilitate the healthcare industry into a more safe and secure ecosystem for care delivery. The blockchain brings integrity and an immutable record of every transaction to prevent data tampering, thereby reducing the risk of medical errors. By offering a tamper-proof system for sharing our sensitive healthcare data during our most sensitive of times, like that of a Proof-of-Competence consensus model, we could increase trust and usher in a new era of healthcare. 

About Pradeep Goel

Pradeep Goel is the founder and CEO of Solve.Care with over 30 years of experience in the healthcare, insurance, and technology industries.Pradeep has designed and built solutions for public programs like Medicaid and Medicare, in addition to welfare programs like Supplemental Nutrition Assistance Program (SNAP) and Temporary Assistance for Needy Families (TANF). Pradeep was also deeply involved with the healthcare initiatives of both the Bush and Obama administrations, establishing public program solutions under the Health Savings Act and Affordable Care Act.

Prior to founding Solve.Care, Pradeep built 4 healthcare IT companies a part of Deloitte’s Technology Fast 500 and the INC 5000. Pradeep is also listed as Goldman Sachs’ 100 most promising entrepreneurs.

What You Should Know: 

• HandSport Surgery Institute (HSSI), a provider of hand and wrist surgical care launches virtual practice in Decentraland, a blockchain-based metaverse platform. 
• The HSSI Decentraland practice features a futuristic, sophisticated, and professional design inspired by crypto and cyberpunk culture. 
• Visitors can interact with a virtual receptionist to schedule appointments, explore a comfortable waiting room with patient success stories, and learn about hand and wrist procedures in practice rooms complete with interactive elements.

 HSSI Decentraland Practice 

The HSSI Decentraland practice include:

• A futuristic, sophisticated, and professional design inspired by crypto and cyberpunk culture
• Interactive receptionist area for scheduling appointments and inquiries
• Engaging waiting room featuring real-life patient success stories
• Practice rooms with interactive elements and detailed explanations of hand and wrist procedures

“We’re thrilled to welcome patients and visitors to our virtual practice in Decentraland. Our goal is to make medical information more accessible and engaging while showcasing the expertise and innovative spirit that drives HandSport Surgery Institute. We believe that the metaverse offers new possibilities for connecting with our patients and the broader community, and we’re excited to be at the forefront of this emerging technology,” said Dr. Jason S. Pruzansky, Hand and Wrist Surgeon at HandSport Surgery Institute. 

To experience HandSport Surgery Institute’s virtual practice in Decentraland, visit https://play.decentraland.org/?position=15,-117.

What You Should Know: 

• BurstIQ, a provider of data-driven healthcare solutions announced it has acquired Olive AI’s business intelligence solution. The acquired solution, now known as LifeGraph Intelligence, further enhances BurstIQ’s offerings, revolutionizing how organizations see and use their data. Financial details of the acquisition were not disclosed. 
• The strategic acquisition expands BurstIQ’s portfolio of innovative products, reinforcing its commitment to helping healthcare organizations navigate the complexities of data-driven solutions while maintaining strict privacy and compliance standards. 

LifeGraph Intelligence BackgroundLifeGraph Intelligence leverages cutting-edge technologies such as Natural Language Processing, Machine Learning, and AI to extract meaningful insights from clinical notes and EMR fields. By connecting health systems’ quality, efficiency, and cost data with evidence-based content, including journal articles, guidelines, and recommendations, the platform empowers organizations to take action on opportunities related to cost, time, and quality improvements. The insights facilitate clinically meaningful discussions with physicians and enable organizations to take action to reduce unwarranted clinical variation system-wide.

What You Should Know:

• Solve.Care, a healthcare platform company that leverages blockchain technology to deliver better care, has announced the launch of Care.Chain, a decentralized Layer-2 network infrastructure.
• Care.Chain is a significant step towards Solve.Care’s mission to improve healthcare access, delivery, management, and payments for both healthcare institutions and consumers through the benefits that blockchain technology provides.

Providing the Necessary Base Infrastructure to Fully Decentralize Healthcare

While many existing Layer-2 blockchains are built from the bottom up seeking real-world applications for the technology, Care.Chain is developed to solve specific challenges facing the healthcare industry such as patient access to their health data and rising costs due to cumbersome administrative processes. Trust and compliance measures are built-in to overcome barriers to adoption, such as requiring a Proof-of-Competency and a healthcare license or certification from validators.

Care.Chain provides a globally connected, open network architecture where all participants in the healthcare ecosystem can interact on a peer-to-peer basis in a transparent, trusted, and secure manner. The chain integrates seamlessly with the broader Solve.Care ecosystem and adds to the full-stack digital healthcare platform that simplifies the healthcare experience for all stakeholders which include individuals and families, doctors and care providers, employers, insurance providers, government agencies, and more. Blockchain developers can now build applications on Care.Chain, utilizing Solve.Care’s full-stack platform, to solve issues such as KYC and trust, privacy, compliance, efficiency, and cost.

“Care.Chain’s mission is to partner with healthcare institutions as validators to achieve progressive decentralization and provide a more equitable open healthcare system for the betterment of all,” said Pradeep Goel, CEO of Solve.Care. “Solve.Care has been on this journey for a long time. As we built the platform to tackle these issues from the top down, it became evident to us that there was not a single Layer-2 chain that was suitable for enterprises to adopt and serve healthcare in the way it needs to be served. Care.Chain gives us the final missing piece of the puzzle to really enable enterprise, consumer, patient, and provider to collaborate on a platform that becomes an open marketplace infrastructure and global payment system for healthcare.”

Care.Chain also introduces new healthcare computing primitives with the introduction of ZK (Zero-Knowledge) verifiable runtime for events. This allows for the implementation of multiple use cases which go beyond the basic distributed ledger technology use cases. It is oriented towards the healthcare domain and provides out-of-the-box support for wallet-based apps for peer-to-peer communications and for processing any business events. Care.Chain enables the execution of events natively in its runtime, combining the power of an EVM (Ethereum Virtual Machine) and verified credentials-based event stream processing to create a unique Healthcare Event Virtual Machine. The chain also allows for the creation of healthcare dApps as NFTs and peer-to-peer communication between healthcare roles via wallets. Users can directly transfer information between two parties (e.g. patient and physician) with no intermediary in between, which provides greater data security.

What You Should Know:

Solve.Care & EarthID have announced a collaboration to employ blockchain technology to decentralize ID data and provide verification of credentials to create a powerful ID management system to be put in the hand on individuals.

The collaboration will enable individuals to aggregate all their multi-faceted data related to their identity for healthcare purposes, while maintaining complete control.

Decentralized & Multi-faceted ID for Healthcare

Solve.Care is a digital healthcare platform company that leverages blockchain to deliver better care, while, EarthID is a multi-award-winning Web3.0 focused company helping organizations prevent identity-frauds, drive compliance, and optimize costs, while empowering users with data-ownership, privacy, and consent.

The use of identity data in the healthcare industry is a very complex issue. It is multi-faceted. Different healthcare stakeholders view the same individual differently. Depending on the stakeholder, the identity data associated with an individual will be different, from insurance plans, to employee sponsored benefits, to various health records, to financial records for billings and payments, and the list goes on. In the current system, these different IDs are spread across different databases controlled by 3rd parties, and the individual has to remember and managed all their various IDs.

What You Should Know:

– Solve.Care, the healthcare blockchain platform company, has announced their Care.Labs Wallet, the revolutionary Web3.0 development which is set to revitalize the healthcare industry.

– This is the most compelling, accessible and user-friendly blockchain use case in the transformation of healthcare across the globe, with practitioners and institutions authoring their Care.Networks from Korea to the USA

Causing Breakthroughs in Medicine Using Blockchain

Solve.Care, the healthcare blockchain platform company, recently announced the launch of Care.Labs Wallet, which allows users to access the revolutionary Care.Labs portal. The company describes Care.Labs as a healthcare Imaginarium, a place where users can envision and then easily author decentralized healthcare applications (dApps) without the need for any programming, blockchain or even Web3.0 knowledge. 

Care.Labs removes all the complexity of building a Web 3.0 decentralized healthcare solution. While most dApp protocols focus around native crypto use cases, the Solve.Care Platform gives businesses, governments, and physicians the ability to implement real-world healthcare solutions on the blockchain without investing years into R&D. All interactions and transactions within the network are tokenized, thereby removing frictions inherent in the healthcare industry. The company’s native digital token, SOLVE is utilized as gas, fees and payments for this purpose on the Solve.Care Platform. 

In Care.Labs, users can author and test their decentralized (health)Care Network before they deploy it on the mainnet for the public. In these networks, Web3.0 elements such as decentralized identity, decentralized user data ownership, and peer-to-peer messaging with payments are automatically built in. Instead of building individual elements and then trying to integrate them, one can simply configure a network of participants and author as many different solutions as needed, with every solution being automatically interoperable.

Commenting on the launch, CEO Pradeep Goel said, “As the global shift towards digital healthcare accelerates, most initiatives are stymied by lack of clear data ownership, low adoption rates by patients and doctors, and cost of integrating solutions that don’t talk to each other. Add to that, the cost and time required for launching new digital health solutions, the obligation for ongoing governance, and the need to achieve and maintain compliance. This has resulted in most digital healthcare solutions not seeing the light of day for being too much risk for too little ROI.”

What You Should Know:

– Today, Polygon Networks, a leading blockchain and scaling solution, announced a partnership with Tokenology and MSP Recovery to deliver LifeChain – a new healthcare claims platform.

– LifeChain will leverage blockchain technology to solve healthcare’s biggest problems, including fraud, inefficiency in payments and antiquated processes.

Tokenize Healthcare Claims On-Chain

LifeChain will be developed by MSP Recovery and Tokenology as a fully tokenized Medicare, Medicaid and commercial claims recovery system protected by biometric security. The platform is designed to solve significant problems the healthcare industry faces today, including fraud, inefficiency in payments, and antiquated processes, to provide real-time decentralized services that connect patients to providers and their own medical data like never before.

LifeChain will be integrated with MSP Recovery’s consumer application, LifeWallet, a tool designed to allow individuals access to their medical history and life-saving resources, while providing inter-connectivity with providers, who also gain important resources from the platform. LifeWallet is powered by MSP Recovery’s sophisticated data analytics, to enable informed decision-making and improved patient care to help save lives on a HIPPA compliant, highly secure platform.

LifeChain, the one of a kind healthcare blockchain system MSP Recovery and Tokenology are building on Polygon, is maximized by the network‘s Polygon’s leading performance as a carbon-neutral layer-2 Ethereum scaling powerhouse. The massive number of daily medical claims being tokenized is expected to surpass 50 million/day by 2024, requiring the kind of scale, security, and sustainability that only Polygon can deliver.

“As MSP Recovery has evolved, I have seen first-hand how the healthcare systems used by providers and insurers for data capturing are immensely flawed. As a result, we developed LifeWallet, a robust ecosystem, allowing for patient optimization of health records as well as important resources for providers, leading to more efficient registration and improved patient outcomes,“ says MSP Recovery Founder and CEO, John H. Ruiz. “Providers and payers are able to confirm proper treatment and payment for healthcare services while at the same time eliminating fraud through biometric and blockchain technology. We have partnered with Tokenology to integrate these systems while at the same time creating a crypto token called LifeCoin along with Polygon,” continues Ruiz, “These systems will allow LifeWallet to process claims, capitalizing from all claims it processes and not just those which were paid improperly.” 

What You Should Know:

– Solve.Care, the global healthcare blockchain technology company, has announced the world’s first crypto-enabled marketplace dedicated to healthcare.

– Care.Marketplace will allow for the purchase of domestic healthcare devices across the United States. This first-of-its-kind development will work to influence the use of domestic healthcare devices

Crypto-Enabled Marketplace

Solve.Care is creating innovative solutions to long-standing access challenges within the healthcare sector, with the launch of this marketplace being one of many important steps in that process. The two initial devices that will be available for purchase are the OMRON Evolv® Wireless Upper Arm Blood Pressure Monitor and the AliveCor KardiaMobile 1L, heart-rate monitor device.

The crypto-enabled marketplace will allow crypto-users to take control of critical home-health monitoring through the purchase of healthcare devices, which will later be integrated with their Care.Wallet app. The crypto community supports the demand of long-standing crypto-use with tangible real-life results.

As wearable technology and health monitoring apps have become standard everyday use for hundreds of thousands of consumers across the US, there is further opportunity for the digitalization and integration of their health and wellbeing management – particularly amongst the crypto-native community, and their families and friends.

Payment Methods

For the initial stages of the Care.Marketplace, only the SOLVE token will be accepted as payment through the MetaMask wallet. The SOLVE token is a utility of Solve.Care and is designed for numerous purposes, including care coordination and administration, as well as payments of healthcare and benefits around the world.

In the near future, Solve.Care is planning to add the capability for Care.Wallet users to scan a QR code on the Care.Marketplace website to make the payment in SOLVE directly from the Care.Wallet app. Such an integration will result in minimal, if not, no gas fees at all for customers. While the Care.Marketplace website will have a constant price in US dollars, the price of SOLVE will change accordingly.

“We are delighted to be the developers and owners of the first crypto-enabled healthcare marketplace in the world. Through this development, we are hoping to promote the use of medical devices at home to ensure that individuals are able to monitor any irregularities and, if necessary, consult with a healthcare professional before any difficulties arise. The launch of our marketplace coincides with the increasing normalization of crypto-payments and the global digitalization of numerous different sectors. It is vital that the healthcare sector remains up-to-date on the latest trends and developments,” said Pradeep Goel, CEO of Solve.Care.

The Covid-19 pandemic has highlighted the major impact that data has on our lives, especially when it comes to healthcare. From track-and-trace systems to digital Covid vaccination passports, to patient data, to the medical supply chain, there has been a huge increase in data collected by governments and healthcare providers. This massive increase in healthcare-related data collection brings with it significant privacy concerns. Now, more than ever, data protection must be front and center in the healthcare industry, but these practices cost time and money. Integrating new innovations in data privacy into global systems gives healthcare providers the opportunity to focus on what really matters: the provision of healthcare.

When data systems are centralized, control is granted to one party, giving them the power to decide whether interoperability, the practice of exchanging information, can occur. This barrier to access creates challenges to the functioning of global healthcare systems. The siloing of this data to large companies, or governments, for example, may also put personal data at risk. One hack could lead to the leaking of the confidential medical information of millions of people. This, paired with the increasing amount of cyber extortion, which crippled the Irish Health Service Executive which caused all of its IT systems nationwide to be shut down earlier this year, should spur health executives across the globe to actively search for a solution. 

Blockchain technology, due to its decentralized nature, makes it significantly more difficult for one hack to manipulate information stored on-chain. However, blockchain faces problems when it comes to confidentiality and privacy. Multi-party Computation (MPC), can help solve this problem as it allows for computation directly on encrypted data, while maintaining zero knowledge about the content of the data itself. When applied to healthcare data, healthcare providers, practitioners, insurers, pharmaceutical companies, and any other relevant parties can maintain contact with targeted individual users without knowing exactly who those users are. This is important because it allows patients or users to select with whom they want to share specific information. 

For example, if a customer wanted to share proof of their vaccination status, they could prohibit the viewer from obtaining their address or date of birth, while providing full verification of their vaccination status. Conversely, if a pharmaceutical company required patient details to fulfill a course of medication, MPC technologies would allow the company to verify the individual without maintaining confidential records or unnecessary personal information. This way, if the company were to be hacked, a minimal amount of information stored about individual users would be published. So, while MPC can protect the individual by reducing levels of personal data shared, it can also protect organizations that can take more of a hands-off approach to verification processes while being able to trust these verifications are true. 

Of course, the unique combination of MPC technology and blockchain, cannot provide solutions to all of the woes suffered by global healthcare systems. However, its decentralized nature provides the potential to change the course. 

As blockchain-based systems do not solely exist in one given jurisdiction or hospital server, systems can potentially operate across any or all hospitals, hospital networks, servers, or jurisdictions. This is more pertinent now than ever, due to the rising popularity of telemedicine, particularly in countries with low access to care. Telemedicine is achievable solely thanks to the internet, but in order to make it safe, interactions must be protected. 

MPC and blockchain together have the functionality to tackle some of the most pressing issues facing the healthcare industry. Embracing these technologies, leaders can ensure that the healthcare industry itself will not only prosper from more use of data but maintain the stringent data protection processes that it deserves. In doing this, the industry can better focus its efforts on providing adequate healthcare to patients who need it.

About Kurt Nielsen

Partisia Blockchain is a  Web 3.0 public blockchain built for trust, transparency, privacy, and speed of light finalization. The cutting-edge solution to decentralization’s confidentiality and privacy challenges, Partisia Blockchain represents the first successful complete integration of blockchain technology with another commercial grade type of distributed cryptography known as Secure Multi-Party Computation (MPC). 

With conversations about NFTs and blockchain prominent in the news today, the future of such technology is a hot topic. The integration of blockchain technology into a variety of industries has proved to be beneficial in productivity, efficiency, and security. Because of this success, it is imperative that the healthcare industry continue to effectively adopt and utilize blockchain technology to improve data security, expand collaborative opportunities, verify the authenticity and safety of essential resources, and ultimately enhance patients’ experiences.

By implementing blockchain, the healthcare industry can benefit in operations and patient relationships, and improving the efficiency, accuracy, and security of the industry will naturally contribute to stronger patient-provider relationships, as well.

Improving Security for Medical Records and Patient Information

One of the most common reasons for integrating blockchain technology across industries relates to the security and privacy of sensitive information. In healthcare, securing patient data while ensuring essential parties have access is critical, and the implementation of blockchain technology easily facilitates both.

With blockchain, healthcare professionals can uphold doctor-patient confidentiality through a network that is efficient and secure, restricting access to specified medical staff and allowing those with access to do so with ease. Patient data and medical records stored on the blockchain can be easily shared with relevant parties who are granted the appropriate keys. An exciting benefit of blockchain for patients is that they have control over their records, allowing them to choose who can access their personal information.

Through smart contracts and in-line requirements, blockchain can facilitate efficient data sharing depending on patients’ conditions, symptoms, test results, and more. This partially automated process aids in improving the efficiency of treatment as well as the privacy of personal health information by restricting access until certain conditions are met.

The use of outdated networks and databases actively contributes to reduced security and efficiency, so adopting blockchain can improve the industry in these areas and promote better patient experiences, allowing patients to better connect with and trust their providers.

Expanding Collaboration and Crowdsourcing Practices

Centralized hospital networks are still common, and their primary downfall relates to their inefficient and independent nature. With the widespread integration of blockchain, healthcare facilities can easily share information with other facilities, institutions, and professionals regardless of geographical location or network. The ease of data transference will naturally contribute to a better understanding of the public and medicine by promoting the exchange of ideas and insights for the sake of achieving common goals and improving the industry as a whole.

Even within individual facilities, failure to utilize blockchain can lead to miscommunication and inefficiency. Storing data in private databases is an outdated practice, and implementing blockchain across the healthcare industry can improve communication, thereby reducing patient frustration and improving patient care.

Without blockchain, medical facilities and experts are inherently limited. As we have witnessed during the pandemic, sharing information, research, and resources can result in accelerated results as well as broader improvements in healthcare. Sharing information through blockchain has also contributed to the development of communities dedicated to collaboration and innovation, which are both essential for advancement in the industry.

Monitoring the Safety and Validity of Medications, Blood, and More

One of the medical supply chain’s biggest concerns pertains to the legitimacy, safety, and viability of medicine that is purchased and distributed. The process of identifying medicine origins and security is made simple and manageable through blockchain.

The decentralization of the technology ensures that transparency is a top priority, promoting higher standards of medicine safety and security throughout the shipping process. With blockchain, tracking medicine from the manufacturer to the consumer is made easy, allowing for the documentation of handlers’ names, locations of transportation, and more. The use of blockchain in the medical supply chain can also help collect data about waste management and labor costs, allowing for further optimization to benefit patients and providers alike.

Several companies are already making use of blockchain to aid in initiatives to verify medicines throughout the supply chain. One company, Blockpharma, uses blockchain technology to scan the supply chain, identify a medicine’s points of shipment, and inform patients whether their medicine is legitimate or if they have acquired falsified medicines. The company’s app uses a blockchain-based SCM system to help patients have peace of mind and know what they are taking. Healthcare professionals who encourage the use of apps like this can demonstrate that they have their patients’ best interests in mind.

A fascinating application of blockchain technology involves the tokenization of blood. Non-fungible tokens have become prominent in the media and online, but while they typically refer to digital art and gaming, applying them to blood donations and transfusions is a practical and beneficial way to enhance inventory monitoring, reduce shortages, and improve access. Tokenized blood, using scannable barcodes to track location and other relevant information, could be used to accommodate the demand for blood donations and ensure hospitals have a sufficient supply of blood by monitoring their inventory in real-time.

By integrating blockchain into the medical supply chain, healthcare executives can ensure patients receive legitimate medicine, and when healthcare providers can confidently assure patients that what they are prescribed is trustworthy, patients will be more inclined to trust and value their providers’ advice and insight.

Improving patient-provider relationships is a natural result of enhanced care, so prioritizing blockchain technology is a logical pursuit for the industry to provide better patient care and promote better patient experiences. The widespread integration of blockchain technology in healthcare allows for enhanced data security through a decentralized network while also permitting easy access to relevant providers, enabling the efficient exchange of vital information and reducing unnecessary redundancy in consultations and testing.

By adopting blockchain across the healthcare industry, the security of private health data and medical records, as well as the safety of distributed medicines, will be immensely improved. At large, the healthcare industry stands to benefit from the continued integration of blockchain for the sake of accelerated discoveries, greater efficiency, enhanced safety, and improved patient relationships as a result.

About Matthew Doyle

Matthew Doyle is the Chief Operating Officer and Head of Investor Relations at Chicago Pacific Founders, an investment advisor that manages private funds, focusing exclusively on healthcare services. With well over three decades of experience in money management, financial services, and corporate development, Matthew Doyle knows firsthand the value of maintaining a weather eye on ever-changing market conditions and taking advantage of new opportunities when they arise. For more excellent insights, you can follow him on Twitter. 

What You Should Know:

–Solve.Care, the blockchain healthcare platform that is redefining the way healthcare is administered, has announced the launch of the first blockchain enabled tele-consultation network, Global Telehealth Exchange (GTHE), in 20 countries across Europe, Americas, Asia, Africa, Middle East, and Oceania with plans for further global expansion to cover almost all other countries.

– GTHE is a secure, peer-to-peer, decentralized network that facilitates teleconsultation services between patients and physicians, across geographical boundaries, and features instant search, availability, and digital payments.

GTHE Benefits

GTHE is secured by blockchain, and is the first digital network of its kind, with high levels of privacy, and a global payment facility based on the SOLVE token. GTHE allows any physician who wishes to practice telemedicine to publish their rates, qualifications, and availability, and is instantly accessible to patients on their mobile phones via the Care.Wallet™ application (free download available on Apple and Google stores.)

GTHE is available in: Australia, Bangladesh, Brazil, Chile, Colombia, Czech Republic, India, Israel, Lebanon, Mexico, Nigeria, Pakistan, Philippines, Poland, Portugal, Qatar, Saudi Arabia, Singapore, Spain, and United Kingdom. 

“We firmly believe that blockchain has the power to revolutionize healthcare. We are making GTHE available in five continents. Our innovative use of blockchain and digital assets, addresses the real challenges patients and physicians are facing today when trying to find, access, and pay for healthcare services. The need for secure and efficient patient centric healthcare has never been more pronounced, and we are proud that GTHE is now available to many who need it to take better care of themselves and their loved ones,” said Pradeep Goel, CEO of Solve.Care. 

The COVID-19 pandemic has highlighted yet again the immensely important role played by healthcare professionals across the globe, but it has also presented immeasurable challenges to physicians themselves. As frontline workers, they are placing their lives at risk day in, day out, to ensure the health of their patients. Face-to-face assessments during a pandemic can be a perilous situation for both physicians and patients alike: a study undertaken by the University of Pennsylvania Medical Centre found that among healthcare workers, family and primary care doctors may have been at the highest risk of dying from COVID-19, above those that work in hospital settings. 

There are also additional concerns wrought by the demands of in-person assessments that have been exacerbated by the pandemic. Physicians must adhere to the guidelines of their place of work. For example, if a hospital or clinic opening hours are 9 am until 5 pm, a physician would be restricted by only being able to work within this time frame, and with children out of school due to the pandemic, this may cause unnecessary inconveniences. And should a physician decide to start up their own practice, they would need to employ a receptionist, rent an office space, employ cleaners to maintain that space, pay for electricity bills; not only is this costly for the physician, but the costs of running such a practice have the consequence of driving the cost on the patient upwards. This pandemic has highlighted the immense need for a better way to deliver healthcare.

Throughout the pandemic, workers in many fields have pivoted towards the utilization of applications such as Zoom, Google Hangouts, and Microsoft Teams, in order to ensure the smooth transition to remote work. The medical profession has also seen an uptake of remote delivery for healthcare services. According to a CDC report, telehealth visits saw a 154% increase in March 2020, compared to the corresponding period the year before. Nevertheless, while a sizable portion of the medical profession is still needed working on the frontlines of the pandemic dealing with COVID-19 patients, other physicians are still needlessly putting their lives in danger by continuing to practice as normal while assessing patients for non-COVID related illnesses or injuries, despite having telehealth as a viable option. 

Telehealth allows physicians to maintain their safety by eliminating the need for close, physical contact with their patients, thus breaking down geographical barriers between doctors and patients. It is also most cost-effective to set up, without having to invest in a brick-and-mortar healthcare office facility. For patients, the benefits and convenience of telehealth are far superior to those wrought with in-person appointments, notably for the same reason as the physicians themselves: patients no longer have to put themselves at risk of contracting COVID-19 in a waiting room. And those living in rural areas where specialists are scarce and would normally have to travel long distances can have easier access to medical care.

All that said, telehealth is a tool, not a panacea, and does not come without its own challenges. Should physicians choose to adapt their practices and utilize the various telehealth service providers in the market instead of in-person consultations, they would still be beholden to the terms and conditions of these services, which leave much to be desired. Many of these platforms specify the hours within which physicians can practice, reducing their flexibility and the overall attractiveness of using these platforms. Many also incur significant fees, as well as control the rates which physicians can charge, reducing the economic viability of using such platforms, especially when physicians can earn comparatively more from in-person consultations. 

An alternative approach for physicians would be to independently utilize the many video conferencing tools that have gain popularity in recent times, setting up appointments manually and dictating their own working hours. However, these platforms also incur a range of issues. Firstly, they may not be entirely secure and would have trouble maintaining HIPAA compliance. In addition, they will not be equipped to facilitate proper continuity of care, with challenges in integrating Electronic Medical Records. In essence, they are simply not designed for medical consultations. 

However, there is a solution to these problems: by integrating telehealth with blockchain technology, we can facilitate the best possible interaction between physicians and their patients, ensuring the privacy and security of all patient data, and most importantly, uphold the sovereignty of physicians. 

With current technologies, we can achieve many things, but it is more important that we first have a fundamental shift in our approach to healthcare when designing telehealth solutions. First and foremost, the industry needs to bring the focus of the healthcare journey back to the patient. And secondly, design solutions that offer the greatest flexibility for healthcare providers to facilitate better delivery of care.

Using telehealth, physicians should be allowed to assess and diagnose patients from all over the world in different time zones at any time of the day or night that suits them best. This allows for increased flexibility for both doctors and patients alike. It also widens the pool of potential patients that they can work with, ensuring that more people across the world are receiving the medical attention they need at a time when non-essential medical visits are significantly lower than before. 

Additionally, physicians should be able to accept or deny any appointments as they wish while scheduling appointments with just a couple of clicks. These solutions should allow for the full automation of all administrative procedures, ensuring that medical professionals can put their much-needed skills to use all from the comfort and safety of their own homes. 

The implementation of emerging technologies in the space such as blockchain will be a gamechanger for the medical field. We can further develop telehealth solutions that allow for the provision of functionalities and services that uphold the autonomy of healthcare providers and their work. All patient and doctor records and transactions, when stored on the blockchain, ensure privacy and reduce the security concerns for both the healthcare professional and the patient. With patient consent, doctors can immediately access a patient’s past medical records, eliminating the time-wasted conducting repeat assessments and unnecessary medical tests. 

For patients, such platforms respect and enforce patient rights and privacy, giving them complete control over their sensitive healthcare data. At a time when data is becoming of increasing concern to individuals across the globe, this is of utmost importance. 

The integration of blockchain technology with telehealth services gives us the opportunity to provide a much-needed real-world solution that breaks down barriers in our healthcare systems, increasing accessibility, and reducing inequality. These solutions should be designed to meet the needs of physicians and patients alike, whilst minimizing paperwork and bureaucracy and respecting the rights and privacy of both parties. The need for greater patient empowerment and respect for the sovereignty of physicians has never been more pronounced. Access to quality healthcare should not be restricted by geographical, societal, or administrative barriers. This is one of the great opportunities of our time, and it is up to the medical profession and those of us that depend on them to ensure it reaches its full potential. 

About Pradeep Goel

Pradeep Goel is the Chief Executive Officer of Solve.Care, and he has more than 25 years of healthcare experience, developing groundbreaking software for the insurance industry, and co-founding four healthcare IT businesses where he has served in a number of management roles including CEO, COO, CIO, and CTO.  Pradeep was previously the Founder and CEO of health software firm EngagePoint, where he was deeply involved in implementing the Affordable Care Act across multiple states. Pradeep Co-founded Dakota Imaging in 1990, where he served as Senior Vice President and Chief Operating Officer before the company was subsequently acquired by WebMD. He holds a B.E. in Systems Engineering from the University of Punjab in India.

What You Should Know:

– Professor George Church, co-founder of Nebula Genomics and Professor of Genetics at Harvard Medical School, will be partnering with GRAMMY-nominated, multi-platinum selling artist, producer, entrepreneur, and philanthropist, Akon and his NFT platform, AkoinNFT, to auction off Professor George Church’s full genome as the world’s first genomic NFT.

– The acclaimed singer and face of Akoin Cryptocurrency and its affiliate AkoinNFT, is thrilled to be collaborating on this one-of-a-kind NFT with Nebula Genomics and George Church for the first ever genomic NFT. Professor George Church’s DNA carries a great deal of historical significance to the field of personal genomics.

– To protect and store the underlying genomic data sold as an NFT, Nebula will leverage Oasis Labs’ Parcel SDK which they currently use to protect many of their customer’s sequenced genome and the underlying decentralized blockchain, the Oasis Network.

What’s An NFT?

An NFT is a non-fungible token, or a unique and irreplaceable representation of a digital or physical object. An NFT represents ownership of this unique asset and is stored on a decentralized blockchain as unmodifiable “proof” of who the owner is. The human genome provides an exciting opportunity for an NFT, as it is a unique encoding of an individual. Each human’s genome is a non-changing representation of their most fundamental and personal data, which is inherently non-fungible.

The human genome is the complete set of nucleic acid sequences, encoded as DNA, and is made up of 3 billion base-pairs. As the pioneer of human genomics, Professor Church’s genome is one of the first genomes to ever be completely sequenced, and one of the most studied genomes in existence. This auction will also include a single-issue physical and digital artwork to accompany and celebrate his genome. George has dedicated his career to using genomic data to advance personalized medicine for better health outcomes for humanity.

This launch is significant because:

– Historically, genomic and health data have been monetized with a lack of transparency. Patients and consumers rarely have full insights into who has access to their data.

– The rise of blockchain and NFTs however, have enabled a new model for how data can be owned and monetized.

– Professor George Church’s DNA carries a great deal of historical significance to the field of personal genomics and to protect/store the underlying genomic data sold as an NFT, Nebula will leverage Oasis Labs’ Parcel SDK which they currently use to protect many of their customer’s sequenced genome and the underlying decentralized blockchain, the Oasis Network.

– The NFT for George’s genome will be depicted as a high-res artistic representation of his genome and likeness. Additionally, this NFT will encode the digital location of George’s full genomic data, hosted on the Oasis Network.

– The highest bidder on Church’s NFT will take ownership of this NFT representation, as well as the proof of ownership of this genomic data. Customers will also have the opportunity to receive Nebula’s 30x whole genome sequencing of their personal DNA when purchasing the NFT.

Why It Matters

By auctioning off his genome as an NFT, Nebula Genomics, Professor Church and AkoinNFT are kick-starting a conversation around fair and transparent ways to monetize and share health data. A portion of the profits will be donated to rare-disease research.

We’re thrilled to see the Oasis Parcel SDK and the Oasis Network used to tokenize George’s sequenced genome” said Anne Fauvre, COO of Oasis Labs. “We envision Parcel and the Oasis Network, with its ability to tokenize numerous classes of off-chain assets, as the ideal platform for securing the next generation of NFTs.”

More details about the auction will be announced shortly. The auction will be held on Thursday, June 10, 2021.